We watch the market all of the time. One of the aspects we look out for are some of the bigger price reductions. A change of heart by a seller where they are perhaps being more realistic may be an opportunity to get a property at a reasonable price. It is also good to keep an eye on the volume of price decreases and the amounts.
The top 3 biggest price reductions in the past week are:
- Hokua condo unit #15a has been on the market a while. This 3 bedroom, 2 bath condo is the largest floor plan in the building that is below the penthouse levels. This is the only option of a standard floor plan to get 3 bedrooms. This unit as been upgraded with engineered hardwood floors and motorized shades. It is ultra clean and has stunning view of the ocean Kewalo Basin and the sunset. It was listed for $3.338,000 and is now listed for $2,999,000. That is a 10.16% price reduction and a $339,000 overall reduction.
- 1122B 19th ave. in Kaimuki. Kaimuki is a very popular neighborhood and 19th Avenue has always been popular since it is more on the Kahala side of Kaimuki. This property is not necessarily the most desirable properties because it is adjacent to the H-1 Freeway. It however may be very good as a rental property with 5 bedrooms, 4 and a half bath. It is a very convenient location. the property was originally listed for $1.6mil and now it is has been reduction to $1.1 million. That is a $500,000 off the original list or a 31.25% reduction.
- 1458 Kehaulani Drive in Lanikai is an oceanview home at the back of Lanikai. This 4 bedroom, 3 bath and 2 half bath home was built in 2001. This is beautiful home with a pool. Completed upgraded home is beautiful and spacious. There are ocean views off in the distance. The original list price for this home was $3,700,000 and now it has been marked down by $712,000 to $2,988,000. This equates to a 19.24% price reduction.
All 3 of these properties could start to be interesting buys. It may also be a sign of where and what types of properties may be over priced. If you are looking to buy or sell property here in Hawaii, then contact us and we are happy to help!