Can you believe that Oahu home sales were up over 25% this past month? This is David Buck with Harcourts Island Real Estate. Today, we're going to talk about market stats for December of 2024. Happy New Year to everyone by the way!
Single Family Home Stats
First off, we're doing to dive into the single family homes and there we saw sales up 25.3%. A year ago, there was only 182 single family home sales on Oahu. This past month we saw 228. Meanwhile, the median price for a single family home was also up. It was up 5.8%. That was going from $996,500 to $1,054,500. Once again, that's going to be a 5.8% increase, year over year. Meanwhile, median days on market have increased slightly, going from 18 to 20 days. That's an 11.1% increase. That's going to summarize the homes. We're going to talk about the condos in a second, but what we're going to start instigating is talking about the luxury market on Oahu each month.
59-353 Ke Nui Drive Sold for $6,250,000
The highest home sale we saw this past month was at $6,250,000. That would be for an oceanfront home on the North Shore of Oahu on Ke Nui Drive. We're not seeing the crazy high prices, but we're going to jump into the luxury market on Oahu coming up shortly in the next few days to recap the entirety of 2024.
Condo Stats
Now, as we dive into the condos, the condo market also saw a nice bump up in the number of transactions year over year. There, we saw an 18.8% increase year over year. A year ago in December, there was 272 condo sales on Oahu. This past month, we saw 323. Meanwhile, we saw a nice step up in the median condo price, which was up 5.9%, going from $510,000 to $540,000. Meanwhile, the median days on market (which is a barometer of how long it's taking condos to sell) increased 38.5%. A year ago it's taking 26 days and now we're at 36 days. This is a trend we've been talking about for awhile in that there's a lot more inventory in the condo market and it's taking them longer to sell.
Victoria Place in Ward Village
Last, but not least, we're going to talk about the luxury end of the condo market. There was a bunch of deals taking place at Victoria Place in Ward Village in Kakaako. There were bulk closings in November and some resales taking place in December.
Ritz Carlton Waikiki #3407 Sold for $3.7 Million
The highest condo resale we saw this past month was Ritz Carlton Waikiki #3407. That went for $3.7 million. That was the highest condo resale we saw in December of 2024. Once again, as I mentioned in the single family homes, we're going to cover the entire luxury recap here within the coming week.
I hope you enjoyed the monthly market update for December of 2024 If you have any questions about real estate here on Oahu, feel free to reach out and give me a shout at 808-371-3509. Mahalo!
Aloha! Today, we're here in Waikiki and we're going to talk about the differences between Waipuna on Ena Road and The Wailana on Ala Moana Blvd. These are two significant landmark properties that have been in Waikiki since the late 1960's to early 1970's. I'm going to break down the difference between the two and why these could be good condo options here in Waikiki.
The Waipuna
Located at 469 Ena Road, the Waipuna was built in 1971, it has a curved architecture, which you can see from the front. This is very similar to the Marco Polo, which is across the Ala Wai Canal. Here we are at the Waipuna and you can see the way the building curves and you've got balconies or lanais on all of them. The lower floors are going to have some of the larger balconies or lanais that are a little more rectangular shaped vs. the oval shape once you start to get further up in the building.
Situated on 2.5 acres, the Waipuna has 109 units over 38 stories. This is made up primarily of 2 bedroom, 2 bathroom units, all of which are fee simple. There's also a 3 bedroom, 2 bathroom product and the 2 bedrooms are going to be 948 square feet on average. Then, the 3 bedrooms are going to be roughly 1,200 square feet. In general, they come with either 1 or 2 parking stalls
Amenities at the Waipuna include a swimming pool as well as a pickleball court, a golf putting green, a sauna, a workout room and a library. They also have surfboard storage and currently, there are lots of empty stalls. Next, we're going to talk about the Waialana.
The Wailana
The Wailana fronts Ala Moana Blvd and was built in 1970. As we talked about earlier with the Waipuna having the curvature on the architecture, the Wailana is kind of like a V-shaped building. Basically, half of the building is going to wrap the corner and front Ala Moana Blvd. Then, the balconies on Ena Road are going to face towards Canterbury Place right across the street. They've got some beautiful glass lanais, which you can see.
The main difference between the Wailana and the Waipuna is the Wailana is going to have retail space along the street frontage. They also have commercial parking for the occupants of the retail spaces as well as the residential parking, which is going to have separate entrances. One cool thing here is there is an Urgent Care here at the Wailana. This is a real high density area as you can see with buildings all around here.
What's unique about the Wailana that we didn't talk about at the onset is the Wailana, which is located here at 1860 Ala Moana, was forever known for the Wailana Coffee Shop. This was in the retail space which is now called Island Country Markets. It's a real bonus for residents that live nearby here because you've got all sorts of gourmet food here and coffee. I can spend all day in here. This is a real bonus for the people that live nearby.
The amenities at the Wailana are going to be at the upper deck that overlook Ala Moana Blvd. They do have a swimming pool as well as a BBQ area. This building is also going to be pet friendly just like the Waipuna.
Contrasts Between Both Buildings
The main difference between the Waipuna and the Wailana is the Wailana has a bunch of leasehold units that are still remaining. On those leasehold units, the land lease ran through 2039. Now, fortunately for some of the homeowners, they had the ability to extend through 2069, which makes them able to be financed (banks want to see at least 35 remaining for a 30 year mortgage).
The Waipuna is going to be all fee simple 2 and 3 bedroom units like we talked about earlier. Meanwhile, here at the Wailana, this is going to be all 2 bedroom units with the exception of the penthouse units, where there is a 3 bedroom product. On the 2 bedroom units at the Wailana, they are like 1,100 to 1,300 square feet. So, they can actually be bigger than some of the 3 bedroom units at the Waipuna. Keep in mind, when you do see something here at the Wailana that looks "too good to be true" price wise, it's most likely because it's leasehold.
Challenges with Older Buildings
Both buildings are older, they're both iconic buildings, I have clients that live in and love both. But, if you're not into an older building, because what they might be facing is ordinance 19-4, which has to do with a sprinkler ordinance in Honolulu after the Marco Polo fire. Then, the next thing I want to talk about is in some of these older condominium buildings in Waikiki is that a lot of the older cast iron plumbing has been starting to go bad between the walls.
