Honua Kai Most Recent Sales

Today I had a question from a prospective purchaser at Honua Kai, which I thought would be worth posting as it may address the concern of other potential buyers.

Question:  It seems like values at Honua Kai are dropping off and now it may be the time to buy as sellers will have to come to grips with a softening market. What do you think?

Answer: To address your statement of 'now it may be the time to buy...' the answer would be yes, but for a different reason than in your comment. Now is a good time for potential purchasers as the market continues upward and standing on the sidelines may mean being priced out of the market. There is a lot of information out there regarding values and how to reach a 'fair market value', but ultimately, proper pricing is more art than science and requires an expert-level of micro-market knowledge. Below is a chart detailing the price per square foot of the last 10 sales for Studios, 1 Bedroom units, and 2 Bedroom units - the 3 bedroom villas were purposefully left out as the different between being front row ($3.5-6M) and being on a middle stack (2-2.3M) can be quite substantial and skews perspective.

As can be noted above, over the past 10 sales - which span different time periods - sales have been consistent and in some cases, such as the 2 bedroom niche, values have increase. Looking at automate valuation models? A lot of that data is so skewed (either up or down) that it is arguably negligent to put out so inaccurate information and pass on as 'estimate'.

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