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 $39K to $36M with a median price of $1.19M and median interior of 1,217sf.
The median price of condos sold in Kakaako year-to-date (Jan 24, 2017) is $815K. In previous years it was $750K (2016), $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).
18 condos have sold in Kakaako year-to-date (Jan 24, 2017). In previous years, the total number of condos sold were 359 (2016), 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 68 days before they were sold (Jan 24, 2017). In previous years it was 84 days (2016), 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 91 days December 2016 compared to 104 days December 2015.
The ratio of Kakaako condos sales price vs list price was 98.0% December 2016 compared to 98.5% December 2015.
39 Kakaako condos were sold December 2016 compared to 31 condos sold December 2015.
The total dollar volume of condos currently for sale in Kakaako is $456.04M and the sold dollar volume year-to-date (Jan 24, 2017) is $16.09M. In previous years sold dollar volume was $340.96M (2016), $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 #1308 , sold for $793K on Jan 23, 2017. It had 870sf of interior. 9 other recent sales include: #II 2808 (1,206sf) sold for $850K on 1/20/2017. #1807 (1,113sf) sold for $770K on 1/20/2017. #902 (1,036sf) sold for $830K on 1/20/2017. #508 (700sf) sold for $605K on 1/20/2017. #1208 (1,385sf) sold for $975K on 1/19/2017. #1205 (1,105sf) sold for $815K on 1/19/2017. #1103 (579sf) sold for $655K on 1/19/2017. #I-4403 (1,206sf) sold for $999K on 1/18/2017. #2603 (579sf) sold for $685K on 1/18/2017.
In Kakaako there is currently 219 fee simple and 1 leasehold units for sale. 187 of the condos have ocean views, 87 have Diamond Head views and 123 have mountain views.
There are 3 studio floor plans, 26 x 1 bedroom floor plans, 124 x 2 bedroom floor plans, 61 x 3 bedroom floor plans and 4 x 4 bedroom floor plans.