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Comparing New Development vs. Available Real Estate in Kaka'ako

Kaka’ako has recently been the center of restoration and renovation projects, aimed at rejuvenating this industrial Oahu neighborhood and attracting new residents who wish to live near art, food, unique shopping, entertainment, and the beach, as well as being within easy commuting distance of employment in urban Honolulu.

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Kaka’ako – June 2016 (Photo credit: Hawaii Community Development Authority)

New Businesses

  • South Shore Market, with space for 17 tenants, will celebrate its grand opening November 12-14, 2016
  • Brick Oven Pizza, a popular Kauai restaurant, is set to open in South Shore Market in spring 2017
  • Target and Saks Off 5th will be opening in the Ala Moana Shopping Center in 2017
  • HCDA plans to redevelop Kaka’ako Makai Parks over the next 20 years, to include a beer garden, sports complex, and more
  • Piggy Smalls, owned by award-winning restaurant The Pig & the Lady, will open in Ward Center in October 2017
  • Lucky Strikes (bowling, restaurants, arcades, and stages for live music) will open in the Ala Moana Shopping Center
  • Ala Moana Beach Park will be undergoing major upgrades and improvements starting in 2017.
  • Shirokiya Japan Village Walk, with over 50 restaurants and shops, opened at Ala Moana Shopping Center’s new Ewa wing in October 2016.

New Construction Projects

The area currently houses about 12,000 residents but new construction projects aim to provide space for at least 30,000 residents by 2030. New construction projects include:

  • The Collection – set to open November 2016 – tower units sold, some townhomes available
  • Waiea – set to open November 2016 – over 90% of the units are sold
  • Anaha – set to open by July 2017 – about 90% of the units are sold
  • Keauhou – opening partly in 2017 and partly in 2018 – over 90% of the units are sold
  • Ae’o – opening partly in 2018 and partly in 2019 – about 60% of the units are sold
  • Cylinder at Gateway Towers – set to be completed in 2020 – about 40% of the units are sold

 
While these new condo developments have a lot of promise, there are several opportunities for purchasing currently available properties in Kaka’ako now. This gives you the benefit of both settling into the neighborhood without having to wait for construction projects to be completed, and investing now in a property that may increase in value as the area becomes more popular. And you still have the chance to take advantage of the variety of new businesses pouring into the area to service the new condo developments!

Kaka’ako is a Busy Area For Real Estate

The past thirty days alone have seen:

  • 33 sales in Kaka’ako, ranging from a $199,500 studio apartment to a $2,650,000 two bed/two bath wrap-around condo on the 32nd floor of a tower
  • Average sale price – $852,181.82
  • Average square footage – 1,002 sqft
  • Average days on market – 82 days, with two units selling after only eight days of being listed
  • Condos ranged from studios to three bed/three bath units

 
As you can see, people are interested in moving into this area, and I have the experience working in this neighborhood to be the right choice to represent you as a seller or buyer. If you are considering moving to Kaka’ako, my new listing, Keola Lai #901, might be the right choice for you.

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600 Queen St #901, Honolulu (MLS# 201626991)

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Custom automated blinds accent these modern and bright floor-to-ceiling windows

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Cooking in this kitchen is a dream – look at that view!

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1 bedroom corner/end unit, with 686 sqft of living space

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This unit has one bathroom and also comes with a full-size washer and dryer

More Information

Contact me today if you are interested in walking through my Keola Lai listing, or if you would like information on selling your property. I am happy to answer any questions you may have.

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