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The article discusses the Market Value of Waikiki condos, which makes it an attractive residential neighborhood. A street located in the heart of Waikiki, this residential neighborhood is sought after by families, couples, and singles professionals due to its location, amenities, and lifestyle. The building offers 10 unique apartments on levels 1, 2, and 3 with varying layouts from cozy studios to 3 bedroom apartments. It also features on-site amenities including saltwater pool, gym, sauna, BBQ area, and secure parking. Surrounded by restaurants, bars, cafes, and shops, the community is just a short walk away. A popular area for families and young professionals, the Market Value of Waikiki condos offers a unique lifestyle in a highly sought-after neighborhood. Contact us for more information.

Posted by benjamen.harper@gmail.com on October 21, 2024

Market value of Waikiki condos

444 NAHUA, 444 Nāhua St STE 1409

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Table of Contents
Waikiki Condos Market Value
Quick Facts
Factors Influencing Market Value
Market Trends
Popular Condo Buildings in Waikiki
Challenges Facing the Market
Outlook for the Future
Frequently Asked Questions
Resources & Links
For Buyers & Sellers

Quick Facts

As of 2023, the median sales price for Waikiki condos is around $420,000.
The average price per square foot for Waikiki condos is around $640.
Market demand for Waikiki condos is driven by tourists and investors seeking rental income.
Luxury condos in high-end buildings like The ‘A’Ali’i and Waikiki Beach Tower have sold for millions.
Studio condos in Waikiki can sell for as low as $200,000, while 3-bedroom units can sell for over $1 million.
Condo prices in Waikiki have increased by around 10% per year over the past decade.
The most expensive condo building in Waikiki is the Park Lane Ala Moana, with prices up to $3,000 per square foot.
Foreign buyers make up a significant portion of Waikiki condo sales, particularly from Japan and China.
Investors are attracted to Waikiki condos due to the area’s high rental yields, often above 5%.
Newer condo buildings in Waikiki often come with luxury amenities, such as oceanfront pools, gyms, and spas.

Market Value of Waikiki Condos: A Comprehensive Analysis

Waikiki, one of the most iconic and sought-after destinations in Hawaii, is home to a diverse range of condominiums that cater to various tastes and budgets. As a real estate hotspot, Waikiki condos have been a popular choice among investors, snowbirds, and permanent residents alike. In this article, we’ll delve into the market value of Waikiki condos, exploring the factors that influence their prices, current trends, and what to expect in the future.

Factors Influencing Market Value

Several factors contribute to the market value of Waikiki condos. Here are some of the most significant ones:

Location, location, location: Waikiki condos in close proximity to the beach, parks, and amenities tend to command higher prices.
Age and condition of the building: Newer buildings with modern amenities and updated interiors typically fetch higher prices than older buildings that require renovations.
Unit size and layout: Larger units with more bedrooms and better layout tend to be more valuable than smaller units.
Amenities: Buildings with amenities like pools, gyms, and parking can increase the value of condos.
View: Units with ocean views or mountain views can command a premium price.
Proximity to public transportation: Condos near bus routes and other public transportation options can be more attractive to buyers.
Safety and security: Buildings with secure entry systems and on-site staff can increase the value of condos.

Market Trends

The Waikiki condo market has experienced significant growth in recent years, driven by increasing demand from investors and buyers. Here are some current trends in the market:

The median sales price of Waikiki condos: $645,000 (as of 2023)

The average price per square foot: $800-$1,200

Sales volume: 200-300 units sold per year (average)

Rental yields: 4-6% per annum (gross)

Year	Median Sales Price
2020	$590,000
2021	$620,000
2022	$650,000
2023	$645,000

Popular Condo Buildings in Waikiki

Some of the most popular condo buildings in Waikiki include:

Waikiki Skytower: A luxury high-rise building with units starting from $1 million.
Waikiki Banyan: A family-friendly building with units starting from $400,000.
Waikiki Sunset: A beachfront building with units starting from $600,000.
The Watermark: A luxury building with units starting from $800,000.
One Waterfront Tower: A high-rise building with units starting from $1.5 million.

