Oahu Real Estate Market Update – APRIL SALES AND MEDIAN PRICES INCREASE FOR SINGLE-FAMILY HOMES AND CONDOMINIUMS, ACCORDING TO THE HONOLULU BOARD OF REALTORS

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APRIL SALES AND MEDIAN PRICES INCREASE FOR SINGLE-FAMILY HOMES AND CONDOMINIUMS, ACCORDING TO THE HONOLULU BOARD OF REALTORS®

HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of April. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

Single-Family Home Resales
Number of
Sales		This Month
Compared To		Median*
Sales Price		This Month
Compared To
April 2013280$625,000
April 2012217+29.0%$600,000+4.2%

 

Condominium Resales
Number of
Sales		This Month
Compared To		Median*
Sales Price		This Month
Compared To
April 2013
457$335,000
April 2012343+33.2%$319,000+5.0%

*Median price means half the prices were above and half below the given price.

 

During April, sales of single-family homes and condominiums increased by 29 percent and 33.2 percent, respectively, from April 2012. The median price paid in April was $625,000 for single-family homes and $335,000 for condominiums, increases of 4.2 percent and 5.0 percent, respectively, compared to the same month last year. According to the Days on Market indicator, sales of both single-family homes and condominiums sold faster last month compared to a year ago. Single-family homes were on the market for 23 days and condominiums for 19 days.

“Compared to this time last year, the tremendous jump in total number of sales and a rise in median price for both single-family homes and condominiums shows the market is poised to make a strong comeback.” said Kevin Miyama, president of the Honolulu Board of REALTORS®. “Our members are excited about April’s strong showing, and look forward to building on this momentum as we head into the summer months.”

The public is encouraged to visit the Board’s Internet web site at www.HiCentral.com to see what’s happening in the housing market. The public has the ability to search through Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location, price range or both. HiCentral.com provides useful information about buying and selling real estate in Hawaii.

Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,500 boards of REALTORS® in the nation and, with over 5,300 members, one of the largest trade organizations on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry who pledge to adhere to a strict Code of Ethics and Standards of Practice. For more information, call (808) 732-3000 or visit www.HiCentral.com.

(This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.)

MPR April 2013 Closed SalesMPR April 2013 Median Sales PriceMPR April 2013 Average Sales Price

Condo Mania! – Jun 03, 2013 (The Honolulu Star-Advertiser – McClatchy-Tribune Information Services via COMTEX

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makikiLanikea. Hokua. Ko’olani. Capitol Place. Keola La’i. Moana Pacific. The Watermark. Allure Waikiki. Pacifica Honolulu. Holomua.

These condominium towers in Honolulu were the product of the last real estate market boom, which prompted developers to build close to 4,000 new units in more than a dozen towers that also included The Pinnacle, 909 Kapiolani and 215 N. King.

So is it shocking that developers are now planning to push out an even bigger number of high-rise homes — almost 5,000, including 1,000 rental units — in Oahu’s urban core?

To some observers it’s hard to imagine demand meeting such a supply.

But developers, along with a local economist and a real estate market analyst, contend that all the projects planned to date won’t produce a glut.

“It’s not a question of will there be enough buyers,” said economist Paul Brewbaker of Honolulu-based TZ Economics. “The problem is, will there be enough condos?”

Local real estate market analyst Ricky Cassiday said there may be two or three more towers in addition to what’s already been announced that conceivably could succeed in the market.

“We’re at this amazing moment in the cycle where everything is perfect,” he said.

Brewbaker and Cassiday say factors supporting a new boom in Honolulu high-rise housing development include record tourism that translates to lots of visiting prospective second-home buyers, a dearth of home construction in recent years, a strengthening economy and low interest rates.

Cassiday said 5,000 units sounds like a lot, but in his view there is enough diversification among the projects in terms of timing, pricing and occupancy (owning versus renting) to satisfy demand.

