The Marco Polo on Kapiolani Blvd or the Ilikai Apartments in Waikiki?
Which one do you like better? It's so funny, today I got a call from a buyer off my website and they were originally asking about the Marco Polo. I'm obviously familiar with the building and I just thought it was ironic that she was first asking about the Marco Polo, then later the Ilikai.
Family History with Both Buildings
For a little family history, my grandfather used to own some penthouse condos at the Marco Polo when it was first built. Then, regarding the Ilikai, that's what brought my (Mom's side) family to Hawaii back in the 60's, before my time. My Mom's stepfather was going to originally build that building in Marina Del Rey, California.
Pros and Cons of Both Buildings
In essence, I want to jump into the pros and cons of both buildings, because they are completely different, but they both have a lot of history.
The Ilikai in Waikiki
First off, with the Ilikai, it was built in the 60's and it's primarily know as a condotel building. It's zoned resort and you can rent it out short term. From a price point, they start at around a half million dollars for a 500 square foot 1 bedroom, which over the years, most of the partitions have been removed, making them essentially studios. That's the Ilikai and they don't come with parking.
For that same amount of money, you can jump across the canal and get into the Marco Polo. That is on the mauka (mountain) side of the Ala Wai Canal.
The Marco Polo Across the Ala Wai
There at the Marco Polo, you can get a 2 bedroom, 2 bath fee simple condo for that same price point. In both buildings, the prices go up from there. In both buildings you've got both mauka and makai views, so that's going to make a big difference on the price.
Past Turmoil at Both Buildings
Both buildings have been through some turmoil I've blogged about in the past. At the Ilikai, during the last downturn in the market, there was litigation going on at the Ilikai back in that '08 and '09 period. Buyers that bought then could only pay cash. Then, as the market picked up, there was no longer litigation on the building and financing came back into play and prices went through the roof there at the Ilikai.
Marco Polo Fire Burn Mark on the Building
The Marco Polo had some of its own turmoil as well in that there was a fire several years back and it was all over the news. First there was a fire, then later came litigation. Similar to the Ilikai, prices just cratered as none of the buyers could get financing. I predicted it, I blogged about this as well, that once the litigation was over and lenders started lending again, the prices rebounded. That is something to keep an eye out for in the market, outside of these two buildings. If you have a property that can't get financing and you're a cash buyer with some patience, over time once lenders come back into play, that could be a good play.
To find out more about the Ilikai or the Marco Polo, feel free to contact us for more information. Mahalo!
