About Honolulu's Kakaako

Hewaii's economy is slowing and people are looking for causes. Unemployment in our state is at 7% at a 30-year high. TV news stations frequently remind us that construction employment is a significant factor in the rate of job losses.

Moana Vista construction was halted in December 2008. The developer is seeking additional financing to complete the project. Options include finding a partner with financing to complete the building and selling off other real estate investment.

Fred and Annie Chan, owners of KC Development, have the Kaiser Estate in Portlock on the market for $80 million. The price seems quite high, considering the property is in need of major repairs. On the other hand, the estate covers more than five acres of land on a prime spot in east Oahu. If the a sale of the Kaiser Estate fetches anywhere near $80 million, it should at least be a shot in the arm for KC Development to get things rolling again.

Earlier this week the project's contractor, Hawaiian Dredging filed a lawsuit stating that $30 million is owed on the project. It appears to be a public statement to other possible creditors of Moana Vista.

Moana Vista's sales office remains open and prospective buyers are driven to the affordable pricing. It's hard to make long term plans when a buyer doesn't know how long it will be until the move-in date. Another concern is interest rates. They are very favorable right now but they can't be locked in at this point in time. When construction resumes and an accurate date is determined for completion it will be time to discuss locking in a rate - and where will they be then?

Buyers can be comforted in knowing that their deposits are held in escrow. The money cannot be spent until the final report for Moana Vista is issued and the buyers have had 30 days to review and approve the report. Buyers can cancel and get their money back, less a small escrow fee.

Question: Historically, which way do prices go in Hawaii? Answer: Up.

Ten years ago, lots of us were hemming and hawing about the direction of the market and what to do. Then prices took off. I believe those times will come again. This might be the time to plant the seeds for your next residence.

Please visit our Moana Vista webpage, which includes a price list.

Aloha, Mike Bates

Swept up on an Accessories Quest; we land on Southern Hawaii shores- SoHa So Good!

http://www.sohaliving.com

The beach is where it's at, so why aren't you there?

Above: At The Beach Sign. $28 Made entirely of recycled wood. Size: 16" x 7"

Its oh so very easy to get swept up in accessory shopping and when there are sales, watch out! Sales shopping is like sailing the open seas it's exhilarating, liberating, and soaked in danger. Even the most seasoned shopper can get wrecked over a sale. Trapped on a shopping reef unable to stop the relentless flow of bric-a-brac cross the bow as wave after wave of accessories take it's toll on your your creative mind and heavily laden shopping cart. Your credit cards strain over the enormity of it all as you slowly maneuver through the check out lane; carefully avoiding the merchandised point of sale items singing their sirens song and the ruinous shoal of a maxed out credit card.

Above: Green Potted Forest Fever Tree. This synthetic looks exactly like the real thing. Maintanence free.

$170 Size: 59"x 55"

My last post was absorbed in the Pier One Imports Winter Clearance sale and for those of you who are familiar with Honolulu and it's armada of stores and shops, you might be aware that across the street from Pier One on the Makai side Ward Center is one of my favorite boutiques SoHa. SoHa is short for Southern Hawaii and it contains a great but somewhat pricey collection of designer household items from the South Pacific and South East Asia.

Left: Natural assorted shells including starfish and sea urchins

$25- 6" Nautilus $60- 12"Conch

Right: Natural Shell Salt & Pepper Shakers adorned with cast metal tops.

$16.80 Size: 2.25" x 2" each

Above: Sea Life Towels, embroidered guest hand towels. Set of 6 with multicolor embroidery on natural linen.

$88.50 Size: 14"x 22"

Right: Sea Life wool and cotton Hook Pillows. These colorful sea creatures offer a wonderful pop to neutral colored furniture.

$75. Size: 18"x 18"

Left: Tropical Fruit & Flora Wall Hangings. Made of 100% Birch, you can stain, paint, or decorate them as you please. Frame them, or mount them alone; great stencil too. These almost look like traditional hawaiian quilt patterns but not quite. Pictured upper left to lower right: Palm, Pineapple, Breadfruit, and Lychee

$7.25 ea Exterior size are 12"x 12" Standard

Aloha Friday Kakou!

JDS Consulting- Staging Hawaii nei! Providing Real Estate Merchandising services including: Home Staging, Interior Decor, Turn Key, Landscaping, Remodeling, & Open House Hosting. Visit our Blog: Questions for Kimo: Decor Design & all things Hawaiian- www.RealEstateDesignOnLine.com tel.+1.808.344.1264 Kimo Stowell Copyright ©2009

In the last five years or so, Honolulu saw another round of high rise construction.  New choices for condo living in town have emerged.  The cycle appears to be reaching its end with a few more properties approaching completion.  One of the properties is Moana Vista, located on Kapiolani Boulevard in Kakaako. 

 

This is a great location for city dwellers.  Moana Vista is near the downtown financial district, Ala Moana Shopping Center and the Ward Centers.  Now the developer is facing the challenge of selling its condos in a slowing market.

KC Development is constructing the 46-story Moana Vista.  It's just down the street from 909 Kapiolani and across from the Blaisdell Center.  Last week, prices were reduced by 16-25% on 60 units in the 492 unit development.

A mountain view unit on the 18th floor was originally priced at $468,000, now reduced to $392,000.  Another unit with ocean views on the 30th floor originally listed at $762,000 is now available for $574,500.  All units at Moana Vista have two bedrooms and two baths in various configurations with 12 floorplans.

The agressive pricing is a bold move by the developer.  Moana Vista's units are priced competitively with resale units in other condos on the market today.  As one might expect, with the current construction boom there were quite a few speculators that bought high rises solely to flip and make profits.  The slowing market has them selling for small gains and sometimes at a loss.  Moana Vista's new pricing will put more pressure on local sellers and offer buyers better deals, especially with interest rates falling to 5% (and maybe less).

Looking to buy or sell property on Oahu?  Contact Mike Bates (808) 551-2663

Oahu MLS