About Waikiki Landmark
Address: 1888 Kalakaua Ave, Honolulu, HI 96815.
Built in 1992 with 196 Units over 38 Floors, 1 to 3BR Floor plans, Pets: OK (verify).
3 Pools, Large Recreation Deck, 2 Whirlpools, Security Guard staff 24/7.
Some of the penthouse units have parking spots with their own garage doors – inside the already secured parking garage!
The Waikiki Landmark condo was built at a time when Japanese investment in Hawaii was at its absolute peak. Stories spread at the time about one Japanese billionaire who would tour local neighborhoods in his limousine. When a home caught his eye, he'd stop and make an offer to the homeowners on the spot. Most amazing of all? It really happened. That was the environment the Waikiki Landmark was built in, which will help you truly understand its story.
It was this state of mind that envisioned this grand building(s) with the Japanese luxury buyer as the targeted customer. How could it lose? Simple. By Japan suddenly entering a long, deep recession. Almost overnight the Waikiki Landmark's target market disappeared.
The 'spare no expense' attitude during the building process hurt it further because the pricing of the condos was necessarily higher than equivalent properties, making any other buyers uninterested as well. This convergence of Japan's fiscal woes and its pricing outside the market's limits caused the unimaginable – the gigantic structure sat empty for the next several years.
Still, this was an impressive residence and had a lot going for it. The unique dual towers bridged at the top by 5 stories of penthouse units made it truly unique and desirable. The incredible views of the ocean, Waikiki and the mountains stood out as well. Not to mention the 3 pools, one of them Olympic sized with a wave design, not found in any condo in Waikiki
. With quality and features like this, what was needed was time for the market to catch up more than anything else.
Finally, Oaktree Capital Management bought the $155M mortgage for $50M, less than 1/3 its value, and foreclosed on the original developer. Waikiki Landmark condos were for sale once again. It would take a decade from completion for it to sell out, but the years since have proven the concept of this place was a good one. It was the timing that was bad.
Now, Waikiki Landmark condos are known for their comfort, luxury and amenities, not just its history anymore. Its residents are taken care of quite well with safety a priority. There are a number of security guards on duty at all time plus the cameras and secured-entry doors and elevators are top quality as well. Of course, the one thing no one can guard completely against is another recession. This time, though, the Waikiki Landmark condo is in a much better position.
You may also be interested in....
, The Watermark
, Lanikea at Waikiki
and Canterbury Place
Here is a list of all Waikiki condos for sale
and another list with all Honolulu condos for sale