If that is not something that you want to deal with in the near future and you want to get in on the market sooner than later, some properties to maybe consider that are right around the corner from hear are going to be the Allure as well as Waikiki Landmark. Both buildings are newer with sprinklers and they'll have newer plumbing. So, you won't have to deal with those 2 issues I just talked about.
The catch is with both of those buildings, I always say the best stuff was taken up first. So, the Waipuna and the Wailana are closer to the ocean. I'm here at the Hilton Hawaiian Village. Both Waipuna and Wailana have a closer walk to get to the beach. However, if you want a newer product, I'd consider Allure Waikiki or the Waikiki Landmark.
If there's anything I can help with, if you're looking to buy or sell a condo in Waikiki, The Buck Stops Here for All Your Real Estate Needs. Feel free to reach out and give me a call at 808-371-3509. Mahalo!
I can't believe it's been 10 years since we filmed the HGTV episode with Sam and Lucie Silveira here on the Windward side of Oahu in Kailua and Kaneohe. We're back at where the episode initially started. Back then, it was called Pinky's. It's no longer in business. Now, it's Nico's Fishmarket, which is an incredible restaurant here in Kailua on the canal.
Pinky's in Kailua
Former Pinky's is Now Nico's
Sam and Lucie on the Canal in 2014
You may recognize this location. This is the scene where they did some interviewing with Sam and Lucie. We had our initial consult in here. Don't make fun of me, but I own the same Aloha Shirts that I did back then. You'll see those throughout the video today.
I'm going to take you through step by step of the different homes we saw back then and what's been happening in our market here over the past 10 years. We'll jump into what market has appreciated the most of the homes we looked at. You're also going to want to stick around to the very end because I want you to see something special that's going on with Sam and Lucie today.
When we first filmed this episode, they were relocating here from the bay area of San Francisco and had a thriving photography business. We'll see what's going on in their world today.
Kailua Beach
David on Kailua Beach in 2014
Sam and Lucie on Paddle Boards in 2014
Here we are back at Kailua Beach Park and this is where I summarized all 3 of the homes that we saw with Sam and Lucie. This is also the location where they were doing their stand up paddle boarding. It's still a beautiful white sandy beach. However, 10 years later there is maybe a little bid more erosion you can see on the coastline. That was already starting to happen back then, but this is one of the most beautiful beaches here on Oahu at Kailua Beach.
Homes We Saw
It's a beautiful day here in Kaneohe. We're at where we filmed the first home and there's a lot of dogs out today, which is great for protection of your homes. However, we're on Poomau St. in Ahuimanu area. It turns out the home we looked at back then was listed at $890,000. It was a 9 bedroom, 4 bath and then it sold for $849,000 the next year in 2015. Then, it was back on the market and sold again in 2021 for $1,390,000. So, we definitely saw some appreciation here in the Ahuimanu area.
Heeia View Home
Directly behind me is going to be Heeia View and that's where we saw a 3 bedroom, 2 bath that had incredible views of Kaneohe Bay. I thought this was a good perspective, because the views you're going to have from that house are going to be out this direction. You can't quite see it from here, but Chinaman's Hat was the view that we had from that location. It's a beautiful mid century modern home in Heeia View that was a 3 bedroom, 2 bath at the time priced at $872,000. That was the 2nd home we saw.
Lulani Ocean Home
The 3rd home we saw was the most expensive of the 3. It was a 4 bedroom, 4 bath for $998,000. That was in Lulani Ocean, which is in this neighborhood behind me. Once again, those homes had incredible views of Kaneohe Bay. One of the cool things about Kaneohe is watching the planes fly over that take off and land at Kaneohe Marine Base.
Now, that's a brief summary of all 3 homes we saw during that episode. Now, I'm going to take you back to the location where they actually made their decision.
Summary at Kalapawai Cafe and Deli
Kalapawai Cafe and Deli
Here we are back at Kalapawai Cafe and Deli. What's awesome is they're still in business. They actually just celebrated 18 years at this location. Unlike Pinks's that we filmed at that is no longer in existence, Kalapawai Cafe and Deli is a staple here in the community. This is the scene where Sam and Lucie in the episode decided which house they were going to buy. I'm not going to spoil that right now. I'd like you to take a look at the episode.
What I do want to talk about is what's happened between all 3 markets of Ahuimanu, Heeia View and Lulani Ocean. Over the past 10 years, they've all appreciated at different variations. What we saw at Ahuimanu, where the 1st home was is it's up 53%. It's gone from $800,875 for the average sales price in 2014. Now, it's at $1,228,833. That's a 53% appreciation. Meanwhile in Heeia View, back then the average price was $776,500 and now it's at $1,425,000. That's an 84% appreciation! That's by far the highest appreciation of the 3 neighborhoods. Last, but not least, Lulani Ocean was up 52%. That was going from $875,000 10 years ago to $1,333,000.
If you have any questions about the windward side of Oahu or if you're looking to get in on the market in Kailua or Kaneohe, feel free to reach out and give me a shout at 808-371-3509. Mahalo!
The Silveiras in 2024
Sam, Lucie and Kaili Silveira w/ David
Here we are 10 years later and I told you to stick around to the end because I have something very special. Time is flying at our Silveira family has grown. It's 10 years later and they now have a thriving photography business here in Hawaii. They've made the move and I'll let you know what they have to say.
"We still love this house so much. I can't even picture living anywhere else and now we have this one. She was still in my belly." - Lucie Silveira
If you have cutie pies or know anyone that needs professional photography, you've gotta look up LucieXYZ Photography. Aloha!
So often in real estate, I get asked "what can happen when the land lease expires on leasehold property?"
Kailua Case Study
There's a reason why I'm in Kailua today. The reason why is years ago, there was some low rise apartments across the street from me here. They were leasehold condos.
The Former Kailuan Leasehold Low Rise on Kailua Road
When the land lease was going to expire, all these speculators came in and started buying them up saying "they can't kick us out, can they?" That's why whenever you buy a leasehold property in Hawaii, there's a mandatory leasehold disclosure. So, people can't say "I didn't know".
Buyer Beware
This is a first hand experience. I always tell people that when the land lease is up, you need to move out because you signed a lease. What happened in this circumstance is there was these low rise apartments that were leasehold condominiums and people were buying them at $20,000-$30,000 each, thinking that they'll either extend the lease or they'll offer the land interest.
