This evening I attended a special Cinco De Mayo Brokers Open at the Ilikai in Waikiki. This great building has come full circle out of the recession and come back even stronger than before.
The Ilikai is an Iconic Building in Waikiki that recently celebrated it's 50th Anniversary
It's been over 5 years since I wrote an article about Ilikai condos selling for bargain prices. After the foreclosure, iStar took the block of units back went through a complete renovation. This past fall, the started selling the block of units they had on the 22nd-25th floors. I've been fortunate enough to bring in several buyers during this period. After a flurry of activity, heaps of Buyers have been snapping them up. Unlike the bottom of the market when banks weren't lending on the project, today a handful are and roughly 30% of the recent sales have had financing. Here's what is remaining as of earlier today:
Remaining developer units as of May 5, 2015
By this evening, roughly only 15 were left. Just prior to getting there this afternoon, one of the featured marina facing units (2510) asking $1.7 million went under contract! Now is the time to pick up one of these units before they are gone. These units can be placed in the hotel pool with Aqua Hotels and Resorts and they have a few programs available to owners. Some even offer guaranteed income! I know my clients have been happy thus far. Here's a general floor plan to give you a better idea of where the units are located:
Iliaki floor plan on floors 22-25
To learn more about what's for sale at the Ilikai (both in this block of units and the others below), feel free to contact us for more information.