About Ilikai Apartments
The Ilikai immediately became one of Waikiki's premier condominium when it opened in 1964. It was considered colossal at the time towering 26 stories tall, right next to the beach and the marina, over an otherwise architecturally mostly flat Waikiki neighborhood. The Y shape footprint and modern architectural design by John Graham (who also designed the Seattle Space Needle) were clearly ahead of its time.
The Ilikai was also Hawaii’s very first condotel, a new concept that combined condominium ownership with hotel operation, allowing owners to short term vacation rent their units.
Featuring a young Jack Lord on the penthouse lanai in the opening scene of the famous Hawaii Five-O tv show, the Ilikai quickly received worldwide name recognition. Many of the early episodes were filmed in and around the Ilikai, and celebrities often enjoyed staying at the iconic Ilikai.
Interestingly, it has yet another Hawaii Five-O connection. The Ilikai's developer was a well-known local businessman named Chinn Ho. Producers of the tv show actually named their Chinese detective character after him. The big question is – did the real Chinn Ho know how to build a great condo?
The answer is unequivocally Yes. It is only due to Ho’s ingenuity in combining condominium ownership with the hotel concept that
the project became reality in the first place. Many last minute design revisions along the way, even while already under construction, resulted in what makes the Ilikai great today.
All Ilikai condos enjoy wide usable lanais with most of them enjoying serene ocean views. As one of the few Waikiki condotel projects, Ilikai condos can be rented out short-term as vacation rentals, allowing for maximum income potential and great flexibility of use. This could be an attractive combination for someone looking to purchase a Hawaii vacation condo where the rental income pays for the carrying costs.
The building stands directly next to the marina so you look out over the forest of sailboat masts that give it a charm you don't get many other places in Hawaii. There's no chance of anything ever getting in the way of that vista either, because you're right on the water. That is extremely rare for residences here.
In fact, the Ilikai is one of only 3 condo projects with direct beach access in all of Waikiki. There is no need to cross the street to get to the beach! This special and forever rare location could not be duplicated today.
The beach immediately next to the Ilikai, adjacent to the lagoon, right in front of the Hilton Hawaiian Village is considered one of the finest wide stretch of Waikiki’s white sandy beach.
Despite her age, don't mistake this for a property with her best days in the past. The llikai has undergone a complete upgrade in 2014, including lobby, retail shops on the 2nd level, porte cochere, and pool deck, restoring it to world-class resort status. As of summer 2015 work is also underway to built another family pool (located where there used to be a tennis court) making the Ilikai even more special.
Part of the upgrade included the full floor renovation of the top four floors 22nd - 25th, just below the penthouse level. These high floor units had been designated for hotel use only and had never been available for purchase before, up until now. All units on the 22nd through 25th floor have been completely renovated in 2014 with top-grade designer finishes, high end materials, appliances, full kitchens and upscale hotel furniture. Fully furnished and with fully equipped kitchens, these condos look fabulous, turn-key and ready for occupancy.
Similar plans had failed before, and iStar financial picked up these about 200 units for a fraction of the real value at a foreclosure auction in 2009. Times have changed and the wisdom of making these improvements in today's market became abundantly clear.
Besides the majority of Ilikai units being condos, there are also a number of Ilikai timeshare units for those seeking vacation ownership in a place filled the unfailing trio of sights, setting and sun-filled fun you'd expect in a top property.
Want a dining experience that's hard to beat? Head up the exterior glass elevator to Sorrento's with its limitless lookout at the top of the Ilikai. The food is so good, you'll talk about it as much as the view. Ready to work on your tan? Take the designated bather’s elevator to the huge recreation deck and lounge away the day. Dive into the pool when some cool relief is called for. But who needs the pool when the finest beach is right next door.
From your home, everything is easily in reach. Walk to the beach, take in the ocean waves from your lanai or do some dining and shopping without ever leaving the premises. That's the total package.
The price range of condos for sale in Ilikai Apt Bldg is $465K to $1.91M with a median price of $699K and median interior of 500sf.
The median price of condos sold in Ilikai Apt Bldg year-to-date (2016) is $625K. In previous years it was $557K (2015), $535K (2014), $452K (2013), $377K (2012), $340K (2011), $335K (2010), $280K (2009), $375K (2008), $454K (2007), $525K (2006), $465K (2005), $362K (2004), $270K (2003).
51 condos have sold in Ilikai Apt Bldg year-to-date (2016). In previous years, the total number of condos sold were 39 (2015), 37 (2014), 60 (2013), 52 (2012), 39 (2011), 33 (2010), 42 (2009), 23 (2008), 26 (2007), 36 (2006), 56 (2005), 66 (2004), 58 (2003).
On average Ilikai Apt Bldg condos were on the market for 71 days before they were sold (2016). In previous years it was 85 days (2015), 69 days (2014), 51 days (2013), 52 days (2012), 55 days (2011), 62 days (2010), 60 days (2009), 105 days (2008), 95 days (2007), 77 days (2006), 61 days (2005), 58 days (2004), 107 days (2003).
The average days on market for Ilikai Apt Bldg condos before sold was 120 days November 2016 compared to 72 days November 2015.
The ratio of Ilikai Apt Bldg condos sales price vs list price was 93.0% November 2016 compared to 95.5% November 2015.
4 Ilikai Apt Bldg condos were sold November 2016 compared to 3 condos sold November 2015.
The total dollar volume of condos currently for sale in Ilikai Apt Bldg is $19.23M and the sold dollar volume year-to-date (2016) is $37.18M. In previous years sold dollar volume was $22.74M (2015), $21.17M (2014), $29.87M (2013), $22.46M (2012), $15.42M (2011), $12.48M (2010), $11.87M (2009), $10.1M (2008), $14.19M (2007), $19.18M (2006), $25.76M (2005), $26.09M (2004), $17.55M (2003).
The most recent sale in Ilikai Apt Bldg was a condo located at #2124 , sold for $710K on Dec 02, 2016. It had 500sf of interior. 9 other recent sales include: #2417 (500sf) sold for $625K on 12/2/2016. #1505 (500sf) sold for $542K on 11/30/2016. #337 (500sf) sold for $596K on 11/23/2016. #2230 (500sf) sold for $750K on 11/10/2016. #1802 (500sf) sold for $700K on 11/10/2016. #2335 (500sf) sold for $805K on 10/7/2016. #2234 (500sf) sold for $750K on 9/28/2016. #2237 (500sf) sold for $850K on 9/6/2016. #1417 (500sf) sold for $424K on 8/30/2016.
In Ilikai Apt Bldg there is currently 23 fee simple units for sale. 14 of the condos have ocean views, 2 have Diamond Head views and 10 have mountain views.
There are 1 studio floor plan, 17 x 1 bedroom floor plans and 5 x 2 bedroom floor plans.
The MLS properties are based on information from the Multiple Listing Service of Hicentral MLS, Ltd. Listings last updated on December 09, 2016. Information is deemed reliable but not guaranteed.