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NEWS2023 07

July 27, 2023

Closures Along Ala Moana Boulevard for Pedestrian Bridge

The Hawaiʻi Department of Transportation (HDOT) is closing the left lane on both sides of Ala Moana Boulevard between Ward Avenue and Kamakeʻe Street for 24 hours a day, 7 days a week, from Monday, July 24, 2023 to Friday, September 22, 2023. This closure is necessary to construct a pier in the median to support an elevated pedestrian walkway.

Two lanes of traffic will remain open in both directions, but motorists should expect delays. A temporary detour will be provided via Auahi Street.

The pedestrian bridge is part of a larger project to improve safety and connectivity in the Ala Moana area.

July 20, 2023

Honolulu Market Report: June 2023

The Honolulu housing market cooled off in June, with both single-family homes and condos seeing a decline in median sales prices. The monthly median sales price for single-family homes fell 4.5% year-over-year to $1,050,000, and the median sales price for condos fell 4.5% to $510,000.

Single-Family Home Resales

Number of Sales Median Sales Price
June 2023 248  -30.5% $1,050,000  -4.5%
June 2022 357 $1,100,000

Condominium Resales

Number of Sales Median Sales Price
June 2023 470  -24.9% $510,000  -4.5%
June 2022 626 $534,000

Sales also slowed in June, with single-family home sales down 30.5% and condo sales down 24.9% compared to the same time last year. However, the market pace remained relatively quick, with most properties entering a contract in just over two weeks.

There are a number of factors that are contributing to the cooling of the Honolulu housing market. These include rising mortgage rates, which have made it more expensive to buy a home, and a limited supply of inventory.

Despite the cooling, the Honolulu housing market remains active. There is still strong demand for homes in the area, and most properties are selling quickly.

What does this mean for buyers and sellers?

The cooling of the Honolulu housing market is good news for buyers, as it means that there is more negotiating power and less competition. However, sellers may need to be prepared to lower their asking prices in order to sell their homes.

Overall, the Honolulu housing market is still a sellers’ market. Although the market has balanced somewhat, if you’ve been thinking about selling, now might be the time to take advantage of the current situation. It’s best to consult your realtor as each property is unique and each and neighborhood has specific trends.

If you have questions, Sachi Hawaii would be happy to help you evaluate when’s the best time for you to buy or sell. Please feel free to contact Sachi Hawaii: (808) 596-8801 | info@sachihawaii.com

July 20, 2023

Three New Howard Hughes Projects Slated for Kaka’ako

Howard Hughes, developer of Ward Village, Honolulu’s award-winning master planned community, has three additional condominium projects in the works. The Launiu Ward Village, its next project, is going through the permit process now. More details will come later this year, with the potential for pre-sales to start in 2023.

(1) The Launiu Ward Village
(2) Mahana Ward Village
(3) TBD

Launiu Ward Village: The 11th project in Ward Village

Howard Hughes has announced the 11th project in its Ward Village master-planned community. The project, called Launiu Ward Village, will be a 486-unit condominium tower with ground-floor retail and outdoor gathering spaces along Ward Avenue.

Launiu Ward Village will be designed by architect Arquitectonica, interior designer ODADA, and VITA Planning & Landscape Architecture. The project will include approximately 16,000 square feet of open public and green space, with bike paths and sidewalks connecting to the Ka Lai o Kukuluaeo park adjacent to Ulana Ward Village.

The residences will be located on the Mauka-Ewa corner of Ala Moana Boulevard and Ward Avenue. Construction is expected to begin in the third quarter of 2024.

Mahana Ward Village: The 12th project in Ward Village

Howard Hughes’ 12th project project, called Mahana, will be a 340-unit condominium tower with 17,000 square feet of ground-floor retail space. The tower will be designed by architect Solomon Cordwell Buenz, interior designer Tihany Design, and VITA Planning & Landscape Architecture.

The name Mahana means “warm feelings” in Hawaiian. The project is intended to evoke the hospitality of the Ward Estate, which was once the home of sugar barons.

Mahana will be located on the new Halekauwila extension, which is a pedestrian-friendly street that connects Ward Village to Victoria Ward Park. The tower will have a gateway plaza and sidewalks that connect to the park.

Construction on Mahana is expected to begin in 2025 and be completed in 2027.

If you’d like to register your interest and be one of the first to find out information as details emerge, please contact Sachi Hawaii: (808) 596-8801 | info@sachihawaii.com

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