Ala Moana and Kakaako condo market is still red hot with median sales price up 27%. The latest monthly reports show an increase in median sales price up 27% in April 2014 from the previous year. Sale prices are up significantly in part to a lack of inventory and increased demand. The median sales price for a condo in the Ala Moana and Kakaako neighborhood was $597,500 in April up from $470,000 a year before. The days on market indicator, a measure of how long a property sits on the market until it sells, is down 2% to 22 days from April last year. The days on market figure shows that this intensity is likely to continue.
Koolani condo Kakaako- a big increase in median sales price:
One of the biggest success stories has been the Koolani. As I told my clients last Summer and in a blog posting in December, the dynamics were set up for an incredible sales price increase at the Koolani. Since April last year, the Island Club and Fitness center opened up in its lobby level of the Koolani. This spa is about a luxury lifestyle and offers state of the art fitness classes and equipment paired with a lovely spa and a healthy deli. This amenity truly makes the Koolani stand out. The other part that has caused the Koolani prices to rise is the settling of an ongoing litigation. The litigation prevented lenders wanting to lend on the building. Now that it is open to main stream conventional financing prices are rising rapidly as more people are able to buy in the building. One of the biggest issues now is the lack of condo units for sale. The Koolani has not quite recovered from the lows and the median sales price is still 6% below the 2008 highs. At the current pace of price increases, the sales will be passing the 2008 level before the end of 2014.
Buying and selling in Ala Moana and Kakaako
It is an excellent time to consider buying. With an expected rise in sale prices and continued low mortgage rates, it would be good to take advantage of the current market trends. There are several new condominium projects being planned and are under construction in The Kakaako and Ala Moana areas an if you would like more information on those, please contact me. They include the Howard Hughes projects Waiea and Anaha at Ward Village. I would happy to provide you more information. If you are considering selling contact me for a free market analysis. I can present you with market comparables showing the possible market value of your property as well as an overview of our “outside the box” marketing.