Low and behold, Kaneohe Ranch, which owned the land beneath what is now Ka Malanai sold the property to DR Horton and they developed fee simple condos here.
When in doubt, if you're buying a leasehold property in Hawaii, always pay attention to when that land lease expires. I always explain to my clients that in the worse case scenario, you've got to move out when that land lease is up and hand over the keys.
Seek a Realtor's Advice
I hope that helps and if you're not interested in leasehold property, feel free to contact me if you want to own something fee simple here in Hawaii. I can also help you with a leasehold purchase or sale as well. Mahalo and feel free to contact me at 808-371-3509.
Aloha, this is David Buck and today we’re going to do a tour of all of the condos along the Ala Wai Canal, which front Ala Wai Blvd. For those of you that don’t know, Ala Wai Blvd is a one way street here in Waikiki on the mauka side of Waikiki. It’s literally on the mountain or Mauka border of Waikiki. What’s nice is across the canal you’ve got several canoe clubs along here as well as the Ala Wai Golf Course. For those of you that don’t know, that’s the number one most trafficked golf course in Hawaii.
Ala Wai Golf Course
I’m going to give you a feel of all of the different condos that are here along the Ala Wai. You’ve probably driven it before, but if you haven’t, you’ve probably wondered to yourself “what condos are what?” and “how big are the buildings?” And I’m going to have details on all of that here.
Canal House
Canal House
We’re now st the top of the canal and we’re going to have the public library across the way there.
Waikiki Library on the Ala Wai Canal
The highest numbers as far as the addresses go are going to start at the very top. This first one is going to be the Canal House, hence the name “canal house” as it's next to the All Wai Canal. This is the first tower after you come out of Kapahulu Ave., which is right around the corner there. The Canal House is 24 stories tall and is going to consist of 144 units.
Ala Wailani
Ala Wailani
Now, after the Canal House, the next building you’re going to come across is 2609 Ala Wai Blvd. and this is Ala Wailani. This one is going to be 12 stories tall (about half the size of Canal House) with 50 units. We just did a sale here earlier this year and my client that bought there is what they love about this location is the proximity to the Kapiolani Park and Diamond Head side of Waikiki. Once you’re on this east side of the Ala Wai, it’s convenient to be close to Diamond Head. That’s opposed to the other side of the canal, where you’d be down closer to Ala Moana Shopping Center.
Once again, you’ve got a number of local canoe clubs that store their canoes here along the canal. Back there we have Lokahi and across the canal here we have the Outrigger Canoe Club. Once again, you’re going to see the public golf course across the way there.
Liliuokalani Gardens
Liliuokalani Gardens
The next building we’re going to come up to (there’s actually 2 twins towers) across the street, which are Liliuokalani Gardens. Although these front the canal, technically they’re not going to have an Ala Wai Blvd. address. They’re on the corner of the Ala Wai Blvd. and Wai Nani Way. What’s nice about Liliuokalani Gardens is that there’s a nice common area swimming pool in the middle. At one point, these were all leasehold condos and now pretty much most of them are now fee simple.
Ala Wai East
Ala Wai East
After Liliuokalani Gardens, we have Ala Wai East. Ala Wai East is going to be 10 stories tall and there’s only 2 units per floor. They’re divided in the middle. One is either going to face towards the canal and the other facing towards the ocean. What’s nice about these (I’ve got a buyer looking at this building) is it is a pet friendly building.
Kealani
Kealani
After the Ala Wai East, we’re going to have the Kealani, which is going to be 15 stories and 53 units. What’s unique about this building is there’s a gigantic penthouse, which you can’t see from the street. It’s like nothing else in the building. Most of the units here at the Kealani are going to be 2 bedrooms, 2 bathrooms.
Leisure Heritage
Leisure Heritage
Next up is a parking structure for a building behind here, which is called Leisure Heritage. That building actually fronts Ohua Ave. Technically, it’s not on the canal, but just FYI that’s what that building is - Leisure Heritage and its parking structure there on the right. Then, the next building we’re going to come across is Ohualani.
Oahualani
Ohualani
Ohualani is a 14 story building with 27 units. We’ll continue on. After Ohualani, not every building along he canal is going to be a condominium. So, the next building is going to be an individual owner that owns this next building and they’re set up like a multi-family ownership.
Pacific International
Pacific International
The next building after that is going to be the Pacific International, which is a 10 story building with 54 units. Following the Pacific International, you have another multi-family apartment building across the street.
Monte Vista
Monte Vista
Then, then next building you’re going to come across is going to be Monte Vista. Monte Vista is 23 stories with 90 units. Alright, let’s continue down the canal.
Fairway Manor
Fairway Manor
After Monte Vista, you have Fairway Manor, which Is 14 stories with 50 units. Following Fairway Manor, you’ve got another mix of multi-family properties here. Once again, it is a busy street along Ala Wai Blvd and you have 3 more multi-family properties in a row. There’s not much in the way of condominiums on this block. Even the third building of the Waikiki Bellevue is not a condominium.
Ala Wai Townhouse
Ala Wai Townhouse
The next building we have along the Ala Wai is going to be a senior living facility. It’s not a condominium. Then, the next condominium we’re going to have is Ala Wai Townhouse. This one is going to consist of 100 units and it’s a 20 story building made up of 1,2 and 3 bedroom units.
Waikiki Skyliner
Waikiki Skyliner
After the Ala Wai Townhouse, we’re going to have the Waikiki Skyliner. This is 101 units, 31 stories tall and made up primarily of 1 bedroom units. As we continue down along the Ala Wai, you’re going to have a lot more multi-family apartment buildings along the way. These hallow tile multi-family apartment buildings are quite common throughout Waikiki. Then, you have a different architectural style over here.
It’s the afternoon, so you’re starting to hear more of the afternoon traffic. However, it’s hard to beat this view here of the canal. Looking inland, that’s going to be Manoa Valley and more of the Ala Wai Golf Course.
The next building we have is The Wayfinder. This is going to be a hotel. It’s not a condominium. It was recently gutted and remodeled during COVID and they’ve got some nice restaurants downstairs in the lobby. We’re coming up to Kanekapolei St. next. For those of you that remember, this is where there used to be a Food Pantry. It was knocked drown and they built this building out the back which are high end rentals done by Oliver McMillan (now Brookfield).
