Honua Kai February 2015 Market Update

With high season in full swing, sales activity across the island has been strong. In an effort to post updated micro-analysis data to our clients, below is our February 2015 Honua Kai condo market update.

New Listings

A total of NINE new listings came on the market in February:

Hokulani 332 - A 1 bedroom, mountain-view condo with a list price of $725K. With a smaller floor plan (620 square feet), it will be interesting to see its absorption.

Hokulani 140 - A ground-level unit on the northern outside perimeter of the Hokulani tower, it faces the Konea tower and although it does not have ocean views due to the elevation, it does offer a very serene tropical surrounding.

Konea 345 - A 2 bedroom inner courtyard unit with ocean views and a large floor plan of 1,315 square feet. With a list price of $1.425M, it is arguably priced incredibly well comparative to recent sales.

Hokulani 246 - An 1,100 sq. ft. 2 bedroom condo on the outside perimeter of Hokulani tower, just two stacks from the front. Initially priced at $1.6M, its price has been reduced to $1.5M which is arguably more inline with current fair market value.

Hokulani 204 - A 3 bedroom residence on the southern outside perimeter of Hokulani, it features 1,940 square feet and it is towards the front offering a nice view corridor. Priced at $2,054,900, it is a good value among 3 bedroom units but may be a tough sell due to lot next door.

Hokulani 404 - Same as Hokulani 204 mentioned above, but its higher elevation result in better view corridors - reflected in the price tag of $2,227,450.

Hokulani 1037 - Arguably one of the most special 3 bedroom units in Honua Kai. Penthouse level corner unit with some of the most impressive views of the Pacific. With 3 bedrooms and 3 1/2 bathrooms totaling 2,380 square feet, it is a very unique value proposition in the Honua Kai luxury niche. And the wrap-around lanai of 930 square feet further enhance the seamless transition of outdoor / indoor living. Priced at $2.875M, it is a stand out in today's Honua Kai inventory. 

Hokulani 1025 - Also penthouse level as 1037, the orientation of this unit is more straight on and offers more 'direct' view corridors.  The floor plan offers 2,170 square feet, which is much larger than the other 3 bedroom residences in this stack as the studio stacks are removed on the 10th floor. Its price of $3,049,950 is reflective of its penthouse location and orientation.

Hokulani 150 - Ground level, front row 3 bedroom unit with 2,225 square feet of living space and one of the largest lanais, with over 1,000 square feet of private outdoor living space. The developer is currently offering 2 years of pre-paid HOA's, with a total value over $75K. Priced at $3,264,900, its reflective of its location which although it is very convenient being able to walk directly to the pools, Duke's, etc. 

Pending

Three units went into escrow in the month of February:

Konea 426 - A mountain view 2 bedroom condo with a list price of $1.375M

Konea 649 - Inner courtyard, 1,100 square foot unit with outstanding ocean views. It went under contract on 02/01 and the sale closed 03/05 for $1.675M. This serves as a very good metric of fair market value among premium 2 bedroom resales.

Hokulani 250 - Front row 3 bedroom residence offered by the developer. Sales price of $3,069,900.

Sold

Six sales recorded in the month of February, outperforming the total of same month last year which only had 3 sales. And in comparison, the sales volume of $9.2M for 02/2015 far eclipses the $2.36M for 02/2014 - which outlines the different type of units being absorbed changing from 1 bedroom units to more premium condos within their respective niches. 

Hokulani 730 - Large, mountain-facing 1 bedroom unit, sold for $740K. Sets a good precedent for mountain-facing units on Hokulani.

Hokulani 616 - On the southern perimeter of Hokulani, this 1 bedroom unit sold for $785K. Addresses the concern many have had in that units on these side will become increasingly difficult to sell by selling at (arguably) a very fair price.

Konea 148 - Large, garden-view unit on Konea. With 780 square feet, the sale at $850K is a good value.

Hokulani 745 - Interior courtyard units have been very much in demand in the past year and that this higher-level unit sold for $1.5M seems to be a good value to the buyer, but when taking the square footage into account (1,100 sq. ft.) then it becomes a more mutually fulfilling transaction.

Konea 609 - Large 2 bedroom unit with sweeping views. Sold for $1.54M. Congrats to the new owner.

Konea 550 - In a niche filed with premium units, Konea 550 is a stand out. Sold for $3,789,900 - well deserved.

Conclusion

High season is here and the Honua Kai micro-market is experiencing significant activity. The market has shifted - in large part due to available inventory - to more absorption in the higher end and with the developer's inventory quickly dwindling, expectations are that the upwards trends are sustainable. Construction has commenced on the parcel to the south - it has been a dirt pile for the past few years, but there is construction activity now (at least moving the dirt into different/smaller piles). Presumably, this will have an impact on the rentability of the south perimeter Hokulani units, but do not expect values to be overly affected by it. 

Thinking of purchasing a Honua Kai condo for sale, have questions about a specific unit, or the overall Honua Kai property? Don't hesitate to contact us for a confidential consultation - call Alex at 808-385-5034 or fill out the form below: