Hokua condo update on pricing and sales – Honolulu

We follow the Hawaii luxury real estate market and we keep a close eye on certain condominiums such as the Hokua at 1288 Ala Moana Boulevard in Honolulu. Currently, there are quite a few units on the market. At the Hokua condo there are 19 units on the market right now five of which are penthouse units and the remainder on lower floors. With 248 units total in the building, this represents 7.7% of the units on the market. This is considered high.

Hokua condo seller's view

Sellers are looking at what's happening in the neighborhood Kakaako is changing with the developments of Ward Village and Ala Moana shopping center is still in the process of expansion. With many brand-new luxury condominiums being developed around the area, sellers still see the tremendous value of the Hokua and it's direct ocean views. Because these views can't be obstructed, there clearly at some point will be a shortage of these units. In some ways, the Hokua is better positioned than many of the new buildings that are under construction. This is why sellers feel that their units should command top dollar.

Hokua back of buildingWhat's interesting to note is the price that people are asking for their units in comparison with what the new Honolulu condo buildings are selling for. The truth is that there is not much to compare it to other than other direct oceanfront new condominiums. Howard Hughes Corp, which is doing the Ward Village development in Kakaako, is certainly one to look out for. The Waiea condo is nearly sold out, there are two units left and then several Waiea penthouses (visit the Waiea penthouse page here)  and two grand penthouse units. Judging by the popularity of this building it is a good indirect comparison to what is happening at the Hokua condo many of the owners of the Hokua condos do own in cash which can reduce their urgency to sell.

Hokua unit pricing

The latest Hokua condo sales have shown a healthy range of dollar amounts, which represents a 4% increase in year-over-year in price. In the building for example unit 14 G sold for $2.15 million the G floor plan is extremely popular it is a nice layout and has Diamond Head views. Unit 14 G ended up selling for approximately $1327 a square foot and then other floor plans also sold within a reasonable range of that. Perhaps the most interesting price is unit 29B which sold not too long ago for $2.2 million. This is a 2 bedroom, 2 bath unit, and approximately 1785 ft.² interior. It was on the market for 81 days and the per square foot sales price is $1232 per square foot the “B” floor plan is very popular. It is the second largest 2 bedroom unit.

Best priced units at the Hokua building

Currently some of the best deals appear to be Hokua unit 4B that just came on the market it is listed for 2.325 million dollars which represents about a $1300 per square foot task price if you compare this with what the sales has been at the Waiea condo that seems like a bargain the Mid floor B unit which faces the ocean and Ewa, sells for about $2100 per square foot that is just interior space and of course ocean view and also sunset view and the view out over Kewalo basin.

One of the most interesting units that is for sale at the Hokua perhaps is on the absolute top floor penthouse be which has a panoramic view from out over Honolulu harbor all the way over to Waikiki and Diamond head. This penthouse unit has 4 bedrooms and 3 1/2 bathrooms with 5576 ft. of interior space for almost $21.9 million (The price was just reduced from $29 million). This is a very interesting comparison to the penthouse units that are available at the Waiea and the Anaha condos which are part of the Ward Village new development.

The Hokua at 1288 Ala Moana Blvd. is in an ideal location.  Even though it was completed 10 years ago, it is still an ideal condo to own.  Perhaps some features may need updating in the unit to bring it to a more modern look, however the basics are there which why the price range would command there are high ceilings, wide hallways, wide doorways, generous floor plans and very modern windows this is an ultra luxury condominium with the most desirable amenities and the friendliest staff this is a prestigious address and a very good building.

 

Hokua map

 

Having lived in the Hokua i can give you intimate details of the "ins" and "outs" of the building. Give me a call 1-808-394-9779  or click here to email me 

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