It's no secret Hawaii's real estate market is on the rebound; some reports indicate the market is heating up, but it appears to be catching fire. Honolulu Board of Realtors are reporting a 73% increase in condominium sales for March, compared to the same period last year. Condo sale prices are also up 11%, indicating a large appetite for buyers.
Helping fuel the fire is the worsening traffic congestion heading in to town. Home owners are now searching for the "work, play, live" trifecta, best achieved in 'town'. Many residences have determined the best way to beat traffic is to avoid traffic, thus moving in to the heart of Honolulu.
Despite the hot market, inventory levels remain low - low enough that when a new condominium project comes up for sale, it generally sells out within a few days. Currently there are over 18 condominium projects that are under consideration in the Kakaako district. Let's take a look at some of the hottest condominium projects under development:
Map Data © Google
One Ala Moana:
Currently under construction on the top floor of Nordstrom's parking garage, One Ala Moana promises to bring a new level of luxury to the heart of Ala Moana. Featuring world-class amenities including wine tasting, cehf's kitchen, movie theater, private dining room, golf simulation and game room, fitness center, yoga studio, private shopping salon and more.
Ritz Carlton Residences Waikiki:
World-class Ritz-Carlton is springing up in Waikiki. Promising an experience unlike anything in Waikiki, Ritz-Carlton is bringing on a high-end sushi chef, organic groceries and luncheon shoppe, lobby level concierge, valet and infinity pool, alongside Ritz's world class service.
A planned residence community at the site of the old Comp USA building, The Collection seeks to create a multi-building community consisting of a high-rise condominium, low-rise condominium, townhouses and multiple commercial spaces. Prices will start around $300,000
Symphony Honolulu is slated for development across from Neal Blaisdell Center. Featuring approximiately 400 residential units, 80,000 sq.ft. of commercial space including room for auto dealerships, green construction enhanced for affordable city living, and over 1,000 parking stalls, Symphony Honolulu will be a welcome addition to Kakaako.
801 South Street:
An affordable development sprinting up next to the old Star Advertiser building, 801 South Street brought low-floor units to the market at under $300,000 making an affordable opportunity in Kakaako.