A year after the financial crisis of 2008, I wrote an article about how Ilikai condos were selling for bargain prices. Although there has been ongoing litigation, it wasn’t enough to scare investors away. In 2008, there were only 15 sales in the building with a median price of $360,000. In 2009, the median price dropped to $280,000, however, investors jumped in to close on 35 sales.
Views from an Ilikai Penthouse (MLS# 1211596) which is 1 of only 5 active listings today
Fast forward to today – there are only five available listings at the Ilikai with another one in escrow. In 2012, there were 51 sales for a median sales price of $433,368! This is a 54% increase in median sales prices from 2008!
Ilikai Condos Jump in Price
Do you think the market has recovered yet? For the Ilikai, it sure has. If you’re looking to jump in on what the Ilikai has to offer, feel free to visit my gallery of Ilikai listings. Here are my thoughts for the jump in prices:
- Weakening of U.S. Dollar triggered more foreign investment in Waikiki real estate
- Unrest overseas in alternative markets such as Mexico is causing more domestic travel and investment in Waikiki
- Mahalo (thanks) also has to go to the new Hawaii Five-O TV Show in putting Oahu and the Ilikai back on the map
Selling Your Ilikai Condo
The Ilikai has a special place in my heart. For those looking to take advantage of the strength of the market and cash in on the recent ride, there is a lack of inventory now at the Ilikai. As much as I’d hate to see you depart with your asset, our Oahu crew here at Hawaii Life can bring a lot to the table with our Smart Marketing and Solid Representation to help get your Ilikai condo sold if that’s something you’re entertaining.