Aloha Surf Hotel
Aloha Surf Hotel Condos
We’ll continue down the canal here. That next building doesn’t have an Ala Wai address, but it’s the Aloha Surf Hotel. It’s a boutique hotel condominium.
Ala Wai Palms
Ala Wai Palms
The next building is Ala Wai Palms has 70 units over 100 stories and it has a wide street frontage. Unlike a lot of the other towers along here that have gone really high vertical, this one has got a wide street frontage. That’s the Ala Wai Palms here and we’ll continue our tour.
There is a formal bike lane along Ala Wai Blvd, but these people have decided to ride on the sidewalk. We do, however have a bike lane along the Ala Wai canal.
Fairway Villa
Fairway Villa
Next up is going to be Fairway Villa. This has got a cool traditional retro lobby downstairs. Fairway Villa has 363 units over 28 stories. There’s currently some construction going on there on the common areas. One common thing you’ll in buildings in Waikiki or along the Gold Coast in Diamond Head is over the years, these concrete buildings have spalling repairs that need to get done. It’s basically where the rebar in the concrete underneath, over time if any moisture gets to it, it tends to rust. Then, the concrete will pop.
It’s not uncommon to hear the term “spalling repairs” here in Waikiki or Diamond Head. Back to Fairway Villa, that’s their upper deck and parking structure. Because of that building collapse in Miami several years back, everyone is conscious of maintaining the concrete integrity of their properties. We’re once again getting another awesome view across the canal towards the Ala Wai Golf Course.
A few buildings on the other side of the canal we’ll point out (technically they’re not in Waikiki and they fall under Kapiolani for MLS) is a lot of these towers here are near Iolani School. You have Royal Iolani and Iolani Court Plaza out the back. To the right is going to be St. Louis Heights going up that ridge with Manoa Valley back behind to the left.
444 Nahua
444 Nahua
We just crossed over Nahua St. and here we have 444 Nahua. Technically, it’s not on Ala Wai Blvd for an entrance. It has a Nahua street address. Next, we have some more multi-family homes along the Ala Wai. This one across the street is even called The Ala Wai, but this is not a condominium in MLS. You’ll see another low rise apartment building here.
The next building has got a beautiful mural with a humpback whale on there. This one is called Holiday Surf. Holiday Surf is not a condominium. It’s going to have one individual owner. We then have another apartment building here on the corner.
Boulevard Tower
Boulevard Tower
The next one we’re going to come up to is Boulevard Tower. It’s right along Ala Wai Blvd and Boulevard Tower is 45 units over 10 stories.
Island Colony
Island Colony
Next up is Island Colony. It’s 745 units over 43 stories. Island Colony is made up of studios and one bedroom units. There are a lot of units as you can see. Some face this way towards the canal and you have beautiful views towards the golf course. Others are going to look towards the ocean in Waikiki. Right up above here is the amenity deck at Island Colony. That’s where your swimming pool facilities are, laundry, etc. For many, many years a lot of international buyers have bought here because it’s a great space for “snowbirds” where you can lock up and leave and put it in a rental pool. They have a front desk setup ini he lobby.
2233 Ala Wai
2233 Ala Wai
Next, we’re coming up to the corner of Seaside and Ala Wai. Then, we have a nice little park that’s off 2233 Ala Wai. I’ve sold units in there over the years as well. They’ve redone their balconies. They’ve got these clean glass balconies on the front and all of the units in there are labeled with letters (ie. A, B, C, D) on the stacks. They’re oriented out this direction with primarily 2 bedrooms, but they also have 1 bedrooms in there as well.
What’s also unique about 2233 Ala Wai is they have guest parking, which is actually somewhat rare in Waikiki. Not all of the buildings have guest parking. While we’re on that topic, you’ll see a lot of cars parked along the Ala Wai canal here. This parking opens up in the afternoon, but it’s a major thoroughfare in the morning when people are going to downtown Honolulu. So, they have certain hours in the morning when you’re not allowed to park here along the canal. 2233 Ala Wai has 51 units over 19 stories and the swimming pool is going to be on the backside of the building.
We started this tour at the 2600 block at the Canal House and we’ve already come down to the 2200 block. The reason I want to bring that up is we’re coming to a point along the Ala Wai canal where a river that feeds the canal comes all the way down from Manoa Valley and kicks out here. This is roughly the half way point of (straight away part) the canal. We started at the very top near the library.
Having tons of paddling experience, the canal is roughly 2,000 meters long. I’ve spent a lot of hours on this canal in canoes and kayaks. They have formal rowing, kayaking and outrigger canoe paddling. The Manoa river mouth is roughly the delineation point for 1,000 meters here. It’s a 2,000 stretch, so sculls and rowers can actually get a workout here. Up until the Tokyo and Paris Olympics, the US Rowing Team came here and did some workouts there on the canal.
US Olympic Rowing Team Training on the Ala Wai in 2021
The reason why they don’t have formal rowing regattas here is several factors. One is the width of the canal. You need 6 lanes wide. What happens is when the river kicks out into the canal, there’s a shallow end because of the sediment coming down from Manoa Valley kind of spills into this part of the canal. If you’re going to paddle or row across there, it might only be a foot or tow deep in this section or zone right there. That’s just a little bit of trivia for you.
Aloha Lani
Aloha Lani
Next up, we’ve got another apartment building and our next condominium is going to be Aloha Lani at 2211 Ala Wai. This is kind of a fun and unique architecture in that you have these bridges that cross over from the parking structure back there. That’s where you’re going to see the pool and amenities. That’s where everyone parks and they’re going to walk across these bridges.
2211 Ala Wai is formally called the Aloha Lani. As you can see, there are a lot of units here at the Aloha Lani. There are 358 units over 33 stories. What you can see is they’re going to look across the canal here towards the mountains.
As we continue down the canal, I’d like to point out the river mouth I’d mentioned earlier. Iolani School is across the canal there and their paddling program enters the water off of the dock there. You have beautiful facilities there are Iolani School across the canal. Then, all of those solar panels you see on those rooftops, that’s going to be Ala Wai Elementary. That’s a public school, Ala Wai Elementary, then across from it is Iolani School. Then, you’ve got several other condominiums that have Ala Wai names. However, these are all Kapiolani when it comes to MLS on Oahu. Whereas, this side of the canal is going to be considered Waikiki.
