The new 3 level open-air 360,00sq ft International Market Place Waikiki opened August 25, 2016 and boasts a Saks Fifth Avenue department store, 10 restaurants and more.
The City of Honolulu has finished the deployment of 42 free Wi-Fi spots in Waikiki, located along Kalakaua Ave. Ritz-Carlton Waikiki Tower 1 opened its doors to the public July 15, 2016.
133 Kaiulani condotel project in Waikiki (see location on map) is expected to start construction late 2016. It would replace the current King's Village Shopping Center, Prince Edward Apartment & Hale Waikiki.
Overview of Waikiki
Waikiki is located in Hawaii’s tourist mecca, easily its most popular resort district. The neighborhood lies along a 1.5 mile stretch of world class beach on the sunny southern shore of Oahu with some of the best and most consistent weather on the planet. Waikiki is bordered by Kapiolani Park and Diamond Head to the south-east and Ala Moana to the west, making for the ideal central location. Here is a video flying over Waikiki.
The real estate in Waikiki is almost exclusively a dense high-rise neighborhood - a mini Manhattan - with many hotels, about 130 residential condos and just a few single-family homes. Waikiki is mostly surrounded by water, with the ocean to the south and the man-made Ala Wai canal to the north. Waikiki condos for sale range in price from about $150K for a 200 sq ft studio to more than $20M for the most stunning penthouse at the Ritz-Carlton Waikiki - that is fee simple condos.
Fee Simple vs Leasehold Fee Simple means you own the property outright (the most common form of ownership). Leasehold means you have the right to use - and even sell - the property, but you do not own the underlying land and upon expiration of the lease the property tyically reverts back to the landowner. On rare occasions, the assocation of a condo may have acquired an interest in the land, in which case it isn't straight forward what will happen upon expiry of the lease - as if the case with Discovery Bay in Waikiki.
About 25% of the condos in Waikiki are leasehold. In Honolulu, excluding Waikiki, about 6.5% of properties are leasehold and on Oahu, excluding Honolulu city, just about 3% of properties are leasehold.
Short-term Vacation Rental Condos
Some owners want the flexibility to stay in their unit while vacationing in Hawaii and otherwise rent out as a short term rental (just like a hotel), maximizing potential rental income. Please review our comprehensive guide to short-term vacation rental condos in Waikiki, which outlines condos that allow short-term vacation rental, restrictions, tax matters and more.
Several Waikiki condos offer spectacular ocean views and, best of all, every condominium is within 0.5 miles to the beach. Condos directly on the beach in Waikiki are very rare. In fact, there is only one – the Waikiki Shore, which is also zoned for hotel use. All other beachfront properties are almost exclusively major hotels.
Most condos for sale in Waikiki command premium prices per sq ft and, as a general rule of thumb, the better the ocean view the higher the price. Very little land remains that can still be developed. This condition, together with tight zoning and development restrictions, may create good potential for long term appreciation.
The Waikiki Neighborhood
Waikiki is the biggest revenue source for the State of Hawaii. Nicely maintained by the City, State and the private tourism and retail sectors, hotels and shops spend millions in renovating and upgrading their properties, keeping a large portion of Waikiki real estate looking up-to-date and modern.
Beach replenishment and neighborhood beautification projects have created a stunning metropolitan tropical paradise. An eclectic and diverse mix of residents and tourists with a multitude of backgrounds and cultures come gather here from all over the world.
Three main traffic arteries, Kalakaua Ave, Kuhio Ave and Ala Wai Blvd run parallel through Waikiki.
Kalakaua Ave, a one-way street closest to the beach, with it’s Rodeo Drive feel, is home to high-end fashion stores as well as a number of world class luxury oceanfront hotels and restaurants.
Kuhio Ave is a busy two-way street running along the center of Waikiki with a mix of secondary hotels, condos and restaurants.
Ala Wai Blvd is a one way street that runs the whole length along the Ala Wai Canal with a number of high rise condos, most of them with great canal, golf course and mountain views.
