One Waterfront Towers Condominium

415-425 South Street, Honolulu, HI 96813
Built: 1989

Elementary School:  Royal
Middle School:  Central
High School:  McKinley

Feature
Located right next to Restaurant Row which includes Ruth’s Chris Steak House and the Restaurant Row 9 Theatres.

Summary
One Waterfront Towers is a very interesting condominium.  When driving toward Diamond Head on H-1, the two towers appear as prominent sentinels on Oahu’s southern shore.  It offers some of the largest one bedroom units (804 sq. ft. and up) on the island and its two bedroom units are huge by Oahu standards (1470 to over 2000 sq. ft.).  There are several, unique floor plans to choose from and the building still has a few leasehold units for sale.  The fee is available for purchase with the leasehold units as I write.

Waterfront is another of the condominiums I follow that cause me concern.  The sales pace has slowed and consequently over 10 months of inventory is available for sale.  Anytime there is more than six months of inventory for sale, the power shifts to the buyers.  The buyers are sending a clear message that prices are too high, but are the Waterfront sellers listening?  Apparently not, as 11 of the 17 units for sale have been on the market over 100 days.  Four of these units have been on the market over 300 days.

Each tower has two three-story penthouses.  These are rarely on the market, but one mauka tower penthouse is available as I write.  Its 4475 sq. ft. of living space features 4 bedrooms, 4.5 baths, 14 foot high glass walls and a spectacular 270 degree ocean view from Diamond Head to the Ewa plain.  This all sounds even better as its price has been reduced from $5.5 million to $4.2 million.  Please contact Michael if you’re interested in owning this unique penthouse mansion in the sky.

Availability
Units in the building:  302
Units available for sale:  17
Average days on market to date:  154
Units listed for sale in the last 30 days:  0
Months of inventory available:  10.2

Sales
Units under contract in escrow:  2
Units sold in the last 30 days:  2
Average days on market:  59

What else would you like to know about One Waterfront Towers?  Please visit my web site to view Waterfront Towers units for sale or conduct your own Honolulu home search.  If you’re thinking of selling your home and don’t want to wait too long for a sale, contact Michael Zimmerman for a no obligation consultation.

Hokua at 1288 Ala Moana Condominium

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

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

Features
P.F. Chang’s China Bistro, Starbucks and the Tango restaurant are all located on the bottom floor.

Summary
17 Hokua units sold in the last 12 months and 4 of the 17 sellers waited over 200 days for their sale.  On average, the 17 sellers received only 91% of their asking price.  With 17 units currently offered for sale, that means a full year of inventory is on the market.  Put another way, if sales continue at the same pace as they have the last 12 months, it may take a year to sell all 17 units currently listed for sale.  The average sales price during the last year is over $2.3 million, so the number of interested and qualified buyers is limited. 

Six units recently came on the market as some owners may have reached the two year occupancy point, potentially yielding significant tax savings.  These six units dramatically understates the average days on market figure (97).  The remaining 11 units average 140 days on market thus far.

Those who sold their Hokua units over the last year doubled or tripled their money in a very short time.  I wonder if these units were really worth the price just paid?  At least 11 of the 17 buyers paid cash, which means an appraisal wasn’t required to consummate the sale.  Maybe the beautiful ocean views are too good to pass up?  I think some caution is warranted.  For example, one unit just sold on Nov 28, 2007 for $1,950,000.  That same unit was put right back on the market on Dec 13, 2007 for $2,995,000.  A $1 million price increase in just two weeks?  How does that sound to you?

Availability
Units in the building:  246
Units available for sale:  17
Average days on market to date:  97
Units listed for sale in the last 30 days:  6
Months of inventory available:  12.0

Sales
Units under contract in escrow:  2
Units sold in the last year:  17
Average days on market:  110
Sales Price / List Price:  91%

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.