Kakaako's Transformation Kakaako is Hawaii’s fastest growing and most exciting new urban neighborhood, undergoing a major transformation and rejuvenation. Ala Moana to the east (bordered by Piikoi St), Downtown Honolulu to the west (bordered by Punchbowl St) and the ocean to the south, makes for a very convenient location with shopping, beach and business all close by.
More than twenty new Kakaako condos were planned in recent years - a few already completed or under construction - and will include more than 5,000 units total once all towers are completed. Most residential condo developments in Kakaako are driven by two master plans - Ward Village by Howard Hughes Corporation and Our Kakaako by Kamehameha Schools. The plans include improved sidewalks, parks, retail shops & more to make Kakaako a super convenient community where one hardly needs a car.
New or fairly new Kakaako condos for sale typically range in price from $500,000's for the lower priced 1BR units to $30,000,000+ for the most incredible Grand Penthouse at Waiea.
Insight to Kakaako Condos Sometimes certain Kakaako condos are mistaken as part of Ala Moana (e.g. 1350 Ala Moana or Hawaiki Tower), due to their close proximity to the shopping center. This is gradually changing as Kakaako, three times the area of Ala Moana, is gaining name recognition worldwide.
The Kakaako Neighborhood Kakaako is currently home to about 12,000 residents living mostly in scattered high rise condos in an otherwise underdeveloped district of urban Honolulu. Major job centers, shopping, entertainment and recreational opportunities are all close by.
Expected growth could raise the population to about 30,000 by year 2030. Spread out over the next several years, these anticipated 20+ new Kakaako condo projects may barely catch up with pent-up demand as a result of a lack of urban housing construction during the past decades. The opportunity to drastically improve one's daily commute to urban conveniences has created tremendous growth potential for Kakaako.
Hawaii Community Development Authority’s (HCDA) vision is to transform 600 acre Kakaako into a modern community with a proposed rail transit oriented development (there is currently uncertainty of the year rail will be completed in the Kakaako area). That includes new recreational parks, retail shops, restaurants, office space, grocery stores and a redesigned Neal Blaisdell Center.
Sometimes called the 3rd city, Kakaako is expected to appeal to many as walkable and bikeable neighborhood for work, shopping and recreation with pleasant wide streetscapes that function as outdoor living rooms. The old warehouses and industrial lots are giving way to a new Kakaako lifestyle in the revitalized urban core of Honolulu.
A collaboration of both government and private sector, it aims to set a new global standard by creating an economically sustainable, environmentally friendly and viable Kakaako. The vision promotes a mix of culture, art, modern transportation and a new metropolitan way of life with a diversity of luxury condos.
Kakaako Waterfront Park, Kewalo Basin Park and the adjacent Ala Moana Beach Park offer fabulous recreational opportunities for joggers, swimmers, surfers, fishermen and anyone with an urge to enjoy the outdoors. The Kakaako condo lifestyle is the ultimate opportunity to live, work and play all in one great place.
Kakaako Condos - Trends & Statistics
The price range of condos for sale in Kakaako is $40K to $36M with a median price of $977K and median interior of 1,144sf.
The median price of condos sold in Kakaako year-to-date (2017) is $790K. In previous years it was $750K (2016), $750K (2015), $695K (2014), $645K (2013), $600K (2012), $617K (2011), $600K (2010), $582K (2009), $665K (2008), $631K (2007), $830K (2006), $586K (2005), $457K (2004), $360K (2003).
449 condos have sold in Kakaako year-to-date (2017). In previous years, the total number of condos sold were 359 (2016), 300 (2015), 295 (2014), 299 (2013), 257 (2012), 240 (2011), 251 (2010), 228 (2009), 232 (2008), 939 (2007), 798 (2006), 248 (2005), 246 (2004), 212 (2003).
On average Kakaako condos were on the market for 58 days before they were sold (2017). In previous years it was 84 days (2016), 93 days (2015), 90 days (2014), 72 days (2013), 60 days (2012), 68 days (2011), 67 days (2010), 84 days (2009), 73 days (2008), 27 days (2007), 21 days (2006), 47 days (2005), 54 days (2004), 75 days (2003).
The average days on market for Kakaako condos before sold was 55 days November 2017 compared to 65 days November 2016.
The ratio of Kakaako condos sales price vs list price was 98.1% November 2017 compared to 99.2% November 2016.
44 Kakaako condos were sold November 2017 compared to 44 condos sold November 2016.
The total dollar volume of condos currently for sale in Kakaako is $458.54M and the sold dollar volume year-to-date (2017) is $445.77M. In previous years sold dollar volume was $340.96M (2016), $253.39M (2015), $244.27M (2014), $218.94M (2013), $187.41M (2012), $184.54M (2011), $188.26M (2010), $157.83M (2009), $179.93M (2008), $640.68M (2007), $742.71M (2006), $160.47M (2005), $126.02M (2004), $82.1M (2003).
The most recent sale in Kakaako was a condo located at #1005 , sold for $975K on Dec 08, 2017. It had 1346sf of interior. 9 other recent sales include: #D206 (733sf) sold for $295K on 12/8/2017. #I 3308 (1,206sf) sold for $905K on 12/8/2017. #2608 (607sf) sold for $575K on 12/8/2017. #2310 (1,217sf) sold for $1.1M on 12/7/2017. #2708 (1,062sf) sold for $908K on 12/7/2017. #2803 (1,139sf) sold for $1.77M on 12/6/2017. #1902 (911sf) sold for $626K on 12/4/2017. #2809 (384sf) sold for $406K on 12/4/2017. #3807 (1,274sf) sold for $1.12M on 12/1/2017.
In Kakaako there is currently 232 fee simple units for sale. 169 of the condos have ocean views, 79 have Diamond Head views and 107 have mountain views.
There are 25 studio floor plans, 39 x 1 bedroom floor plans, 112 x 2 bedroom floor plans, 48 x 3 bedroom floor plans and 6 x 4 bedroom floor plans.
Kakaako History The Kakaako district is in the midst of a modernization that will leave it unrecognizable to its original inhabitants of old. Where towering Kakaako condos are going up was once a vast Native Hawaiian agricultural community that practiced terrace cultivation. Many of the alii had homes here, including Kamehameha I.
It was also the port site for foreign ships that came to Honolulu for trade and supplies. In 1850 those sailors brought with them smallpox, which decimated the nearby population. By this time the Kakaako community had grown due to the activity around the port, making the crowded district the perfect place for disease to spread. The bones of the tragic victims are often found whenever construction is done here.
Though the neighborhood experienced a resurgence that lasted into the 1950's, things changed once the zoning was altered to allow more commercial activity, attracting more and more businesses that took the place of homes. Body shops and industrial work particularly stand out on these streets.
Times have changed once again as Kakaako condos have gone up, soon to be joined by many more. Though they are the future of this neighborhood, in many ways they bring back its past, when this was a truly thriving home to so many.