Aloha, this is David Buck with Harcourts Island Real Estate and today we're going to talk about 3 reasons why this Colony Surf studio is such a great buy. The first reason is going to be product, then price and the third is obviously going to be the location. Be sure to stick around to the end for a bonus 4th reason.

1. Product

This is a great product because this unit got completely remodeled in 2023. I recently showed this to a client of mine in town. From the moment you walk in the front door, you're captivated by the attention to detail on the remodel. You've got granite countertops and backsplash, stainless steel appliances and beautiful white cabinetry. 

Colony Surf Studio Remodeled Kitchen

Colony Surf Studio Entry Colony Surf Studio Galley Kitchen Remodel

Remodeled Kitchen w/ Granite Countertops, Stainless Steel Appliances and Gas Cooking

As you walk through the galley kitchen into the main living area, you can't help but notice the recessed lighting and the state of the art light switches on the wall to control the lighting in the room. 

Remodeled Colony Surf Studio with Recessed Lighting

Main Living Area w/ Recessed Lighting

Then, when you wrap around the corner into the bathroom, you're going to see the same style and quality of upgrades that you did in the kitchen. There's also additional storage in the closet and above the closet in the bathroom. On top of that, you have a stacked Bosch washer dryer in the bathroom.

Colony Surf Studio Remodeled Bathroom

Colony Surf Studio Closet Colony Surf Studio Washer Dryer

Remodeled Bathroom w/ Ample Storage and Bosch Washer/Dryer

2. Price

The 2nd reason is going to be price. The subject unit here is #508. It's now currently priced at $899,000. There's another unit for sale in the same stack, unit #1008. That's nearly $100,000 higher at $975,000. When you look at the last 2 sales in the building, #306, which is on a lower floor sold for $998,000. #1103 was on a higher floor and those stacks are direct oceanfront, so they do go for more of a premium price. It went for $1,149,000. 

Colony Surf Studio Market Analysis

Colony Surf Studio Comparative Market Analysis

In a nutshell, you're looking north of $1 million on the last couple of trades in the building. This unit #508 is priced at $899,000.

3. Location

Colony Surf Oceanfront at Diamond Head

The Colony Surf is the Tallest Building on the Ocean at Diamond Head

Now, the 3rd reason is going to be the location. The Colony Surf is a direct oceanfront building on Honolulu's Gold Coast at Diamond Head. It's really hard to beat this location because you can right out the door and access the beach at Kaimana. You can also cross the street and be at Kapiolani Park. If you want to hook a left out of the property, you can go directly down the road into Waikiki. Or, if you hook a right out of the property, you can head around the corner to Diamond Head lookout.

Beach Fronting Colony Surf

Beach Fronting Colony Surf

Kapiolani Park

Kapiolani Park Across the Street

You've got all kinds of great things in the neighborhood. You've got at the Kaimana Hotel and some great dining and restaurants nearby. In addition, you have world class Michel's restaurant here within the Colony Surf. So, the location sells itself.

Michel's Restaurant

Michel's Restaurant at the Colony Surf

View from Miichel's Restaurant

View from Michel's Restaurant

4. Bonus Reason - Timing

Although we've talked about 3 reasons why this Colony Surf studio is a great buy, we've covered product, price and location. I'm going to give you a 4th bonus here. That 4th bonus is going to be timing. What's been happening here at the Colony Surf is we've seen a lot more sellers from overseas investors from Japan.

What was happening in the building back around 2016 or so (when the Yen was strong) Japanese Buyers were buying up the Colony Surf because there was a loophole in the tax code in Japan where these wealthy people could depreciate their investment here over the course of 7 years. Not only diid those that bought back then run their course on the depreciation, but back then the Yen was very strong. 

What's happened today is the Yen is a lot weaker. I covered this in a recent video/article on the Waikiki Shore. We started to see more Japanese investors that are selling there because the Yen has been a lot weaker. In our overall marketplace on Oahu, we're seeing a lot less foreign investment from Japan and we're starting to see a lot more selling. 

Timing wise, which is the 4th reason, it could be a great time to buy in an oceanfront building at Diamond Head. To learn more about the Colony Surf, Diamond Head condos or oceanfront condos here on Oahu, feel free to reach out and give me a shout at 808-371-3509. Mahalo!