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 $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 $38K to $36M with a median price of $1.1M and median interior of 1,206sf.
The median price of condos sold in Kakaako year-to-date (Jan - Mar 24, 2017) is $816K. 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).
81 condos have sold in Kakaako year-to-date (Jan - Mar 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 62 days before they were sold (Jan - Mar 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 64 days February 2017 compared to 104 days February 2016.
The ratio of Kakaako condos sales price vs list price was 94.8% February 2017 compared to 95.2% February 2016.
33 Kakaako condos were sold February 2017 compared to 16 condos sold February 2016.
The total dollar volume of condos currently for sale in Kakaako is $448.27M and the sold dollar volume year-to-date (Jan - Mar 24, 2017) is $83.58M. 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 #1903 , sold for $1M on Mar 22, 2017. It had 1142sf of interior. 9 other recent sales include: #3503 (1,002sf) sold for $1.2M on 3/21/2017. #3502 (1,036sf) sold for $1.1M on 3/21/2017. #609 (986sf) sold for $672K on 3/20/2017. #3006 (661sf) sold for $619K on 3/20/2017. #I-1601 (701sf) sold for $560K on 3/17/2017. #S1A09 (233sf) sold for $75K on 3/17/2017. #709 (986sf) sold for $710K on 3/16/2017. #1400 (2,693sf) sold for $6.55M on 3/13/2017. #1706 (585sf) sold for $500K on 3/9/2017.
In Kakaako there is currently 215 fee simple and 1 leasehold units for sale. 181 of the condos have ocean views, 79 have Diamond Head views and 119 have mountain views.
There are 4 studio floor plans, 29 x 1 bedroom floor plans, 113 x 2 bedroom floor plans, 64 x 3 bedroom floor plans and 4 x 4 bedroom floor plans.