Honolulu’s much-debated elevated light metro rail system has begun its “Trial Running” phase, per Honolulu Authority for Rapid Transit‘s (HART) press release. Considered the final set of tests prior to launching the service, this phase will test all systems including train cars, rail stations, and personnel, over a period of weeks.

Per the press release, multiple cars will be running between Kapolei and Aloha Stadium, 24 hours a day, 7 days a week. Testing is expected to continue until operations are deemed ready for public service. It may be a welcome sight for drivers to see train cars moving on the billion-dollar rail project, but officials urge commuters to keep their eyes on the road, and not at the train cars.

The final station east-bound has been a hot topic among residents, where many feel the ridership will suffer greatly if the system isn’t fully-built to Ala Moana Center or even University of Hawaii’s Manoa campus. Federal rail funding will likely play into the final result of the system, though officials have said it may be extendable in the future with additional funds.

Aloha and welcome to Sachi Hawaii’s August 2022 newsletter.

The main question we’re receiving in regards to Hawaii Real Estate is, “how is the market responding to the increased interest rates?” The answer might not fully present itself for months down the road, but we’re starting to see a decrease in number of sales for both single-family homes and condominiums.

Hawaii Real Estate Market Update

In July 2022, single-family home sales saw a -22.8% decrease in total sales when compared to the same period last year, dropping from 404 to 312. Condominiums saw an identical -22.8% drop as well. Prices, however, are remaining quite stable at near-record highs. Single-family home median sales prices fell just short of the record-high mark, at $1,107,944, an 11.6% increase over July, 2021. Condominium prices are also remaining steady with a median sales price of $500,000, or a 5.3% increase over the same period last year.

Buyers are looking to move on purchases now as interest rates are expected to increase further. This is keeping the market active, and sellers can still take advantage of the hot market. Properties are still moving quickly with single-family home properties going under contract in just 11 days on average, and condominiums doing so in 12 days.

Source: HiCentral.com

Sachi Hawaii Listing Update

Benefiting from the still-hot real estate market, Sachi Hawaii currently has 7 properties under contract and in escrow.

Sachi Hawaii successfully sold and closed on two transactions in July, including 976 Hunakai Street in Kahala, listed by Yoshiko Kasuga and co-listed by Atsuko Ajed. This Kahala home sold for full asking price of $3,000,000 in just 7 days on the market. Congratulations to Yoshiko, Atsuko, the sellers, and the new owners! Also closed in July was ONE Ala Moana #1708, which also sold at full price, $1,850,000 in just 6 days on the market. This was listed by Atsuko Ajed of Sachi Hawaii. Congratulations to Atsuko, the sellers, and the new owners!

New on the market for August, Sachi Hawaii would like to introduce One Archer Lane #3804. This property, listed by Itoko Leciejewski, has already went into escrow after just 8 days.

The Central Ala Moana #2312

Also new, we’d like to present The Central Ala Moana #2312. a newly completed 3 bedroom, 2 bath luxury high-rise residence. This high floor corner unit enjoys a modern open-concept main living, kitchen, and dining area. Just off the main living area, you’ll find a covered lanai overlooking stunning Pacific Ocean vistas stretching from east to west. The primary bedroom suite also is situated facing south with beautiful Ocean views, while the second and third bedrooms sit facing east with City, Park, and Mountain views.

View Property Details: The Central Ala Moana #2312

New Agent Announcement

Honolulu’s skyline continues to sprout new high-rise housing as the city’s condominium developments haven’t shown signs of slowing down. It’s great news for prospective buyers as homeowners have far more options for housing than in previous years. Just last month, a hand full of new projects were announced for Honolulu including Alia, a new condominium development by Kamehameha Schools and Kobayashi Group, Kahuina, a second Kamehameha Schools project, this one headed by Stanford Carr, and Kalae, a new Ward Village project by Howard Hughes.

Ko’ula by Ward Village will be finishing up toward the end of the year and begin welcoming in its residence, while Aalii, The Central Ala Moana, and Azure Ala Moana all wrapped up construction at the end of 2021.

One obstacle of joining these new residential communities is often securing the opportunity to purchase the unit you most desire, frequently done through a lottery system managed by the developer, or through a first come, first serve basis. If you’re in the market for a new project, it’s best to talk with your Realtor in advance and set up a plan for getting in early. Sachi Hawaii has a strong history of working closely with developers to secure reservations for our clients, and we would be happy to assist with this process. Please give us a call to discuss details for each project: (808) 596-8801 or info@sachihawaii.com

Newly Announced Honolulu Condominiums

• Alia
• Kalae at Ward Village
• Ulana Ward Village
• Kahuina
• Mandarin Oriental
• The Park at Ward Village

Projects Under Construction

• Sky Ala Moana
• The Park at Keeamoku
• Ililani
• Ko’ula at Ward Village
• Victoria Place at Ward Village

Newly Completed Condo Projects

• Aalii at Ward Village
• Central Ala Moana
• Azure Ala Moana

Disclaimer: Sachi Hawaii is not affiliated with any of the above-mentioned projects and works as an independent agent on your behalf. The above information is subject to change without notice and does not provide any guarantee or warranty.