The Mount Terrace in Hawaii Kai is a great building. The catch is you can often have many months without any new inventory. Even more so, you can go a much longer time with no listings in the A or B stacks, which are some of the more sought after units that face the ocean.
View from the latest Mount Terrace listing to come online - Unit 8B (MLS # 201402706)
February seemed to Buck (no pun intended) that trend with 3 new listings that came online. 2 of those 3 new listings were in the B stack of the building. Unit 12B was the first to hit the market in early February and the Seller accepted an offer yesterday, just a little over 3 weeks on market.
Mount Terrace 12B (MLS # 201401342) recently went under contract
Mount Terrace 21C (MLS # 201402082) is the 3rd unit that was recently listed for $715,000
There were a total of 9 sales in Mount Terrace last year, with 4 of those 9 selling at $700,000 or above. With all 3 active listings having ocean views, I won't be surprised if the first 3 sales of the year will fetch over $700,000. For some perspective: At the peak of the market in 2005, there were 6 sales the entire year that ranged between $735,000 to $895,000. With that said, it appears Mount Terrace may have some upside in the next year or so. No bad considering one could purchase at prices that were seen almost a decade ago...