No question. Kakaako will be Hawaii’s fastest growing and most exciting new urban neighborhood for some years to come, undergoing a major transformation and rejuvenation. Famous Ala Moana to the east (bordered by Piikoi St), Downtown Honolulu to the west (bordered by Punchbowl St) and the ocean to the south, make for a very convenient location with shopping, beach and business all close by.
About twenty brand new high-rise condos are planned, or already under construction, in Kakaako, with some sold out long before work even started. These projects will include up to 5,000 units. The ambitious Kakaako master plan also includes new pedestrian-friendly zones, parks and retail shops around a central modern elevated rail system connected to the rest of the island.
Currently, most of the already built Kakaako condos for sale range in price between $400K to $5M. However, with new ultra-luxury condos in Kakaako soon to be built, some exceptional units are expected to reached up to $35M - see our Grand Penthouse article to learn more.
Insight to Kakaako Condos
Sometimes certain Kakaako condos are mistaken as part of Ala Moana, due to their close proximity to the shopping center. But, be assured, fast emerging Kakaako, with approximately three times the area of Ala Moana, is quickly gaining name recognition worldwide.
Some notable “A” location ‘front row’ Kakaako condos include Hokua (2006) - arguably one the finest condos in Honolulu - and Nauru Tower (1990), both with direct, forever unobstructed ocean views with the beach right across the street. Any future development would not affect their views.
The Kakaako Neighborhood
Kakaako is currently home to about 12,000 residents living mostly in scattered high rise condos in an otherwise underdeveloped district of urban Honolulu. Major job centers, shopping, entertainment and recreational opportunities are all close by.
Expected growth could raise the population to about 30,000 by year 2030. Spread out over the next several years, 20 upcoming new Kakaako condo projects may barely catch up with pent-up demand as a result of a lack of urban housing construction during the past decades. The opportunity to drastically improve your daily commute to urban conveniences has created tremendous growth potential for Kakaako.
Hawaii Community Development Authority’s (HCDA) vision is to transform 600 acre Kakaako into a modern community with proposed rail transit oriented development. That includes new recreational parks, retail shops, restaurants, office space, grocery stores and a redesigned Neal Blaisdell Center.
Sometimes called the 3rd city, Kakaako is expected to appeal to many as walkable and bikeable neighborhood for work, shopping and recreation with pleasant wide streetscapes that function as outdoor living rooms. The old warehouses and industrial lots are giving way to a new Kakaako lifestyle in the revitalized urban core of Honolulu.
A collaboration of both government and private sector, it aims to set a new global standard by creating an economically sustainable, environmentally friendly and viable Kakaako. The vision promotes a mix of culture, art, modern transportation and a new metropolitan way of life with a diversity of luxury condos, some as tall as 650 ft.
Kakaako Waterfront Park, Kewalo Basin Park and the adjacent Ala Moana Beach Park offer fabulous recreational opportunities for joggers, swimmers, surfers, fishermen and anyone with an urge to enjoy the outdoors. The Kakaako condo lifestyle is the ultimate opportunity to live, work and play all in one great place.
The price range of condos for sale in Kakaako is $32K to $36M with a median price of $1.08M and median interior of 1,206sf.
The median price of condos sold in Kakaako year-to-date (2016) is $745K. In previous years it was $750K (2015), $695K (2014), $645K (2013), $600K (2012), $617K (2011), $600K (2010), $582K (2009), $665K (2008), $631K (2007), $830K (2006), $586K (2005), $457K (2004), $360K (2003).
320 condos have sold in Kakaako year-to-date (2016). In previous years, the total number of condos sold were 300 (2015), 295 (2014), 299 (2013), 257 (2012), 240 (2011), 251 (2010), 228 (2009), 232 (2008), 939 (2007), 798 (2006), 248 (2005), 246 (2004), 212 (2003).
On average Kakaako condos were on the market for 85 days before they were sold (2016). In previous years it was 93 days (2015), 90 days (2014), 72 days (2013), 60 days (2012), 68 days (2011), 67 days (2010), 84 days (2009), 73 days (2008), 27 days (2007), 21 days (2006), 47 days (2005), 54 days (2004), 75 days (2003).
The average days on market for Kakaako condos before sold was 65 days November 2016 compared to 110 days November 2015.
The ratio of Kakaako condos sales price vs list price was 98.9% November 2016 compared to 95.8% November 2015.
33 Kakaako condos were sold November 2016 compared to 23 condos sold November 2015.
The total dollar volume of condos currently for sale in Kakaako is $430.33M and the sold dollar volume year-to-date (2016) is $290.7M. In previous years sold dollar volume was $253.39M (2015), $244.27M (2014), $218.94M (2013), $187.41M (2012), $184.54M (2011), $188.26M (2010), $157.83M (2009), $179.93M (2008), $640.68M (2007), $742.71M (2006), $160.47M (2005), $126.02M (2004), $82.1M (2003).
The most recent sale in Kakaako was a condo located at #618 Imperial Plaza, sold for $670K on Dec 06, 2016. It had 1289sf of interior. 9 other recent sales include: #3208 Waihonua (659sf) sold for $700K on 12/5/2016. #2407 Pacifica Honolulu (1,033sf) sold for $783K on 11/30/2016. #1803 Symphony Honolulu (1,142sf) sold for $970K on 11/30/2016. #4602 Pacifica Honolulu (747sf) sold for $694K on 11/30/2016. #2703 Hawaiki Tower (1,365sf) sold for $1M on 11/25/2016. #304 One waterfront tower (1,270sf) sold for $510K on 11/25/2016. #3708 Keola Lai (1,022sf) sold for $815K on 11/23/2016. #II 2305 Moana Pacific (1,105sf) sold for $850K on 11/23/2016. #1508 Nauru Tower (1,385sf) sold for $955K on 11/22/2016.
In Kakaako there is currently 227 fee simple units for sale. 195 of the condos have ocean views, 86 have Diamond Head views and 121 have mountain views.
There are 4 studio floor plans, 26 x 1 bedroom floor plans, 134 x 2 bedroom floor plans, 59 x 3 bedroom floor plans and 3 x 4 bedroom floor plans.
The MLS properties are based on information from the Multiple Listing Service of Hicentral MLS, Ltd. Listings last updated on December 08, 2016. Information is deemed reliable but not guaranteed.