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!