Among the condos you'll find a few sparse older homes that perpetuate the original Hawaiian charm, but Waikiki real estate is, today, almost exclusively a high rise condo style neighborhood.
With the feel of being its own small city within Honolulu, Waikiki has much to offer. Fine dining for food and wine connoisseurs; world renowned galleries and crafts for art lovers; an Aquarium and Zoo for animal lovers; penguins and flamingos at the Hilton Hawaiian Village for families; submarine rides for the adventurous; plenty of surfing for the active; nightlife for the young and restless and endless possibilities to create romantic moments for honeymooners.
Start your weekend with Friday night’s fireworks and ‘Sunset on the Beach’, a free outdoor 30 foot screen movie theater that shows a wide range of award winning movies right on Waikiki beach.
Waikiki might be Hawaii’s most densely populated neighborhood, but with beautiful green parks, colorful tropical flowers and the surrounding crystal clear blue ocean, the spirit of Aloha prevails and the condos remain a commodity in high demand. With fun and balmy weather all year long, life in Waikiki is like one never-ending vacation.
The price range of condos for sale in Waikiki is $65K to $12.5M with a median price of $468K and median interior of 635sf.
The median price of condos sold in Waikiki year-to-date (Jan 21, 2017) is $382K. In previous years it was $375K (2016), $349K (2015), $325K (2014), $330K (2013), $299K (2012), $290K (2011), $293K (2010), $282K (2009), $283K (2008), $285K (2007), $285K (2006), $240K (2005), $235K (2004), $175K (2003).
27 condos have sold in Waikiki year-to-date (Jan 21, 2017). In previous years, the total number of condos sold were 1051 (2016), 915 (2015), 896 (2014), 1048 (2013), 901 (2012), 798 (2011), 712 (2010), 600 (2009), 728 (2008), 996 (2007), 1192 (2006), 1866 (2005), 1625 (2004), 1196 (2003).
On average Waikiki condos were on the market for 96 days before they were sold (Jan 21, 2017). In previous years it was 100 days (2016), 99 days (2015), 95 days (2014), 77 days (2013), 69 days (2012), 71 days (2011), 84 days (2010), 89 days (2009), 85 days (2008), 79 days (2007), 63 days (2006), 45 days (2005), 58 days (2004), 87 days (2003).
The average days on market for Waikiki condos before sold was 89 days December 2016 compared to 116 days December 2015.
The ratio of Waikiki condos sales price vs list price was 97.4% December 2016 compared to 96.6% December 2015.
89 Waikiki condos were sold December 2016 compared to 86 condos sold December 2015.
The total dollar volume of condos currently for sale in Waikiki is $368.28M and the sold dollar volume year-to-date (Jan 21, 2017) is $15.49M. In previous years sold dollar volume was $483.25M (2016), $363.22M (2015), $374.96M (2014), $422.96M (2013), $342.45M (2012), $300.53M (2011), $283.14M (2010), $198.06M (2009), $233.96M (2008), $328.34M (2007), $392.46M (2006), $559.53M (2005), $442.26M (2004), $240.19M (2003).
The most recent sale in Waikiki was a condo located at #1607 , sold for $208K on Jan 20, 2017. It had 683sf of interior. 9 other recent sales include: #PH2302 (1,381sf) sold for $905K on 1/20/2017. #1307 (223sf) sold for $180K on 1/20/2017. #904 (674sf) sold for $160K on 1/20/2017. #1503 (488sf) sold for $340K on 1/20/2017. #3105 (488sf) sold for $378K on 1/20/2017. #2321 (500sf) sold for $625K on 1/20/2017. #1207 (500sf) sold for $498K on 1/19/2017. #12A (942sf) sold for $470K on 1/18/2017. #1208 (320sf) sold for $77K on 1/18/2017.
In Waikiki there is currently 331 fee simple and 117 leasehold units for sale. 242 of the condos have ocean views, 101 have Diamond Head views and 206 have mountain views.
There are 99 studio floor plans, 171 x 1 bedroom floor plans, 151 x 2 bedroom floor plans, 23 x 3 bedroom floor plans and 2 x 4 bedroom floor plans.