Back across Ala Wai Blvd., you have another apartment building. Then, you have the Coconut Hotel, which I’ve had clients stay at over the years when they’re shopping for homes. Then, we’re going to come across more single family and multi-family homes across from the canal. Like I said, not everything along the Ala Wai is going to be a condominium. You’ve got a mix of these types of properties as well as some hotels that we’ve come across. In addition, we saw the senior housing complex earlier. Then, we have another multi-family property.
2121 Ala Wai
2121 Ala Wai
Next up, you’re going to have 2121 Ala Wai. This one is 211 units over 41 stories.
Hale Moani
Hale Moani
Next up we’re going to have 2115 Ala Wai. This is the Hale Moani. Hale Moani has 89 units over 15 stories. As we get past Hale Moani, they have 2 levels of parking, an upper deck and lower deck.
Right next door, you have one of the rare single family homes in Waikiki. It just kind of gives you a perspective of what some of the real estate looked like here roughly 100 years ago. Back then, Waikiki was made up of homes similar to this. This one could use a little TLC on their roof. Once in a blue moon, a (single family) home in Waikiki will become available for sale.
Now, across the canal you’ve got the halau, which is a boathouse and houses primarily Waikiki Surf Club, that’s been there for many years. That halo across the canal is where Waikiki Surf Club keeps their canoes.
Waikiki Surf Club Canoes
Then, what I was really involved with, the Hawaii Canoe and Kayak Team stores some boats there. That’s a facility that since the late 1980’s has sent numerous kids from Hawaii that grew up in water sports to national and international competitions in kayaking. This is one of the few places in Hawaii that you can paddle in flat water. For those of you that don’t know, flatware kayaking is an Olympic sport.
Olympic Flatwater Kayaking on the Ala Wai
This is where a lot of incredible international athletes have trained in Hawaii and when they trained during the winter here. There’s been countless Olympic gold medalists from other countries and United States Olympians that have trained out of this facility across the canal.
Twin Towers
Twin Towers
Now, we’re back to our next building which is Twin Towers. It’s a little bit deceiving here, but there are 2 towers right next door to each other. Twin Towers is one HOA and they have 70 units over the 2 towers. It’s a little bit of an optical illusion if you look at it from the side. The towers are actually connected in the middle. Twin Towers is at 2085 Ala Blvd., so we’ve already come down a 600 block or address span.
Royal Garden
Royal Garden
That next building there doesn’t not have an Ala Wai address, but I’ll point it out anyway. It’s called Royal Garden. It’s a hotel condominium. So, there’s a formal lobby and restaurant downstairs. They’re all individually owned, but you can rent them out short term as condos.
Marco Polo
Marco Polo
Looking back across the canal, we see the halau again and what we have coming up next is the Marco Polo. For those of you that don’t know, the Marco Polo got real famous in the news here with the fire that happened just over 6 years back. It’s really sad and tragic, but it’s come a long way. I’ve done some videos about this in the past. Since then, the building has now been sprinklered. There was an ordinance passed here in Honolulu to retrofit a lot of these older buildings that were not sprinklered.
It’s kind of ironic that when I was talking about the Marco Polo, we heard a siren go by. If you do live along the canal, that is somewhat commonplace. The Waikiki Fire Station is going to be on the Diamond Head side of the canal. If you don’t want to hear sirens, maybe living on the Ala Wai might not be for you? There is a fire station there as well as an ambulance. That was a city ambulance that just ran by.
Back to the Marco Polo, if a concern of yours is owning in an older building that is not sprinklered, there was an ordinance passed recently to retrofit a lot of the old buildings or have them pass a life and safety inspection. If that’s a concern of yours, feel free to reach out to me. We can talk a little bit more about that.
Now, back on the makai side of the canal, Ala Wai Hale is an apartment building. It is not a condominium. The next building is Ala Wai Garden Plaza and these are not individual condominiums for sale. We also have another apartment building here on the corner. We’ve now covered 3/4 of the straightaway on the Ala Wai. The next building, 2037 Ala Wai is another multi family property.
Ala Wai Mansion
Ala Wai Mansion
Next up, we have the Ala Wai Mansion at 2029 Ala Wai. 2029 Ala Wai is boutique building that consists of only 34 units over 10 stories.
The Bel Aire
The Bel Aire
As we cross the street, we’re going to be coming up to The Bel Aire. For a perspective of the Bel Air, they’re going to be looking across he street at this soccer and baseball field. Periodically, the lights will go on in the evenings when there’s games. Then, the tower across the way is Tokai University. It was one individual owner that owns that entire building. The Bel Air is also a boutique building with only 22 units over 10 stories.
Then, we have several more multi-family properties. As we pass the multi-family properties, the Ala Wai is also a great place for outdoor activities. Periodically, you’ve seen throughout this video that you have walkers, joggers, bikers and sometimes skateboarders (which technically aren’t allowed) that go up and down the sidewalk here.
Then, we’re going to be coming up to another paddling facility towards the end. That’s where the Waikiki Beach Boys would go out of, as well as several other canoe clubs. At one point in time, Hui Lanakila went out of there. I believe they’re out in Hawaii Kai now. For those of you that don’t know, I’m here mid day today. However, if you were to come here a few hours later, it’s a high school sport here. So, a lot of the high school programs (we’re now in winter) would be practicing here. Then, as you run into summer, a lot of the club programs will be out here in the summer.
Don’t worry, you’re not missing anything to the left as there’s more multi-family properties on the opposite side. As we get closer, I’ll start to talk more about the McCully Bridge, which is directly in front of me. That’s an artery that heads inland to McCully and Moiliili and runs up towards Manoa. For some of the those that go to the private schools in Manoa that live in Waikiki, this is typically the way you’d go to get to places like Punahou and Mid Pacific. Iolani is another private school I’d mentioned earlier back to the east. McCully bridge is kind of like the entry to Waikiki coming from the mauna (mountain) side.
Hawaiian Monarch
Hawaiian Monarch
Back across the canal, we have the Hawaiian Monarch. What the Hawaiian Monarch has is a really cool restaurant downstairs called The Cream Pot. They have some other commercial space downstairs and the lobby is around the corner. However, the “catch” here at this building is even though it looks like there’s a bunch of parking, there’s not enough packing for everyone to have a parking stall. That’s one of the catches at Hawaiian Monarch is they don’t really come with parking. The Hawaiian Monarch has 443 units over 43 stories.
