[youtube_video] b75F0Nb7zKU [/youtube_video]
Video Transcription
Hi this is Kristian Nielsen with Honolulu HI 5 (company name is now Hawaii Living). Today I am going to review the condo developments currently taking place in Honolulu. We are going to review condo projects being offered in Kakaako, Ala Moana and Waikiki and also finally go over a few projects that are in the planning, but are currently not being offered. In Kakaako we have Ward Village and there are currently four projects being offered there: Waiea, which is about 90% sold out and currently, in the tower, the lowest priced unit is above $5,000,000 and there is also a villa just below $5,000,000. Expected completion is November 2016. We refer to Waiea as an ultra-luxury condo. Nearby, also in Ward Village we have Anaha, which is a luxury tower, and it is just short of 90% sold out. Lowest priced unit, there is one unit that is just slightly below $2,000,000 and it just goes up from there. Expected completion is June or July 2017. There there is Gateway Towers. It is two towers and Howard Hughes has so far only offered Cylinder at Gateway Towers, which is the first Gateway Tower and we estimate about 40% sold out. Lowest priced unit $1,500,000 for a one bedroom and expected completion I would guess an estimate of year 2019, but it all depends how sales go, going forward, as need to reach certain threshold before they break ground and start construction, but maybe 2019, we shall see. Ward Village developer Howard Hughes has also offered a fourth project now called Ke Kilohana, which is a reserved housing project. Reserved housing are for individuals or families within certain income parameters – not low income, but restricted income, and as of today all units are under contract with the developer, which are 88% of the units. There will be about 12% in the tower that are market priced units and they should be offered in the near future, but no date is set yet. Expected completion fall 2018. And the last project in Ward Village is Ae’o, a high-end project about 50% sold out, lowest priced one bedroom just short of $800,000 remains. It goes from studio up to three bedroom and they have broken ground February this year and expected completion is fall 2018. If we move further west in Kakaako we have what we call Our Kakaako and The Collection is one of the projects right on Ala Moana Blvd. The tower units sold out several months ago. They are also offering twelve townhouse units and there are still several of those left. Starting price is around $1,595,000. Expected completion late, probably November 2016. A little bit sort of inland, sort of towards the mountain side, behind The Collection we have a low-rise project called 400 Keawe. No amenities, just focused on minimal, no amenities low maintenance fees they just completed this month and owners just started to move in this month, May. They are 100% sold out, no more developer units are left. And further behind 400 Keawe on 500 South Street, we have a project called Keauhou Place. It’s – they are about 88% sold out, lowest price is penthouse level two bedroom around $780,000 or thereabout. On target for completion, probably fall of 2017. Both Keauhou Place and The Collection I would refer to as mid / high-end projects, and 400 Keawe more like a mid-range project. So, now we have covered Ward Village and Our Kakaako and in between those projects, right next to Neal Blaisdell Center, we have a project called Symphony Honolulu, which is a high-end project. More than 90% sold out and lowest priced unit a little over $900,000 for a two bedroom. Starting to record, some units recorded April and a few owners have moved in, but three bulk recordings are coming this month of May. So that is sort of what is happening in Kakaako of new developments right now. If we move east to Ala Moana Shopping Center, there is the ultra-luxury project Park Lane, which is expected to be complete in three phases, next year in 2017 – spring, summer, fall 2017. It is seven low-rise structures – they sort of move from the west and go east in order of building these towers, or these 100 feet buildings. They are around 77% sold out at this stage. Lowest priced at this stage is about $4,000,000 for a two bedroom unit and yea, so that is Park Lane. If we move further east we have a tower called Aloha Kai, which is not offered yet, but in the planning which should be a luxury tower right behind the two Yacht Harbor Towers. No dates set on construction – or not construction, but no date set for the sales, but we are expecting it in the not too distant future. That kind of covers what is in Ala Moana right now and if we move into Waikiki, the big focus has been on the Ritz-Carlton’s two towers. The first tower is complete – well the owners, most of the owners, have recorded on their units, and it is expected the first owners or tenants of the hotel can start moving in June. They are almost sold out. There are a few penthouse units and a couple of other units, but I would refer to it, in terms of units, as 98% sold out – this is my estimate. The second tower they have units available, but they have sold a large chunk. I don’t know the percentage what is left. It is not a whole lot, but some units. Second tower completion expected spring or summer 2017. Ritz-Carlton falls in the ultra-luxury category as well. Then within, there are a few other projects in the planning. On the current King’s Village Shopping Center in Waikiki there is a tower in the planning, which is going to be a condotel like Ritz, which means you are allowed to do vacation rentals, which you can’t do – no less than 30 day short-term vacation rentals in Ala Moana or Kakaako, but Ritz you can of course do and there is another project in the planning called 133 Kaiulani, which will be by The MacNaughton Group and Kobayashi Group who are also doing Park Lane. No sales date set, but we are expecting to come in the not too distant future and then next to Luana Waikiki on the old Kyo-ya restaurant lot, there is also a developer trying to get approvals for a high-rise and that would also be condotel and again a condotel is a hotel condo combo where you can short-term vacation rentals, but also like the 133 Kaiulani, there are no date set. Now, just moving a step back, I forgot one building, in, close to Ala Moana, across from Hawaii Convention Center. There is a project in the planning, which would also be a condotel – condo hotel – and it is referred to as Manaolana Place – mix of hotel and condo units. No date set – they are expecting a public hearing in June, so let’s see what comes out of it. So yea, that pretty much sums up the update on the new condo projects. I hope it was helpful and I will be back in the near future with another update. Thank you for watching – aloha.