Relatively little current home construction in Oahu’s suburbs and the promise of the city’s planned rail line running near several of the announced tower projects are other factors that lead Cassiday to conclude that this building wave of new high-rise housing in Honolulu will be bigger than the last one.

Developers cite the response from buyers to the first three tower projects to hit this upward market cycle: Waihonua at Kewalo, One Ala Moana and 801 South St.

The first was Waihonua, a tower on Queen Street at the base of Pensacola Street that local developer Alexander & Baldwin Inc. started selling and building toward the end of last year.

A&B recently reported that 321 of the tower’s 341 units, which are priced between $375,000 and $1.9 million, were sold as of May 8, including 302 binding contracts that generated $33 million in nonrefundable deposits for A&B. Waihonua is slated to be completed by March 2015.

The second project was One Ala Moana, a 210-unit luxury tower atop the Nordstrom store parking garage at Ala Moana Center where units are priced from $583,000 to $9 million.

About 400 prospective buyers lined up in December for half those units made available publicly, while much of the other half was sold in Japan. All units sold, and construction began earlier this year on the project by local development firms MacNaughton Group and Kobayashi Group in partnership with Howard Hughes Corp.

At 801 South, buyers snapped up all 635 units priced between $253,200 and $501,300 in March, leaving about 300 lottery entrants empty-handed. Demolition began recently to prepare the site for construction of the project led by local affordable housing developer Marshall Hung.

Perhaps not surprisingly, A&B, MacNaughton/Kobayashi and Hung produced the initial towers during the last market upswing — Lanikea in Waikiki, Hokua in Kakaako and 215 N. King near Chinatown, respectively.

The next condo tower expected to launch sales is Symphony Honolulu, a 388-unit project on the mauka-Ewa corner of Ward Avenue and Kapiolani Boulevard, this summer.

After that, competition will become tighter with five more towers, all of which recently applied for permits from the state agency governing development in Kakaako, the Hawaii Community Development Authority.

Hughes Corp., the Texas-based owner of Ward Centers, plans three of the five with 900 units at its Ward property. Prices and names for the towers have yet to be specified, though one tower will be moderately priced to satisfy HCDA rules.

A&B plans one tower at the former site of a CompUSA store at the corner of South Street and Ala Moana Boulevard. This project with 466 units that include some townhomes is named The Collection. Unit prices range from the high $300,000s to the mid-$700,000s.

California-based Developer Franco Mola plans the fifth tower, just Diamond Head of Imperial Plaza on Waimanu Street near Cooke Street. This project, called 803 Waimanu, features 217 units priced from $249,000 to $586,000.

A sixth condo tower is planned on the outer edge of Waikiki on the Central YMCA property. This project, called Aloha Kai, is slated for 128 units and is seeking a zoning change from the city.

Also added to the whole condo mix are two rental towers. One, called Halekauwila Place, with 204 units, is under construction by local developer Stanford Carr. The other, called 690 Pohukaina, slated for 804 units, is planned by Ohio-based Forest City Enterprises Inc., which is negotiating with HCDA on a development agreement to build the project on state land.

“There’s a tremendous amount of demand for new housing,” said Ann Bouslog, longtime isle housing market analyst who recently joined Forest City as its development manager.

Cassiday predicts that the optimal window for delivering new residential high-rise projects in Honolulu is 2015 to 2017. Given that construction takes two years for a typical tower, that means starting within the next two years.

Brewbaker recently told a local business group that included a panel of developers that they will wish they had produced a new residential building before 2018.

As often happens, there may be more than one project that misses the upswing and either doesn’t get off the ground or gets caught in mid-development when demand disappears.

During the last boom there were at least seven towers with about 1,800 units announced that didn’t get developed. They included 1723 Kalakaua, which opened a sales office in 2008, another one nearby and a tower called Ko’olua next to Ko’olani in Kakaako.

Because lenders generally require developers to presell a substantial number of units before construction may start, a lack of demand can naturally limit how many planned projects break ground.