Royal Aloha
Royal Aloha
Next up after the Hawaiian Monarch is we’re going to have the Royal Aloha. This is the first building we’re going to cover in this tour that’s completely leasehold. All the units in the Royal Aloha have a land lease that runs beneath the building. That expires in the year 2041 (from memory). This is 1909 Ala Wai Blvd. We’re once again at the intersection of Ala Wai Blvd and McCully. For those of you that aren’t aware, I’m not going to walk around the corner, but you can see from this photo is what’s cool about this building is there’s a mural done by Wyland with a whale on the backside of this building, facing the ocean.
Then, downstairs here at the Royal Aloha, there are some commercial spaces. This is actually where I started my real estate career. There’s tattoo parlors there now in that space, but I started my real estate career here with Coldwell Banker in 2001 and this is where our office was in Waikiki. I’m dating myself now, but I’ve been in the business now coming up on 24 years. This is the Royal Aloha. There’s a really cool penthouse up on the top there, which can be seen from some of the condo units at the next building that we’re going to be covering, which is the Waikiki Landmark. Before I wrap up on the Royal Aloha, there are 143 units over 16 stories. There’s also a swimming pool on the other side of the building. I was correct in that the land lease expires in the year 2041. If you have any interest in buying one of these, you’re most likely going to have to pay cash . With that little time remaining, banks won’t finance it.
Waikiki Landmark
Waikiki Landmark
The next building we have is the Waikiki Landmark, which is definitely a landmark here in Waikiki. These are all primarily fee simple units. At one point in time when the building was built (developed by Sukamto Sia) these were leasehold units. However, most of them are now all fee simple. The penthouses as you can see span across the top. On the backside of this building are commercial spaces.
At the Waikiki Landmark, there are 196 units over 35 stories. As you can see, there is a ton of parking here. The amenity deck is up top. It’s going to be one of the largest condominium swimming pools on the island here at the Waikiki Landmark. It’s west facing, so you get the afternoon sun. For those of you worried about having a heated pool, it’s going to be nice and warm in the afternoon.
Then, across the canal, you have additional multi-family properties and straight ahead is a retirement facility. Then, across Kalakaua, you’re going to have the Hawaii Convention Center.
The parking lot entrance to the Waikiki Landmark is around the corner and they have a separate entrance here for the retail spaces. It’s called the Landmark Shops. So, there are commercial condos and retail spaces at the base of the building.
We’ve made a lot of progress. We’ve hit the entire straight away of the Ala Wai, starting at the 2600 block and we made it all the way down to the 1900 block as you saw. Then, we’re going to continue all the way around just past the 1500 block.
I’d like next to point out to the left, which is going to be the workout facility for the residents of the Waikiki Landmark. What I love about this space is it was designed by Jeff Long, who is a famous local architect. Up until a number of recent years back, there was no option for a gym on site. This was a commercial condo space that the HOA bought and took over. Prior to that, there was no workout facility at the Waikiki Landmark.
Allure Waikiki
Allure Waikiki
Some of the newer buildings such as The Allure across the street (it’s not on the Ala Wai, but the Allure is a fantastic building and I’ve sold a lot of units in there) have a beautiful workout facility. Now the Waikiki Landmark can somewhat compete with some of the newer construction here in Waikiki. There is a rumor (take it with a grain of salt) that this office building across the street might become a hotel. Perhaps I spoke too soon as it looks like they’re trying to lease it out. Perhaps the upstairs they’re considering for a hotel, but as of now this retail space downstairs is definitely for lease.
1717 Ala Wai
1717 Ala Wai
The next building we’re coming up to is 1717 Ala Wai. We’re going to come back to that in a second. What I’d like to point out is the construction on this bridge. This is literally the gateway to Waikiki coming out of the Ala Moana area. This Kalakaua bridge (it was in the paper about a year ago) is over 100 years old. So, now they’re doing some measurements and means to shore it up to ensure its safety for the next 100 years.
We’re back along the canal and you may have noticed that it curves after the McCully bridge. It curves along here if you were to see an aerial view. Then, you have the Convention Center across the canal.
Back to 1717 Ala Wai. It’s a beautiful building with lanais. There’s 2 and 3 bedroom units here. I’m actually showing a few this afternoon. Their amenity deck is up above. What’s great about this building in particular is they can have unobstructed views down the canal and out towards the ocean. It’s also an “L shaped” building so you have a bank of units on the canal frontage and as you go around the corner, you’ll have another set of units that faces the ocean.
What’s also nice about 1717 Ala Wai is there’s several things going on here. One of which is they do have guest parking. Like I mentioned earlier, not every building in Waikiki has guest parking. There’s 2 levels of parking, going up and down. Because this is an older building, they had to redo all of their plumbing waste lines. That’s become a big topic here in Honolulu. They are at the forefront of that and they were one of the first buildings to get that done. Now, if you were to buy into 1717 Ala Wai today, those units have all gotten their plumbing redone. Because, what was happening was the cast iron plumbing was going out and the owners were having to replace it. For a 3 bedroom product in there, you can still get in the $600,000-$700,000 range.
The next building is going to be a commercial property across the street. If you’re ever considering buying at 1717 Ala Wai, there’s air rights with this building and Villa on Eaton Square behind here. So, this building can’t go up any higher to block their views. FYI - this is just peace of mind, knowing that the air rights were sold, so this little property (we had a buyer looking at it at one point) can’t go higher than this to block the views of these condominiums along here.
Here, we have another view of the Hawaii Convention Center across the canal. What I love about this is for a long time, Hawaii had tax credits for the film industry. Years back, we became big fans of the TV show Lost. Just like any other TV show filmed in Hawaii like Magnum P.I. or Hawaii Five-O, it’s fun to recognize the areas that they film at.
When they filmed along this canal (in Lost), I remember there was a scene where two of the actors were in a scene taking place in Korea. However, we’re actually in Honolulu. I guess I can see how someone can visualize this with some CGI (computer generated imagery) and making this canal overseas or in Asia.
