Another Allure Waikiki condo in escrow, prices reduced 30%
Posted by Tony Kawaguchi, RA on Thursday, January 7th, 2010 at 8:19pm.I had another client sign a contract at the A
llure in Waikiki today, where condo prices are reduced between 15-30%. They are still the best deal in town for Waikiki Condos. The building is on track to close in April and is one of Oahu's few new buildings this year.
They are about 48% sold right now, with about 20 of them being sold in the last 2 months. The sales agent said they have been selling 3-4 units per week.
For under $1mil you can get a nice mountain or ocean view condo with 2 bedrooms and about 1100sqft.
For about $700k you can get a 1200sqft 2 bedroom with a city view of Waikiki and Honolulu.
For $1.5mil, you can buy a beautiful penthouse around 1380sqft with an ocean view overlooking Waikiki. All these prices reflect a 30% reduction from the original sale price.
The Allure is a great looking building located at the entrance to Waikiki, right across from the Landmark Waikiki, and I think my clients will be thrilled. At current prices, the Allure is about 15-20% below the resale market at the Watermark and Lanikea at Waikiki, both somewhat similar in style and age.
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National vacancy rates have escalated for record highs hurting occupancies and dropping rents, especially for upper-income apartments. Since the Allure Waikiki condo prices have been reduced between 15-30%, do you think these prices will continue to decline given the 48% occupancy of the building? Condo weaknesses currently seem to be due to the dim job outlook, which is delaying a pickup in buyer demand. Buyers can be less cautious about timing when acquiring premium assets in the best markets where deal cap rates revert to the mean and values drop well below replacement cost. What types of innovative marketing strategies are being used to increase demand?
Posted on Wednesday, January 27th, 2010 at 12:10 AM.