Permitting can also be a challenge. A&B pursued three towers in Kakaako Makai next to Kakaako Waterfront Park during the last boom, but that plan was derailed by public opposition and the Legislature.

Two projects that were under construction at the tail end of the last boom, Moana Vista and Allure Waikiki, failed and were taken over by lenders and then later revived by new developers. In Moana Vista’s case the tower became Pacifica Honolulu and was finished by San Diego-based Oliver McMillan, which is developing Symphony Honolulu with partner JN Automotive.

___ (c)2013 The Honolulu Star-Advertiser Visit The Honolulu Star-Advertiser at
www.staradvertiser.com Distributed by MCT Information Services

Honolulu Oahu May Property Update

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Issue #5
May 2013
Aloha Mark Howard, 

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Kaka'ako Properties .com

Makiki neighborhood in Honolulu, Hawaii (HI)

 

 

JUST LISTED – Aqua Bamboo 405 – $191,000 (fs)
STUDIO, 1 BATH W/ KITCHENETTE – 303 Sq.Ft. + Lanai

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Asian inspired lodging, featuring a private lanai, kitchenette, contemporary furnishings & free wi-fi access from the lobby or poolside.

QUICK LINKS to Waikiki Condos For Sale

 Featured Blog Articles 

Landowners and the state share a vision of a walkable, live-work-and-play community with both high- and low-rise buildings..…»

Honolulu is accustomed to housing booms – especially for luxury condominiums in the urban core. .…»

Overlay of what’s possible includes three skyscrapers up to 700 feet tall The just-released parameters of Transit Oriented Development encourages very tall, slender towers.…»

 

Article_HHC_Announces_Renovation www.AVisionForward.com The Howard Hughes Corporation announced its “forWARD” vision for Ward Village in October 2012, revealing plans to create a vibrant neighborhood offering unique retail experiences.…»

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Three condo towers, 900 units, in first phase of Howard Hughes Corp.’s Ward master plan

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May 21, 2013, 9:44am HST Updated: May 21, 2013, 1:50pm HST
Duane Shimogawa  |  Reporter- Pacific Business News

The Howard Hughes Corp. plans to add more than 900 residential units in two market-rate condominium towers and one mostly affordable residential tower as part of the first phase of its Ward Village master plan in Honolulu’s Kakaako neighborhood.

This rendering shows The Howard Hughes Corp.'s planned market-rate condominium towers, which located diagonally across the street from each other at the corner of Auahi and Kamakee streets, part of the developer's Ward Village master-planned community.

This rendering shows The Howard Hughes Corp.’s planned market-rate condominium towers, which located diagonally across the street from each other at the corner of Auahi and Kamakee streets, part of the developer’s Ward Village master-planned community.

David Striph, senior vice president of Hawaii for Dallas-based Howard Hughes Corp. (NYSE: HHC) said Tuesday that the developer is in the process of renovating the iconic IBM Building into a new information center and sales gallery as part of its first phase of the 60-acre urban master planned community that would eventually double the retail, dining and entertainment space in Kakaako.

Ninety percent of the units in a 415-unit tower planned for 404 Ward Ave., which would include commercial space and parking, would be affordable, with the rest market rate.

Nick Vanderboom, senior vice president of development for The Howard Hughes Corp., said that the two market rate towers — one planned for a surface parking lot across from the Consolidated Theatres Ward Stadium 16 and the other at the current Pier 1 Imports location diagonally across the street — will have a total of 500 units. Pier 1 Imports (NYSE: PIR) will be relocated to another spot to accommodate the tower.

Vanderboom said that one tower will have 300 units and the other will have 200 units, but the price ranges for both are still being worked out.

Visit www.KakaakoProperties.com for more Kaka’ako information

The plan is to build the out the first phase concurrently with the affordable tower being the first application submitted to the Hawaii Community Development Authority. A hearing for the project is scheduled for next month.

