Aloha Kai gets the A-Okay To Move Forward With Construction!

Aloha Lou, with it's proximity to the ocean and it's billing as a market priced  complex, Aloha Kai will probably sell out quickly in presales. Mahalo for commenting!

Aloha David, sure thing, thanks for visiting. I expect the smaller units will sell out quickly and the larger units will not be priced as attractively. 

Aloha Debb, mahalo for the sentiment! Unfortunately, buyers have to start getting their wits and pre-approval together now for this property. Many of the inquiries I receive happen after the sales offices have opened for business, and that means certain price points are already sold out. There is no resting on ones haunches when it comes to new construction in Honolulu. You have to commit early to the process or push your price range to over a million, otherwise pickin's are slim and evaporate in a blink of an eye.

Aloha Anna Banana Kruchten, mahalo for your question I will try to be as brief in explaination as possible, as the question is a little complicated. We have Lease Hold and Fee Simple properties in Hawaii. Fee Simple means you purchase the property and the title, as opposed to, Lease Hold where you own the right to lease the property but you do not own the title, typically for terms less than 99 years and at a reduced price compared to owning the property. The value of a Lease Hold depreciates as it nears it's end date, until it is eventually worth nothing.

Market Price in this case is the current average price range for new construction and not the inflated pricing for luxury accommodations. To give you an example of current market pricing for studio units(new construction) is in the 400K range. Luxury pricing is in the half million range for the same square footage which roughly runs around 1,500 dollars a square foot and often times much higher.

It is unusual to see a one bedroom unit in a New Luxury Complex offered for under a million. Market Priced 1 Bedrooms are in the 500K to 600K, 2 Bedrooms in the 700k to 900K. These units are in high demand locally and are not easy to secure depending on the project. I imagine there will be a relatively small number of Market priced units for this building with only Studio's and 1 bedrooms falling into the Market priced category. I hope that answers your question!