Marina Towers
Marina Towers
As we continue our walk, we’re going to come up to our next condominium across the street, which is Marina Towers. Similar to 2233 Ala Wai, they did a nice remodel years back and they have this beautiful glass railings. For another perspective of Marina Towers, you can see that there’s units facing towards the west as well as towards the ocean. Marina Towers is made up of 158 units over 15 stories.
Now that we’ve passed the Convention Center across the canal from Marina Towers, there are some other condominiums on the opposite side of the canal. But, technically these are no longer in Waikiki. They’re all going to fall under Ala Moana in MLS. There’s a building such as Atkinson Towers that my parents lived in before I was born. The story is they sold it because their Realtor told them they were going to build Yacht Harbor Towers in the front there, which were built in the 1970’s. Yacht Harbor Towers fronts Ala Moana Blvd and has incredible views It’s a classy, older building. They’ve spent a lot of money over the years, so their maintenance fees can be a little bit higher. But, the views are unobstructed and incredible across the Ala Wai marina, out towards the ocean.
If you’re interested in any of these condos across the canal in the Ala Moana area, let us know. That’s the Ala Moana Hotel and those are hotel condos and you can buy those and rent those out. Just beyond that is going to be Ala Moana Shopping Center. So, those are convenient locations as well. Or, you can just own along here in Waikiki side.
Marina Gardens
Marina Gardens
Next are some older walk up style condo buildings (Marina Gardens) that were sold off prior to the Watermark development, which we’re coming up to next. As you can see we’re’ rounding up our tour soon along the Ala Wai and talking about all the condos along the Ala Wai. But, if you have more interest ini any off the condos across the canal in Ala Moana, feel free to hit me up at 808-371-3509 and I can send some of those options over to you.
The Watermark
The Watermark
Next up is The Watermark, which is across here. These are all going to have great views across the canal, towards the Ala Wai and out towards the west. So, you will get some warm afternoon sun here at the Watermark. Their grounds are going to be everything you can see behind these palm trees here. It’s got 3.5 acres of lush grounds for residents to enjoy. The lobby is to the left and their swimming pool and BBQ areas are going to be behind these Areca palms. The only downside I’m not fond of at the Watermark (although the units are beautiful) is that the parking structure behind the building is separate. So, you have to take an elevator or stairs from the parking structure down and then walk across to the main tower to take another elevator up.
The Watermark has 212 units over 38 stories. We’re almost about to wrap up our tour. We’re just going to continue down the canal for one more building. Technically, the Watermark was the last condominium built with an Ala Wai Blvd. address. That’s at 1551 Ala Wai Blvd. However, I don’t want to leave this last property out.
Harbor View Plaza
Harbor View Plaza
Harbor View Plaza is at the end of the street. There is an entrance at the very end of Ala Wai Blvd. There’s a pedestrian friendly set of stairs and an ADA friendly ramp at the very end if you wanted to cross the bridge towards Ala Moana.
It’s called Harbor View because you look over the harbor, literally. It’s hard to see from this perspective, but it’s got a really cool retro lobby in there. Harbor View Plaza is made up of 140 units over 16 stories.
Contact a Waikiki Expert
That’s going to wrap up my summary of condos along the Ala Wai canal today. So, if you’re interested in learning more about condominiums along the Ala Wai canal, starting all the way back up towards Diamond Head at the library where we began this tour at the 2600 block at the Canal House, all the way to the very end of Ala Wai Blvd (at Harbor View Plaza), feel free to reach out and give me a shout. I can be reached at 808-371-3509. Mahalo and have a great day!
Aloha! This is David Buck with Harcourts Island Real Estate. Today's another Wednesday and we're going to cover another episode of We Need Inventory.
Kuapa Isle and Koko Isle Condos Wanted
What we're going to be covering today are actually 2 separate places: Kuapa Isle and Koko Isle in Hawaii Kai. These are both highly sought after in that you have marinafront living in a town home style setting on the water and it's just really hard to beat. If you've followed my Monday Market Updates over the last several months, you can tell that there's very sparse inventory out there in these 2 projects.
Only 1 For Sale on the Marina
As I was gearing up for this today, there was one that actually just hit the market yesterday at Kuapa Isle. It's going to be a 3 bedroom, 2.5 bathroom unit for $1,360,000. Then, over at Koko Isle, there's only 1 unit for sale and that's $1.3 million for a 4 bedroom, 3 bathroom. However, that one is not even on the water. As far as marinafront units go at these 2 projects go, at these 2 projects there's only 1 on the market. Prior to yesterday, there was nothing. That's why I was gearing up for this.
Hawaii Kai Boat Parade
I think what may have sparked some interest is I had the pleasure of checking out the Hawaii Kai Boat Parade, which is an annual occurrence. It's an awesome event they throw every year in Hawaii Kai. It's very unique to Hawaii. You do see these all over the mainland. What's nice is you can sit at your unit if you're on the water and watch this boat parade go by. around the Christmas holidays.
Marina Life in Hawaii Kai
That's one of the many perks of living on the water in Hawaii Kai. You can have a boat dock out your back door, you can take a boat out the ocean, you can take it surfing, you can ride it to Costco or Safeway or to have a nice dinner. It's really hard to beat the marina lifestyle in Hawaii Kai.
With that said, there's only 1 unit for sale in each one of these projects today that is for sale. So, if you know someone that is looking to sell their marinafront place at either Kuapa Isle or Koko Isle, have them give us a shout because we need inventory. I can be reached at 808-371-3509. Mahalo!
Can you believe that home sales in Mililani and Makakilo were up 233%? This is David Buck with Harcourts Island Real Estate, here to report on the local market update for November, 2024.
Local Neighborhood Home Sales
As I'd mentioned, both Makakilo and Mililani saw a 233% increase in home sales. That was going from 3 transactions in November of last year to 10 transactions this past month. Meanwhile, across the board of the 21 major neighborhoods that the Honolulu Board of Realtors tracks, we saw an increase in sales in 11 of those neighborhoods. Then, we saw 4 that were flat or unchanged. Then, we saw a decrease in sales in 6 neighborhoods.