Vanderboom says he expects that it will submit applications for the other projects some time this summer.

Groundbreaking for the first phase is scheduled for early next year with an expected finish date in early 2016, he said.

Howard Hughes Corp. has selected architects for the first phase, including an unidentified local firm, but has yet to choose general contractors for the first phase, Vanderboom said.

This first phase is expected to have an economic impact of $1.25 billion, create 9,000 direct and indirect jobs and add more than 1.5 million square feet as well as more than 900 residential units to Kakaako, which is being called “The Third City.”

Howard Hughes Corp. said that it has gone beyond many of the requirements for development under the master plan approved by the HCDA, noting that the towers in the first phase will have a mauka-makai orientation, which will showcase the views for residents while preserving the skyline for others.

The company also plans to build more than three times the required affordable housing in the first phase and new buildings along Ala Moana Boulevard will be set back to create a “greenbelt lined with townhouses.”

Ward’s approved master plan allows for up to 9.3 million total square feet of mixed-use development, including more than 4,000 residential units and about 1.5 million square feet of retail and other commercial space, said David Weinreb, CEO of Howard Hughes, in a letter to shareholders in March.

He noted that Ward Village has development rights for 22 high-rise towers in an urban master-planned community setting. Ward Village’s transformation is scheduled to happen throughout the next decade.

Visit www.KakaakoProperties.com for more Kaka’ako information

Kakaako’s Building Boom – Part One

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Landowners and the state share a vision of a walkable, live-work-and-play community with both high- and low-rise buildings.

When the governor takes a meeting at the trendy Fresh Café in the midst of Kakaako’s gritty warren of body shops and warehouses, something big is cooking. When the meeting includes a major landowner and innovators from the community, you can bet what’s cooking is Kakaako itself.

Gov. Neil Abercrombie called that recent meeting to discuss what he calls the “Third City,” a live-work-and-play urban neighborhood of the near future with cafes, parks, lofts, preschools and senior centers, startups, stores, and high-rises with upscale and affordable housing.

Visions of a transformed Kakaako have been bandied about for three decades, but this time the landowners and state agencies are working together more closely, and dozens of projects are going forward in the next few years. If it comes together, it will be a multibillion-dollar investment that brings jobs, housing and new vitality to Honolulu’s core.

Currently available Kaka’ako area properties for sale

“We’re gearing up for a new day for Kakaako,” Abercrombie says. “We have a chance to initiate the next, exciting urban center in the country.”

In a rush of words, he describes a walkable community of high-rise condos and rentals, including the state’s tallest building, plus stores, innovative businesses, and sites for music, dance and artistic expression – all reflecting Hawaii’s culture and our Pacific location.

The big private landowners are generally in sync with this vision. “It’s the most exciting asset in our portfolio. We’re definitely moving forward,” says David M. Striph, senior VP-Hawaii for the Howard Hughes Corp., Kakaako’s largest private landowner with 60 acres, including the Ward Centers.

Of course, not all conflicts are over. The Hawaii Community Development Authority (HCDA), the state agency that oversees Kakaako’s development, and the Office of Hawaiian Affairs disagree over plans to upgrade Kewalo Basin, a small harbor now used mostly by tour companies. Other disputes are simmering, but, barring an economic catastrophe, a transformation of much of Kakaako’s 670 acres appears unstoppable.
Kakaako_masterplan-large

It will happen with or without rail. But, if rail goes ahead, there will be two stations here: the first, called Civic Center, at Halekauwila near Keauhou Street; the second, called Kakaako Station, will be near where the Ross store is on Ward Avenue.

