A little over a month ago, we noticed a $10 million price drop for a penthouse condo at One Ala Moana.
History of One Ala Moana
For those of you that don’t know, One Ala Moana is a high end luxury condo on the back side of Ala Moana shopping center. It was a joint venture between General Growth (that owned the mall and was later bought out by Brookfield Properties) and MacNaughton and Kobayashi Groups. When they launched sales in 2012, they sold out super fast. One of the equity partners was from Japan and many of the initial buyers were from Japan as the yen was much stronger back then that it is today.
Penthouses 2300 & 2302
Now back to the Penthouse at hand. Penthouses 2300 and 2302 were bought by the same owner during the original sales that closed 9 years ago in early 2015. Unit #2300 sold for $7,350,000 back then and unit #2302 sold for $8,850,000 for a combined $16,200,000. Up until early February they were listed for a combined $22,500,000. When the price dropped $10,000,000, it’s because the 2 Penthouses were listed as a package sale. They needed up splitting the listing back into 2 separate units, with PH 2302 dropping to $10 mil and #2300 being offered at #12,500,000. Since then, there’s actually been another price drop, taking #2302 to $10,000,000 and #2300 to $9,500,000 for a combined $19,500,000. If the Seller were to get that, it would be a $3.3 million or a 20% gain. Considering the holding period has now been over 9 years, that’s only a 2.2% annualized return. When you factor in maintenance fees, property taxes and commissions
Once again, that’s IF the seller can get their asking price. Last year, there was a PH that sold at Park Lane for $27,500,000, which was 5,668 sq. Ft. The combined Penthouses #2300 and #2302 at One Ala Moana are 7,738 sq. Ft., so you never know.. If you’re interested in learning more about this PH offering or learning more about other penthouse condos in the Ala Moana-Kakaako area, feel free to reach out and give me a call @ 808-371-3509.