Intro to Honolulu Condos Honolulu's condos are located in a stirring mix of tropical paradise and modern cityscape, sometimes side-by-side. Turn one way and you see beaches and palm trees. Turn the other way and you see a forest of skyscrapers.
Condos in Honolulu make up about 2/3 of the residential real estate in Honolulu. In fact, condos have been the primary residential choice in Honolulu since the 1960's. With the large tourist industry needing workers, the State government centered here, along with most of Hawaii's finance and business industry, it's no surprise that close to 70% of Hawaii's population is on Oahu. Adding the land scarcity in Honolulu, a desire to preserve nature and create affordability, building vertical makes the most sense.
Fee simple condos for sale in Honolulu vary greatly in price, from less than $200,000 for studios in a few older buildings in Waikiki to more than $30,000,000 for the most incredible Grand Penthouse in Kakaako.
Popular Condo Neighborhoods Honolulu's condo neighborhoods are different, like any other community, each with their own feel. That can be due to a variety of things like the area it sits in, the surrounding backdrop or the vision of the developer(s). Following is an overview of 6 popular condo neighborhoods in Honolulu:
Kakaako Kakaako is the fastest growing neighborhood anywhere in Hawaii. There are 2 master plans in the works - Ward Village by Howard Hughes Corp and Our Kakaako by Kamehameha School - and once completed will include more than 20 new Honolulu condos. The transformation includes improved wider sidewalks, shops, restaurants & more. Just take a look at the South Shore Market or Nobu Restaurant located in ultra-luxury condo, Waiea. Conveniently located between Ala Moana and Downtown with the ocean to the south, just across from Ala Moana Blvd, it is really a superb location.
Waikiki Waikiki is home to more than 100 condo buildings, by far the largest condo neighborhood anywhere in Honolulu. Predominantly older condos (like the iconic Ilikai condo hotel), but also with a small group of more recent high-end or luxury condos including The Watermark (2008), Lanikea at Waikiki (2005), Allure Waikiki (2009), Trump Tower Waikiki (2009) and Ritz-Carlton Waikiki (2016 & 2018). Waikiki has some incredible beaches and endless shopping & restaurant options. For those who want to be able to accesss it all within a short stroll, Waikiki is probably the best option. Most other neighborhoods in Honolulu slow down / go quiet after dinner hours.
The Gold Coast (Diamond Head) The Gold Coast is 16 oceanfront condos in the Diamond Head neighborhood. These Honolulu condos were built in the late 1950's and 1960's right on the ocean's edge, long before ocean set-back regulations were put in place. The views from many of these condos are unreal and since no modern condo can ever be built this close to the ocean it makes these Gold Coast condos incredbibly valuable. This part of Diamond Head has an amazing vibe - you have Kapiolani Park in your backyard (lots of activity in and around the park) and several outstsanding beaches right along the Gold Coast - great for swimming, canoeing, stand-up paddling, surfing & more.
Hawaii Kai Hawaii Kai is a master planned community in east Honolulu, centered around marinas. The condos in Hawaii Kai are a mix of classic high-rise towers and low-rise townhomes, many of them developed in the 1970's, though several have also been developed from the 1980's through fairly recent times. Hawaii Kai condos tend to have larger floor plans than what you find in a typical condo within other Honolulu neighborhoods. Some of the more promiment and popular condos include Kalele Kai, Peninsula at Hawaii Kai and Mount Terrace.
Downtown Honolulu Downtown is the business district of Honolulu and most high-rises are office buildings. In between the office buildings are a few residential condos and the most promiment ones are Capitol Place, The Pinnacle Honolulu and Harbor Court. All 3 buildings are fist class Honolulu condos. Downtown is convenient for those working in Downtown and offers easy access to neighboring Chinatown where there are lots of great restaurants. Living in Downtown also give you easy access to many historical venues such as Iolani Palace, Aliiolani Hale and the State Capitol.
Finding the Ideal Condo Looking at Honolulu condos for sale online give you an idea of properties you may like that fit within your budget. It is, however, when you visit the different neighborhoods that you get the best sense as to what neighborhood suits your lifestyle. Try visiting neighborhoods of interest more than once and at different times of the day - you will learn a lot and it will help you narrow down what location works best for your lifestyle.
Honolulu Condos - Trends & Statistics
The price range of condos for sale in Honolulu is $15K to $36M with a median price of $525K and median interior of 806sf.
The median price of condos sold in Honolulu year-to-date (2017) is $429K. In previous years it was $408K (2016), $380K (2015), $365K (2014), $360K (2013), $340K (2012), $325K (2011), $335K (2010), $330K (2009), $349K (2008), $385K (2007), $305K (2006), $275K (2005), $240K (2004), $192K (2003).
3248 condos have sold in Honolulu year-to-date (2017). In previous years, the total number of condos sold were 3252 (2016), 2953 (2015), 2937 (2014), 3248 (2013), 2770 (2012), 2506 (2011), 2434 (2010), 2167 (2009), 2436 (2008), 3875 (2007), 5148 (2006), 4885 (2005), 4542 (2004), 3766 (2003).
On average Honolulu condos were on the market for 53 days before they were sold (2017). In previous years it was 90 days (2016), 88 days (2015), 87 days (2014), 69 days (2013), 62 days (2012), 67 days (2011), 65 days (2010), 78 days (2009), 71 days (2008), 57 days (2007), 41 days (2006), 43 days (2005), 52 days (2004), 71 days (2003).
The average days on market for Honolulu condos before sold was 55 days November 2017 compared to 85 days November 2016.
The ratio of Honolulu condos sales price vs list price was 97.9% November 2017 compared to 98.4% November 2016.
289 Honolulu condos were sold November 2017 compared to 267 condos sold November 2016.
The total dollar volume of condos currently for sale in Honolulu is $1.38B and the sold dollar volume year-to-date (2017) is $1.77B. In previous years sold dollar volume was $1.65B (2016), $1.36B (2015), $1.33B (2014), $1.39B (2013), $1.14B (2012), $1.02B (2011), $1.02B (2010), $841.11M (2009), $1.01B (2008), $1.73B (2007), $2.18B (2006), $1.68B (2005), $1.32B (2004), $882.93M (2003).
The most recent sale in Honolulu was a condo located at #501 , sold for $585K on Dec 08, 2017. It had 747sf of interior. 9 other recent sales include: #7704 (2,716sf) sold for $6.41M on 12/8/2017. #1812 (400sf) sold for $50K on 12/8/2017. #44 (1,035sf) sold for $575K on 12/8/2017. #2014 (1,031sf) sold for $292K on 12/8/2017. #1005 (1,346sf) sold for $975K on 12/8/2017. #833 (500sf) sold for $730K on 12/8/2017. #D206 (733sf) sold for $295K on 12/8/2017. #201 (429sf) sold for $263K on 12/8/2017. #308 (615sf) sold for $340K on 12/8/2017.
In Honolulu there is currently 1,216 fee simple and 193 leasehold units for sale. 717 of the condos have ocean views, 323 have Diamond Head views and 591 have mountain views.
There are 238 studio floor plans, 414 x 1 bedroom floor plans, 566 x 2 bedroom floor plans, 176 x 3 bedroom floor plans and 11 x 4 bedroom floor plans.