Once thought of as the ugly duckling of urban Honolulu, a place crowded with repair shops, warehouses and other low-rent businesses, Kakaako has had more than 40 projects and $200 million worth of infrastructure improvements completed since 1988 in preparation for its full emergence as Honolulu’s new swan. Here are some of the upcoming projects:

  • The state’s half-billion-dollar transit-oriented development, called 690 Pohukaina, will include the state’s tallest building, at 650 feet, and a mix of affordable and market-priced residential units for sale and rent. Bids to plan, build and operate it were due by the end of August. The first phase is in the permit stage.
  • Howard Hughes Corp. plans next fall to open the Ward Village Shops Phase II on Auahi Street, next to the T.J. Maxx store, comprising 57,000 square feet of retail space over two floors.
  • Kamehameha Schools, with 29 Kakaako acres mauka of Ala Moana boulevard, has three pending projects: 54 affordable loft-style apartments, with rents from $1,400 to $1,600 a month, will be available for rent starting this month or next in the repurposed building at 680 Ala Moana; a 400-foot residential tower and low-rise townhomes to be built by Alexander & Baldwin on the former CompUSA site with scheduled construction start date in 2014; and a low-rise gathering place with cafes, shops and open space just mauka of 680 Ala Moana, and bounded by Auahi, Coral and Keawe Streets.

As part of that project, modifications of existing buildings on Auahi Street are scheduled to begin next year and finish in 2014, KS says. This $30-million urban square will be called Salt to commemorate the salt ponds that Hawaiians built in this area in the 1700s, says KS development manager Linda Schatz.

Currently available Kaka’ako area properties for sale

“This ingenuity has become a source of inspiration,” says Schatz. “It will be the outdoor living room for the residents and tenants in that area, a place where people can hang out, gather, bump into friends. It’s on a human scale.”

By Beverly Creamer
HawaiiBusiness.com

Oahu home sales rise by double digits in April

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Duane Shimogawa  |  Reporter- Pacific Business News
May 7, 2013, 11:48am HST

The number of single-family homes sold on Oahu in April was 29 percent higher than the same month a year ago, according to the Honolulu Board of Realtors. Tina Yuen PBN

The number of single-family homes sold on Oahu in April was 29 percent higher than the same month a year ago, according to the Honolulu Board of Realtors.
Tina Yuen PBN

The Oahu housing market continued to shine in April with double digit percentage increases in both the number of sales of condominiums and single-family homes, according to statistics from the Honolulu Board of Realtors.

The number of single-family homes sold in April jumped 29 percent to 280 homes, when comparing the same month last year, when there were 217 sales.

The median sales price of a home last month was $625,000, a 4 percent increase from April 2012, when the median sales price was $600,000.

Meantime, there were 33 percent more condos sold last month, compared to the same time period last year. In April, there were 457 sales, compared to 343 units sold in April 2012.

The median sales price of a condo last month was $335,000, 5 percent higher than April 2012, which had a median sales price of $319,000.

The brisk pace of homes and condos sold last month also outpaced last year, with homes on the market for an average of 23 days and condos on the market for an average of 19 days, according to the board’s days on market indicator.

“Compared to this time last year, the tremendous jump in total number of sales and a rise in median price for both single-family homes and condominiums shows the market is poised to make a strong comeback,” Honolulu Board of Realtors President Kevin Miyama said in a statement.

 

D.R. Horton ‘flex’ homes in Hawaii allow work-life balance

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Brian Smith opened his Pray Eat Love Cafe on the first floor of his "live-work" unit in the Nanala community of D.R. Horton's Mehana subdivision in Kapolei.

Brian Smith opened his Pray Eat Love Cafe on the first floor of his “live-work” unit in the Nanala community of D.R. Horton’s Mehana subdivision in Kapolei.

D.R. Horton ‘flex’ homes in Hawaii allow work-life balance

Apr 30, 2013, 2:41pm HST
Jenna Blakely  |  General Assignment Reporter- Pacific Business News

Flexible work hours and work-life balance — we hear those words a lot at Pacific Business News as companies of all industries in Hawaii say they are trying to adapt to those demands.

