Another Urban Honolulu Project is About to Sell Out
New, affordable and market-rate housing projects in Honolulu are selling out fast.
Photos: Courtesy of Kapi‘olani Residences
Kapi‘olani Residences announced this past week that only three of the building’s 484 condominiums remain available for purchase. The building’s 292 affordable-rate units had 900 applicants—not surprisingly, they sold out in five days.
But the real surprise was how quickly the market-rate units have flown off the market. Most of them were gone within three days. Market rate at the Kapi‘olani Residences was set reasonably, in comparison to other developments, with prices that ranged from $486,500 for a 729-square-foot, one-bedroom, one-bath condo to $989,500 for the most expensive, 45th floor, 1,337-square-foot, three-bedroom, two-bath condo. Similar-size condos in nearby buildings, including Symphony, sold for well above $1 million.
Daniel Suh, a local Realtor who represents six future Kapi‘olani Residences residents, said that only two of the eight clients he had apply for the affordable units got one in the lottery. However, four more of his clients bought market-rate condos. He said they were attracted to the project because of its low maintenance fees (ranging from $246 per month for a studio to $763 for a three bedroom), as well as the high-end Samsung appliances and finishes. The lack of amenities was seen as a positive by many of his buyers, who didn’t want to pay high fees for a pool or fitness center they might not ever use.
Another unique thing about the building? It was a public-private partnership between developer Samkoo Pacific LLC and the state’s Hawai‘i Housing Fund and Development Corp., aimed at providing more affordable homes for local families. Future residents expect to move in in late 2018.