News

Destination: Kakaako

March 21st, 2012

Honolulu Star Advertiser

Buyers of all ages and from all parts of the world are flocking to live in Kakaako.

“Six new buildings have gone up in Kakaako in the last eight years,” says Marshall Mower, Realtor and partner at Prudential Locations. “And long-term plans call for more than a dozen new buildings.

“Near term, Waihonua At Kewalo, which will be built behind Nauru Tower, is currently being marketed with plans to break ground by the end of this year,” says Mower. “There is also recent discussion of the new Symphony condominium complex planned at the corner of Ward Avenue and Kapiolani Boulevard.”

And there doesn’t seem to be a shortage of buyers. Koolani, Hokua, 909 Kapiolani, Moana Pacific, Keola Lai and Pacifica already flooded the market with 2,400 new condo units since 2006. But the virtues of maintenance-free condo living seem to be catching on globally.

“The mix of Kakaako condo owners varies,” he says. “There are currently many international owners from Japan, Korea and Canada, with a recent influx of new Japanese buyers, as well as buyers from various Mainland states.”

Local buyers looking to downsize appreciate the amenities. A Kakaako resident himself, Mower enjoys the central location, being able to stroll to his favorite restaurant, shopping center, the movie theater or just walk along the beach.

“From your living room window, you can check on the surf conditions,” Mower says. “As Kakaako continues to grow and develop, it appeals to people from all walks of life. The price range from roughly $300,000 to $5 million offers real estate opportunities for a broad spectrum of buyers, including first-time homebuyers, second homeowners, investors and retirees.”

The three biggest reasons, according to Mower, why buyers chose Kakaako are:

1. The modern, high-rise lifestyle with fabulous views;

2. The ability to walk to restaurants, shopping, movies, the beach, work, etc.;

3. And the overall convenience to all parts of metro Honolulu.

“Many Kakaako residents walk to work or their commute time is dramatically reduced,” Mower says. “For those who work in Downtown Honolulu, Waikiki or Metro Honolulu, their commute can be as little as 10 minutes in morning rush hour traffic.”

Close proximity to Ala Moana Center, the developing Ward Centers and Ala Moana Beach Park’s beaches, jogging trails, calm waters for swimming and paddle boarding, as well as famous surf spots, means less time in the car and more time to increase the quality of life.

Plans for a mixed-use development project near Mother Waldron Park – a $500 million project – could feature the tallest high-rise condominium in Hawaii.

In the past 12 months, 215 condominiums sold in Kakaako with a Median Sales Price of $630,000. Today, the MSP of condos currently listed is at $628,888, providing an opportunity for buyers.

“Many Kakaako owners have enjoyed appreciation of their units in the last decade, and those who have timed the market well are also pleased with their decision to buy in this thriving and dynamic neighborhood,” Mower says.

For more information about Kakaako, check out the Prudential Locations website at http://www.prudentiallocations.com/news/lifestyle/life-in-kakaako.aspx.

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