D.R. Horton — Schuler Division has been building homes for the past several years in its Mehana mixed-use master plan community in Kapolei that are designed to make work-life balance easier with “live-work units” where residents can run a business from home.

Brian Smith, an active-duty nurse with the U.S. Air Force, had envisioned opening his own business for the past five years.

“I talked with someone at D.R. Horton and things fell into place,” he said. “I live on the second and third floors and my shop is on the first floor.”

Smith opened the Pray Eat Love Cafe in February out of his Kapolei home at 533 Manawai St., which is one of 20 live-work units in the Nanala community within Mehana.

Smith has hired three part-time employees to staff the cafe, which is open Monday through Saturday for breakfast and lunch.

“Business has been tough at first, we’re deep in the community so people don’t know we’re back here,” he said. “But when people do come in, they love the place and we’re developing a nice clientele even beyond the neighborhood — we’re getting folks from further out.”

He named it Pray Eat Love to resemble his mission for the cafe.

“The place is set up for small groups and Bible study groups to gather, grow and learn from each other — ohana,” he said. “The eat portion is the sandwiches and drinks. A chef that lives behind us came over and helped me design the sandwiches. And the love portion is for charity; We pick one charity per month and at the end of the month we write them a check.”
D.R. Horton (NYSE: DHI) built more live-work units in its newest Mehana community called Awakea, which began sales in April. It consists of 115 townhomes with eight different floorplans, one of which features live-work units, or “flex homes.”

Additionally, 10 commercial condos averaging 500 square feet will be available for business use. In sum, Awakea will provide around 15,000 square feet of new business space, according to a statement.

“We only released eight townhomes so far and some were residential only,” said Sales Manager BJ Nagata of Awakea. “Three of those were live-work units and we sold those three.”

Kapolei Homes Up To $650,ooo (fs)

 

Kawamoto out on bail after being jailed on Japan tax evasion charges

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Staff Pacific Business News  |  Apr 17, 2013, 6:59am HST

Japanese real estate investor Genshiro Kawamoto

Japanese real estate investor Genshiro Kawamoto

Japanese real estate investor Genshiro Kawamoto, who owns more than two dozen homes in Honolulu’s posh Kahala neighborhood, was released from a Tokyo jail nearly a month after being arrested on tax evasion charges tied to his commercial real estate holdings in Japan.

Japan Today reports Kawamoto was released on bail after posting about $5 million in cash on March 28, more than three weeks after he was arrested on charges that he spearheaded a plot to cover up some $35 million in rental earnings to avoid paying some $10 million in taxes over a three-year period ending in December 2011.

Hawaii News Now reports Kawamoto is accused of using some of that money to buy statues and other items for his properties in Kahala. Hawaii News Now reports that while on bail, Kawamoto is prohibited from leaving Japan.

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Weekend lottery to decide who will buy condos at former Honolulu Advertiser site

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Weekend lottery to decide who will buy condos at former Honolulu Advertiser site

Duane Shimogawa | Reporter- Pacific Business News  |  Mar 22, 2013, 3:36pm HST

The developer of a $200 million high-rise affordable condominium tower planned for the site of the former Honolulu Advertiser building will conduct a lottery on Saturday to decide who will snatch up the units, which are priced between $250,000 and $550,000.

This rendering shows Downtown Capital LLC's 801 South St. project, which will be built on the site of the former Honolulu Advertiser building in Honolulu. Courtesy Downtown Capital LLC

This rendering shows Downtown Capital LLC’s 801 South St. project, which will be built on the site of the former Honolulu Advertiser building in Honolulu.
Courtesy Downtown Capital LLC

More than 4,000 people have visited the sales office at the corner of Queen and Keawe streets in pursuit of a unit in the 46-story tower at 801 South St., which will feature a mix of studio and one-and-two bedroom units.

http://realestate.hawaiiamericana.com/i/6351/KAKAAKO_NEIGHBORHOOD

The lottery will be conducted at the sales office starting at 10 a.m. Those who turned in eligibility packets are welcome to attend, but they don’t have to be present if their number is chosen.

