What Condos are Selling in Waikiki?

Condo sales in Honolulu neighborhoods, and particularly Waikiki have accelerated recently. However, some condos are selling more than others. Here are the top selling condos in the last six months:

• Ilikai Apartments (18 units sold)
• Island Colony (15 units sold)
• Liliuokalani Gardens (11 units sold)
• Discovery Bay (8 units sold)
• Four Paddle (8 units sold)

Why?

Ilikai Apartments (Hotel):
Ilikai Hotel's prices have come down dramatically due to the current litigation/foreclosure situation. The average price fell by 40% since the market peaked in 2007.

Island Colony:
The average price for studio units fell 22% and the price for one-bedroom units dropped 8%. This condominium is going through major repairs and collecting a special assessment for a long period of time. Since the amount for the assessment is specific, buyers can ask sellers to pay off the assessment. This way, buyers do not have to pay the special assessment each month.

Liliuokalani Gardens:
The average price for studio units dropped 12%, and fell 16% for one-bedroom units. This condominium used to be Leasehold property, but the fee was offered for sale and most of the owners purchased the fee.

Discovery Bay:
The average price went down by 11% for a studio, 25% for one-bedroom units, and 39% for two-bedroom units. This condominium is still Leasehold, and the association bought over 60% of the fee. However, the fee is still not available and it is not clear if it will become available in the future.

Four Paddle:
The average price fell 10% for studio units, and 9% for one-bedroom units. There is a vacant lot directly across from the condominium, and a time-share condominium was planned to be built there at one time. This plan was not approved by the City and County. If something is built in the future, it would be more likely a low-rise commercial building.

Judging from the dramatic price decreases, the Ilikai Hotel and Discovery Bay appear to offer the best values. If you would like more information, please feel free to contact us.