Buying, living and resale prices at the Anaha condo building in Kakaako.

Buying, living and resales prices at the Anaha condo is something everyone is watching out for. After completion of the Anaha condo building has shown the benefits of buying in Ward Village and having Howard Hughes Corporation as the developer. The Anaha is the second tower completed by Howard Hughes corp as a part of their 60-acre development known as Ward Village. The owners at Anaha condo have been very happy with the finished product.  Living at the condo has been a dream. Between the staff, the amenities and the location, owners are supremely pleased with the condo. They are secondarily happy with the resale values and the resale market we are seeing at the Anaha condo.

The Anaha & other new condos in Honolulu

Many interested in buying a condo in Honolulu ask about the Hawaii real estate market. Analyzing whether initial investors made money on resales gives confidence that others are valuing the condo building highly. The truth is that because the Anaha Condo project was so well received, the initial resales saw a 14% value increase from the initial developer sales. In fact, the highest profitable Anaha units were, of course, the studios and one-bedroom units, as it seems to be with most new Honolulu condos. The most profitable Anaha unit for one investor was for a studio unit on the 5th floor. They got a gross return of nearly 43% over the initial developer price! However, two “A” floor plans which are the largest and nicest on each floor received between 10% and 17% profit over the original developer’s price.

This really goes to what we have researched here at Hawaii House about new Honolulu condos. Buying the smallest and least expensive units or the most expensive seems to have the best return on investment for those investing in new Honolulu condominiums.

View from an Anaha A unit

View from an Anaha A unit towards Ala Moana Beach Park, Waikiki and Diamond Head in the background.

Another indicator is to look at how many units are currently on the market. In the past, my research has shown that any building with more than 8% of their units on the market is prime for falling prices and at least longer marketing times. Currently, there are 5.5% of the Anaha condo units on the market and there are still three units on the market from the developer. Those Anaha developer units are all penthouses. Also, there are two Anaha grand penthouses on the 38th floor which still have not come to market. This is a strong indicator that people love the building.

Howard Hughes & Ward Village, Kakaako

Howard Hughes, I believe, is being cautious about putting all of their inventory on the market. With both Waiea Grand Penthouses on the market still and both listed for above $30 million, perhaps they are holding the two grand penthouses at the Anaha condo off the market to get the Waiea Grand penthouses to sell first.

The long-term prospects for the Anaha are stellar, though. As Howard Hughes Corporation continues to build and craft the Ward Village neighborhood, they will demand a higher and higher price per square foot as the entire neighborhood is maturing. In fact, the developer price per square foot was lower for Anaha than for Aeo condo which will be completed later this year. The location is amazing as well, in just a few days from now, Whole Foods will open gigantic Whole food just across the street from Anaha. In addition, there are restaurants and shops and even a movie theater within a short walk from your front door. The enormous Ala Moana Center is only a couple of blocks away. Beautiful Ala Moana Beach Park is only a block away. I am not sure there is an ideal location for this value.

Anaha pool at night

Anaha pool at night

Ultimately, most people are buying a beautiful condo that they can use for themselves. Most people feel that. The majority of units are owner-occupied, which is a good sign. The concept of the Anaha condo is ultra-luxury. The outstanding amenities which includes everything one would want including massage rooms and a volleyball sand court. Everyone especially loves the stunning cantilevered pool and the outstanding concierge service.

In future, I expect Anaha to be a high building in high demand. Therefore buying a resale unit now can make tremendous sense. There are some units on the market that have not even been lived in yet. The contractor warranty is still good until towards the end of the year. Of course, the Miele appliance warranty extends far beyond that.

 

More info about the Anaha and other condos in Kakaako

I sold many Anaha units and in other buildings in this Kakaako area.
Give me a call at 808-394-9779 or email me to discuss your real estate needs!

 

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