The North Shore of Oahu saw the largest increase in median sales price. That was up 38% from a year ago. A year ago, that median sales price was $1,700,000 and this past month, it was at $2,350,000
Local Neighborhood Condo Sales
Kalihi-Palama saw the largest increase in condo sales this past month. That was 140% increase from a year ago. That was going from 5 transactions in November of '23 to 12 transactions this past month. Of those 21 major neighborhoods, that condo market kind of tracked the single family homes. It was very similar in that 11 of those neighborhoods saw an increase in condo sales. Meanwhile, 3 of them were flat and then 7 of them were down. Once again, very similar to single family homes.
The North Shore also saw the highest appreciation, which was up 84%. That was going from $457,000 to $842,500 this past month.
What's Going on in Your Hood?
The real estate market here on Oahu is always dynamic and always changing. To find out what's happening in your specific neighborhood, feel free to reach out and give us a shout at 808-371-3509. Mahalo!
So often when we're selling real estate here in Diamond Head, people ask me "I'd like to buy something short term and legally vacation rental". Here we are at the Diamond Head Beach Hotel and this is literally going to be the only condominium here on the Gold Coast that you can actually do a legal vacation rental.
The catch is these units are leasehold with a land lease that expires in the year 2032. So, buyers do have to pay cash (as banks won't finance with that short a term remaining). However, if you're looking for a building along the Gold Coast here at Diamond Head to rent something out short term (less than 30 days), the Diamond Head Beach Hotel is the one place in town (Diamond Head).
Sunset from the Diamond Head Beach Hotel
It's right along the coast and you've got a seawall in front. We are in the winter now, so the sunsets are going to be pretty much straight out there. Then, as you get into the summer, they're going to tend to be further out to the west.
Surfing Tongg's and Charlie's Angels
You've got some awesome surfing out front at Tongg's. It's probably one of the most consistent waves here on the south shore of Oahu. For a little bit of history not many people know is when Charlie's Angles (Part 2 - Full Throttle) was filming, Drew Barrymore, Lucy Liu and Cameron Diaz all learned how to surf directly out front here at Tongg's.
If you're looking to either buy or sell a short term vacation rental here on the Gold Coast at Diamond Head, Diamond Head Beach Hotel is going to be the one stop shop for that. However, there's a lot of other products here on the Gold Coast, where you can't rent them as short a term, but they do hold their value because it's hard to replace direct oceanfront here at Diamond Head.
Contact a Diamond Head Realtor
If you have questions about real estate in this area, feel free to reach out. I can be reached at 808-371-3509. Mahalo!
Fee simple ownership is the most traditional kind of ownership that people are used to. Otherwise known as “freehold” in that you own the land beneath the property. For instance, with a single family home, you own the improvements and the land thereon. Likewise, with a condo, you’re going to own the improvements and the collective home owners are gong to own the land beneath the building.
Leasehold Ownership
Now, leasehold on the other hand is where someone owns the land interest or a fee owner that owns the land interest underneath the improved property. An example would be a condominium or a single family home or even a commercial property.
Kahala Examples
Here we are in Kahala and a lot of the land here is leasehold owned by Kamehameha Schools. We’ve got the Kahala Hotel as well as The Kahala Beach Apartments, then Waialae Country Club, all of which are leasehold. Those are several examples. In general, what we come across most often in residential real estate are leasehold condos. Here we are at the Kahala Beach Apartments, where the land lease is actually going to expire in the year 2027.
Waikiki Examples
Currently, today we are in the year 2024 and in Waikiki alone there are 14 buildings with the land lease expiring this year in 2024 and the year 2054. The majority of these are going to be expiring in the 2030’s to 2040’s. Even in the year 2054, which is 30 years out. Even on those, you can’t get a 30 year loan. Whenever you see leasehold property online, be conscious that if there’s less than 35 years remaining, you can’t get a 30 year mortgage.
Sans Souci in Diamond Head
With that said, there was a property where the land lease expired this year. I did a blog about it earlier this year. That was Sans Souci at Diamond Head. There, the land lease expired this year in 2024 and it was extended for another 65 years. That’s the good news. You can also finance it with that much time remaining. However, the monthly lease rent has gone up significantly. Currently, for the 2 bedroom units there, the lease rent to the land owner (lessor) is about $5,000/month and it’s about $3,000/month for the 1 bedrooms. Those are all costs/factors to keep in mind when you’re purchasing leasehold property in Hawaii.
Aloha! This is David Buck with Harcourts Island Real Estate and today we're going to talk about the monthly stats for November of 2024.
Single Family Home Stats
First, we're going to dive into the single family homes and there we saw a 12.8% increase in sales year over year. In November of 2023, there were 180 home sales on Oahu and this past month we saw 203. Meanwhile, the median sales price was up just 1.4%. A year ago, it was at $1,100,055 and this past month we were at $1,115,000.
Meanwhile, the median days on market were down slightly. They were down 17.2% and that was going from 29 days to 24 days this past month
Condo Stats
The condo stats were a little more optimistic compared to the single family homes in that you saw a larger increase in sales year over year. Condo sales were up 10% from a year ago. A year ago we had 310 condo sales on Oahu and this past month we saw 341. In addition to that, the median sales price was up slightly more than the homes at 2.7%. A year ago that median sales price was at $516,179 and this past month we were at $530,000.
However, it is taking condos a lot longer to sell do to that build up of inventory we've been talking about in the condo market. Median days on market are up 39.1%. So, it's taking condos a lot longer to sell. In November of 2023, that median days on market was at 23 days and this past month we were at 32 days.
Approaching a Buyer's Market for Condos
Finally, I want to cover how we here on Oahu are finally are just on that "teeter totter" point of entering into a buyer's market for condos. I've been talking about this for months. Here's a graph of months of remaining inventory.
Months of Remaining Inventory Going Back to November 2021
This is typically a good barometer according to the National Association of Realtors as to what indicates a Buyer's Market vs. a Seller's Market. They always say that anything at 6 months or above is going to indicate a Buyer's Market. Right now in the condo market (this goes back 3 years) you can see 3 years ago (condos are the yellow line), we were hovering around 1.5 months of remaining inventory. Now, we're up to well over 5 months. We're at 5.6 months nearing that 6 month "tipping point."
If you're a buyer right now, now could be a great time to get into the condo market. Because of what I've been talking about the last several months. Feel free to go back on watch my previous articles on Hawaii Real Estate News.
Let us know if there's anything I can help you with. I can be reached at 808-371-3509. Mahalo!
