Have you ever wondered what it costs for a parking stall and a condo here in Honolulu?
This is David Buck with Harcourts Island Real Estate and today we're going to talk about what it costs to get a parking stall if one isn't included with your (condo) unit. Now I get that question asked often when I'm working with buyers and sellers here in Honolulu because it's hard to factor that that in. Especially when you're looking at comps or comparable units. Sometimes you can have a unit in the same building that comes with a parking stall and another one that does not or sometimes you could have one that includes two stalls and another might include one stall.
There's a reason why we're down here in Waikiki today and we're going to get to that later. You definitely want to stick around for this because I've got a story that no one else can believe. First off, Waikiki is gonna be a highly sought-after area to get a parking stall so and other parts of town like Kakaako and Downtown Honolulu. Every now and then you'll see parking stalls available for sale in MLS. However, traditionally what happens is you could only sell it to someone that already owns within the building.
Every Condo Has Different Rules When it Comes to Parking
Let me take a step backwards - when it comes to parking in condos, every building is going to have different rules. Sometimes there are assigned stalls, sometimes they're kind of allocated one like one instance from that would be the Colony Surf near Diamond Head. Then, what I've got behind me here is the former Trump Tower Waikiki. They're going through some renovations and now it's now called Ka Lai. In that particular building they don't "come with a parking". However, you can rent parking per day and that sort of thing. Every building is going to be different.
To get an idea of what you know a parking stall will go for on average, it's once again going to vary on the building. It's just like traditionally real estate. It's going to be a supply and demand. What I did is over the past year, I scoured MLS to give you an idea.
Parking Stall Sales in MLS
This is just a summary of what parking stalls have been selling for in MLS over the past year. There was not a whole lot of sales volume when it comes to condos. On the lower end, there are a few trades that happened for $25,000 & $26,000 in Salt Lake. Then, in Kakaako, Nauru Tower saw a few parking stalls sell for $30,000 and then there was another one in Waikiki at Aloha Lani that went for $35,000. Then, another in Moana Pacific for $45,000. Then, Hale Ka Lae in Hawaii Kai we saw a trade for $50,000, which is kind of interesting because Hawaii Kai in general there's not normally a lack of parking. So, that one surprised me a little bit to have a $50,000 parking stall sell in Hawaii Kai.
On Location in Waikiki
Once again, we're down near Fort DeRussy in the heart of Waikiki and the reason I chose this location because it's a highly sought-after area. We talked earlier about Ka Lai or the former Trump Tower Waikiki. They are under doing a renovation. For units there over the years, it's traditionally been a buyers market. It still is today, however I do have a prediction. If you want to get in on a unit there, I did a report recently where you can buy condos now at the former Trump Tower Waikiki for less than you could like 15 years ago from the developer pricing.
Next, I've got this great story to tell here of a success story for my client. Right across the street from the former Trump Tower (Ka Lai) you have a little boutique condo building called the Waikiki Shore not many people are aware of this building, but this is the only direct ocean front (on on top of that sandy beachfront) condominium building in Waikiki. The catch with this place is they're fee simple condos and they're legal vacation rentals. I love this building and it's a great location. You've got a 70-acre park here at Fort DeRussy on one side of you.
Limited Supply = High Demand
The reason I bring this building up when we're talking about parking stalls is I have a client that I sold a unit to on the back corner of the building years back. He did have a parking stall, but guess what? He sold the parking stall separately to another owner in the building for a quarter million dollars yes you heard that right $250,000 for a parking stall! As I started this out talking about what a parking stall can go for in Honolulu, well that's the highest end of the spectrum I've seen.
In summary, if you're curious what a parking stall goes for here in Honolulu on in general it's going to start at about $25,000 and it could go up from there. So, if you have a specific requirement when you're looking for condo and need a minimum amount of parking stalls, it's always something you want to factor in. Because, once again condos here don't always come with parking and to learn more about real estate here in Honolulu, my name is David Buck and I can be reached at 808-371-3509. Mahalo!