Building	Average Price
Waikiki Skytower	$1.2 million
Waikiki Banyan	$450,000
Waikiki Sunset	$700,000
The Watermark	$950,000
One Waterfront Tower	$1.8 million

Challenges Facing the Market

Despite the growth in the Waikiki condo market, there are some challenges facing buyers and investors. Here are some of the most significant ones:

Affordability: The rising prices of Waikiki condos have made it increasingly difficult for buyers to afford them.
Limited inventory: The supply of condos in Waikiki is limited, leading to a competitive market.
Foreign buyer restrictions: Recent changes in Hawaii’s foreign buyer laws have affected the market, with some foreign buyers facing restrictions on purchasing property.
Economic uncertainty: Global economic uncertainty has impacted buyer confidence, leading to a slowdown in sales.

Outlook for the Future

Despite the challenges facing the market, the outlook for Waikiki condos remains positive. Here are some reasons why:

Growing demand: The demand for Waikiki condos is expected to continue growing, driven by investors and buyers seeking a piece of paradise.
Limited supply: The limited supply of condos in Waikiki will continue to drive up prices, making it a seller’s market.
Improving infrastructure: Upgrades to Waikiki’s infrastructure, including new parks and amenities, will enhance the area’s appeal.
Tourism growth: The growth of tourism in Hawaii will continue to drive demand for Waikiki condos, particularly among investors seeking rental income.

If you’re considering purchasing a Waikiki condo, contact Hawaii Elite Real Estate today to discuss your options. With years of experience and extensive knowledge of the local market, our team can help you find your dream condo.

Phone Number	Email
808-866-6593	info@hawaiieliterealestate.com

Frequently Asked Questions:

What is the current market value of Waikiki condos
The current market value of Waikiki condos can range from approximately $500,000 for a studio unit in a building without direct ocean views to several million dollars for a luxury condominium with ocean views and prime location.
What factors affect the market value of Waikiki condos
Several factors affect the market value of Waikiki condos including location, age and condition of the building, amenities, unit size, number of bedrooms and bathrooms, and ocean views.
How do I determine the market value of my Waikiki condo
You can determine the market value of your Waikiki condo by consulting with a local real estate agent, checking recent sales data of comparable condos, getting an appraisal, or using online real estate platforms.
Can I expect appreciation in the market value of my Waikiki condo
Historically, Waikiki condos have appreciated in value over time due to their limited supply and high demand. However, market conditions and other factors can affect appreciation rates and individual results may vary.
What is the average price per square foot for Waikiki condos
The average price per square foot for Waikiki condos can vary depending on the location, building, and amenities. However, on average, it can range from approximately $700 to $1,200 per square foot.
How does the location affect the market value of Waikiki condos
The location of a Waikiki condo can significantly affect its market value. Condos located closer to the beach, in quieter neighborhoods, and with more scenic views tend to command higher prices than those located further away from the beach or in busier areas.
What are some popular buildings for Waikiki condos
Some popular buildings for Waikiki condos include the Waikiki Beach Tower, the Ritz-Carlton Residences, the Trump International Hotel and Tower, and the Royal Aloha.
What are the average association fees for Waikiki condos
The average association fees for Waikiki condos can vary depending on the building and its amenities. However, on average, they can range from approximately $500 to $2,000 per month.
How often do Waikiki condos come on the market
Waikiki condos can come on the market at any time, but the listings tend to be more frequent during the spring and summer months.

Resources & Links

For Buyers & Sellers

The market value of Waikiki condos can significantly impact both home buyers and sellers. For buyers, the convenience of being in the heart of the city, along with its ideal location, has made Waikiki condos a top choice for many. However, sellers may face challenges due to the competitive nature of the area, making it difficult to achieve their desired sale prices. This can lead to over-pricing for sellers and under-pricing for buyers, impacting the overall home buying and selling experience.