The results will be posted online at www.801southst.com.

“We are very pleased but frankly not surprised at the robust interest in the units,” Project Developer Marshall Hung of Downtown Capital LLC said in a statement. “This project addresses the critical shortage of housing that Hawaii’s residents can afford in Honolulu’s urban core.”

All of the 635 units are priced as workforce housing units. Bank of Hawaii (NYSE: BOH) will be the lead lender for the construction financing.

The developer expects to sell out quickly, paving the way for a second tower made up of 400 workforce housing units.

The Hawaii Community Development Authority approved the project last December. Construction is expected to begin this summer.

The project team includes Hawaiian Dredging Construction Co., Kazu Yato AIA & Associates Inc. and Marcus & Associates.

http://realestate.hawaiiamericana.com/i/6351/KAKAAKO_NEIGHBORHOOD

Units in Ritz-Carlton Waikiki project priced from ‘$500,000s to over $15M’

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Units in Ritz-Carlton Waikiki project priced from ‘$500,000s to over $15M’

Janis L. Magin, Managing Editor of Digital Content- Pacific Business News  |  Mar 20, 2013, 4:45pm HST

This updated rendering shows some of the design revisions developer Pacrep LLC has made to the 2121 Kuhio condominium hotel project, which is being marketed as The Ritz-Carlton Residences, Waikiki Beach. Courtesy Pacrep LLC

This updated rendering shows some of the design revisions developer Pacrep LLC has made to the 2121 Kuhio condominium hotel project, which is being marketed as The Ritz-Carlton Residences, Waikiki Beach.
Courtesy Pacrep LLC

Some units in a proposed 37-story Waikiki condominium hotel tower that will be branded under The Ritz-Carlton Residences flag will go on the market this spring for more than $15 million, one of the highest asking prices ever for a new condominium unit in Hawaii.

The website for The Ritz-Carlton Residences, Waikiki Beach, says prices for the units, which range from a 401-square-foot studio on one of the lower floors to a 1,790-square-foot three-bedroom, three-bath unit on one of the top floors to a top-floor penthouse, start “from the $500,000s to over $15 million.”

In comparison, the penthouse units at the ultra-luxury One Ala Moana condo being developed atop the parking garage next to the Nordstrom department store behind Ala Moana Center by a partnership that includes the Howard Hughes Corp. (NYSE: HHC) are being marketed for around $9 million.

That building has drawn interest from some Mainland billionaires, including Mark Zuckerberg, founder and CEO of Facebook Inc. (Nasdaq: FB).

The sales office for the Ritz-Carlton project will open in mid-April in the Luxury Row retail complex on Kalakaua Avenue adjacent to the project’s site, which is also home to luxury retailers Tiffany & Co., Chanel, Gucci, Yves Saint Laurent, Coach, Tod’s, Bottega Veneta and Hugo Boss.

California-based Pacrep LLC, which is developing the Ritz-Carlton project that’s also known as 2121 Kuhio, expects to start construction on the building later this year, with a completion targeted for late 2015 or early 2016, Jason Grosfeld, principal of Pacrep LLC, told PBN.

Pacrep recently secured approval for a Waikiki Special District permit, although the Honolulu Department of Planning and Permitting attached conditions to the approval, including design revisions.

The developer’s current design already incorporates many of the revisions requested by the city, including an articulation to the building’s facade, Grosfeld said. Grosfeld is also a principal in Irongate, which developed the Trump International Hotel & Tower Waikiki Beach Walk and the Watermark Waikiki.

“We’ve already been addressing and satisfying some of these comments,” he said.

Grosfeld said Pacrep will apply for building permits once the design is completed.

Grosfeld is confident there will be strong demand for the units.

“We’ve had thousands of people contact us to get more information about the project,” he said. “We have hundreds of people who want to buy right now.”
 

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