The Koolani is one of the most luxurious condominiums to grace the Honolulu skyline. Filled with more amenities than most could dream of, it has because such a popular building. The history has not always been a smooth one, but changes are coming about that could really make prices rise quickly. One of the most interesting points to look at with the history is that the YTD medians sales price in the building of $829,500 is roughly 18% below the all time median sales price high of 2008 which was $979,500. So, what can make the prices rise to new highs from here?
One of the many buildings to receive the pex plumbing connectors necessitated re-doing a substantial amount of plumbing at the Koolani. The Owner’s association was from the beginning aggressive in making repairs. Smart and quick acting management prevented the situation from being worse. And now years later the repairs have been made, the lawsuits have been all but settled means a brighter future for the Koolani. During the lawsuits it has been impossible to get conventional financing. There has only been access to portfolio loans or cash for purchases in the building. Keep an eye out. Conventional financing may return as early as the middle of next year and with more available financing prices will naturally rise in the building.
Another huge plus for the Koolani is the addition of Island Club and spa on the ground floor. Imagine a state of the art gym with a floor full of cardio equipment and a floor of weight training equipment, class rooms for Zumba and other classes. There is also a room the can be heated for Bikram or hot spinning class. There are also massage and facials available in luxurious accommodations. This is all available for deeply discounted rates for Koolani residents. This club has become one of the most talked about club openings for some time. The fitness facilities at the Koolani has now catapulted it to by far the best fitness center of any luxury condominium on Oahu. The word is getting out and people are choosing the Koolani over other buildings simply for the fitness center alone.
The redevelopment of the Ward properties and the Ewa end of Ala Moana Center is bringing new life, new shops and new restaurants to the area. Kakaako is fast becoming the place to be on Oahu. More and more people are interested in this area because of the redevelopment and how walk-able the neighborhood has become. It is still just a short stroll to beautiful Ala Moana Beach Park. The Koolani also sits within an easy walk to all of Kakaako and to the Ala Moana Center. As the Ewa end of Ala Moana Center and the redevelopment continues, look out in years to come as the entire surrounding area gets a facelift.
So, look for the 18% gap to further close in the coming year as these new developments at the building take hold. If you want to learn more about this luxurious building and take a tour of it with me and we can find you a place at the Koolani.
Real time Koolani condo statistics:
Total active condos in Kakaako 226
total count of listings in the Koolani condo sold last 31 days: 6
– total count of listings in the Koolani condo sold last 360 days: 6
– median sales per condo (Koolani condo) last 180 days sold: $1,025,000
– median sales per condo (Koolani condo) last 360 days sold: $1,026,500
– median price per condo (Koolani condo) active listings $1,665,000
Buying a Koolani condominium
Going with someone that knows the history of the building and knows the ins and outs of what is happening now is crucial to getting the best unit at the best price. Give me a call and let me introduce you to this luxurious building. I am there frequently during the week and am happy to show you around. 808-394-9779
Selling your Ko’olani unit.
Selling in the Koolani takes someone who knows the potential of each unit and tailor pricing and presentation to your needs. Call me or fill out the contact form below to receive a detailed analysis of the potential of marketing and selling your Koolani condo 808-394-9779.