Kakaako's Transformation 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 $36M - 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, more than 20 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 $35K to $36M with a median price of $1.07M and median interior of 1,166sf.
The median price of condos sold in Kakaako year-to-date (Jan - Jun 27, 2017) is $800K. 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).
207 condos have sold in Kakaako year-to-date (Jan - Jun 27, 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 61 days before they were sold (Jan - Jun 27, 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 55 days May 2017 compared to 94 days May 2016.
The ratio of Kakaako condos sales price vs list price was 97.5% May 2017 compared to 95.6% May 2016.
37 Kakaako condos were sold May 2017 compared to 31 condos sold May 2016.
The total dollar volume of condos currently for sale in Kakaako is $468.94M and the sold dollar volume year-to-date (Jan - Jun 27, 2017) is $216.15M. 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 #3710 , sold for $999K on Jun 23, 2017. It had 1142sf of interior. 9 other recent sales include: #PHB2(aka3502) (1,333sf) sold for $980K on 6/23/2017. #1903 (979sf) sold for $575K on 6/23/2017. #2802 (1,086sf) sold for $625K on 6/23/2017. #I-3904 (1,113sf) sold for $940K on 6/22/2017. #4314 (816sf) sold for $690K on 6/22/2017. #E 3802 (923sf) sold for $790K on 6/22/2017. #3406 (1,157sf) sold for $990K on 6/21/2017. #2003 (804sf) sold for $555K on 6/21/2017. #2206 (1,157sf) sold for $948K on 6/19/2017.
In Kakaako there is currently 246 fee simple and 2 leasehold units for sale. 193 of the condos have ocean views, 80 have Diamond Head views and 131 have mountain views.
There are 6 studio floor plans, 34 x 1 bedroom floor plans, 137 x 2 bedroom floor plans, 64 x 3 bedroom floor plans and 5 x 4 bedroom floor plans.
Kakaako History The Kakaako district is in the midst of a modernization that will leave it unrecognizable to its original inhabitants of old. Where towering Kakaako condos are going up was once a vast Native Hawaiian agricultural community that practiced terrace cultivation. Many of the alii had homes here, including Kamehameha I.
It was also the port site for foreign ships that came to Honolulu for trade and supplies. In 1850 those sailors brought with them smallpox, which decimated the nearby population. By this time the Kakaako community had grown due to the activity around the port, making the crowded district the perfect place for disease to spread. The bones of the tragic victims are often found whenever construction is done here.
Though the neighborhood experienced a resurgence that lasted into the 1950's, things changed once the zoning was altered to allow more commercial activity, attracting more and more businesses that took the place of homes. Body shops and industrial work particularly stand out on these streets.
Times have changed once again as Kakaako condos have gone up, soon to be joined by many more. Though they are the future of this neighborhood, in many ways they bring back its past, when this was a truly thriving home to so many.