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Ilikai Condos Selling for Bargain Prices

The Ilikai is one of Oahu’s most iconic hotels on Ala Moana Blvd. Jack Lord helped put the Ilikai on the map in the opening scene of Hawaii Five-O. What a lot of people don’t know is the Ilikai was supposed to originally be built in Marina Del Ray, CA.

Welcome to the Ilikai…

My Mom’s stepfather, Guy Harrison was a real estate developer in Southern California & was here in Hawaii on a trip when he happened to drive by the current site in Waikiki and asked the cab driver pull over because he was amazed at the beauty and location. He ultimately secured an option on the land, moved my Mom, Grandmother and family out from California and brought in Chin Ho as the money partner and developed what is known today as the Ilikai in 1964. What has been so unique about the Ilikai over the years is its mixed use of Hotel and individually owned condos.

Fast forward 42 years: local devloper Brian Anderson bought 343 of the 1009 rooms in 2006. He had grand ambitions for the place. Unfortunately, they never came to light and the past few years the association has sued Anderson, he went delinquent on maintenance fees on the units he owned and earlier this year, the lender foreclosed on Anderson.

Due to all the litigation that’s been taking place, lenders have not been lending on the Ilikai. Therefore, those that are looking to sell need cash buyers. This has created some awesome opportunities for those with the cash! Here’s some statistics I ran over the past 5 years:

Year Average Sales Price Median Sales Price Number of Sales
2005 $415,788 $400,000 45
2006 $494,343 $480,000 32
2007 $452,531 $445,000 24
2008 $354,866 $360,000 15
2009 $279,507 $280,000 35
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Katie Minkus, R(BIC)

December 19, 2009

I love the Ilikai!! Now, if only I could find $275k cash… I thought I had it around here somewhere… Hee.

Katie Minkus, R(BIC)

December 19, 2009

I love the Ilikai!! Now, if only I could find $275k cash… I thought I had it around here somewhere… Hee.

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December 22, 2009

[…] Ilikai Condos Selling for Bargain Prices […]

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December 22, 2009

[…] Ilikai Condos Selling for Bargain Prices […]

Keahi Pelayo

December 28, 2009

Really interesting numbers showing the decline in value. Thank you for the update.
Aloha,
Keahi

Keahi Pelayo

December 28, 2009

Really interesting numbers showing the decline in value. Thank you for the update.
Aloha,
Keahi

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