In the last five years or so, Honolulu saw another round of high rise construction. New choices for condo living in town have emerged. The cycle appears to be reaching its end with a few more properties approaching completion. One of the properties is Moana Vista, located on Kapiolani Boulevard in Kakaako.
This is a great location for city dwellers. Moana Vista is near the downtown financial district, Ala Moana Shopping Center and the Ward Centers. Now the developer is facing the challenge of selling its condos in a slowing market.
KC Development is constructing the 46-story Moana Vista. It's just down the street from 909 Kapiolani and across from the Blaisdell Center. Last week, prices were reduced by 16-25% on 60 units in the 492 unit development.
A mountain view unit on the 18th floor was originally priced at $468,000, now reduced to $392,000. Another unit with ocean views on the 30th floor originally listed at $762,000 is now available for $574,500. All units at Moana Vista have two bedrooms and two baths in various configurations with 12 floorplans.
The agressive pricing is a bold move by the developer. Moana Vista's units are priced competitively with resale units in other condos on the market today. As one might expect, with the current construction boom there were quite a few speculators that bought high rises solely to flip and make profits. The slowing market has them selling for small gains and sometimes at a loss. Moana Vista's new pricing will put more pressure on local sellers and offer buyers better deals, especially with interest rates falling to 5% (and maybe less).
Looking to buy or sell property on Oahu? Contact Mike Bates (808) 551-2663
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