Summary
The number of Hokua condo sales have fallen dramatically since my May Market Report.  Consequently, if the sales rate doesn’t change, it will take over 25 months to sell all units offered for sale.  12 of the 17 condos for sale have been on the market over 200 days and some have been available a great deal longer than that.  I recognize the number of people who can afford to buy a Hokua condo is limited, but the number of sales is half of what it was six months ago.  It’s clearly become a buyer’s market at Hokua and if sellers really want to move, they will have to price their homes accordingly.  The market is speaking to sellers, but are they listening?  It’s a shame, but I don’t think so.  Specific sales statistics are below.

Hokua at 1288 Ala Moana Condominium
1288 Ala Moana Blvd., Honolulu, HI 96814
Built:  2006

Schools
Elementary School:  Kaahumanu
Middle School:  Central
High School:  McKinley

Location
Conveniently located one block from Ward Centers and the Whole Foods Market currently under construction.  Just a few blocks from the Ala Moana Shopping Center and Nordstrom located on Kapiolani Blvd.

Features
P.F. Chang’s China Bistro and the Tango Contemporary Café are located on the bottom floor. 

Availability
Units in the building:  246
Units available for sale:  17
Average days on market to date:  132
Units listed for sale in the last 30 days:  2
Months of inventory available:  25.5

Sales
Units under contract in escrow:  3
Units sold in the last 30 days:  0
Average days on market:  N/A
Sales Price / List Price:  N/A

Do you have questions about Hokua at 1288 Ala Moana?  If so, contact Michael Zimmerman for a no obligation consultation.  Please visit my web site to view Hokua units for sale or conduct your own Honolulu home search.

First, let me say that my views on home pricing are not shared by many agents.  I am different.

Scenario:  whether you’re moving up or scaling down, you want to sell your home in 60-90 days.  You have a new home waiting for you and don’t have six to nine months to locate a buyer.  In other words, you are a serious seller.  Make no mistake about it; this is a buyer’s market.  It’s not late 2005 when sellers received multiple offers, often above their listing price.  In this market, some buyers are content to wait months for the right opportunity.

How much do you need for your home?  What do you think it’s worth?  What did you pay for it?  The answers to those questions are not relevant to the market or the buyers looking for a home.  The truth is, we all think our home is worth more than the current market price.  That’s perfectly understandable.  We put a lot into our home and we have emotional ties to it.  We’re proud of it.  When selling, we must remember that buyers have no emotional link to the homes they view.  They have no reason to pay more for your home if an identical home is available for less money in a comparable location and in the same material condition.

How do you price your home to sell quickly?  If Microsoft stock is trading between 36 and 38, it does no good to insist on selling at 42, right?  Your home must be priced within the appropriate market range.  Check out your competition.  Your price should clearly be the best value available to the buyer.  This is a buyer’s market, so you NEED to be the price LEADER.

Do you have a question about your home value?  If so, contact Michael Zimmerman.  In addition, check out the seller resources available on my web site.