Moving into a luxury condo? Think seriously about Moana Pacific.
A view from the deck of convenient and elegant Moana Pacific. Back to original prices, blasting to the past towards “affordable luxury”
This has never been a favorite condo of mine, up until now. Yes, it took me a listing in the building to figure this out.Â Moana Pacific sits pretty, being a part of Honolulu’s city skyline with its beautiful blue tinted glass windows reflecting the sun, Honolulu’s nightlife ever present at the building’s Stage restaurant and Amuse Wine Bar, and convenience to all my favorite places, such as Gyukaku restaurant across the street and moments away from Ala Moana Shopping Center.
The Moana Pacific has a pool, 24/7 security, a barbecue area, an on-site property manager, AND TENNIS COURTS! A rare find for the tennis lovers.Â Plus, one of my best friends lives there.
Well, besides all the usual “hoopla,” the fact remains, Moana Pacific is a hugely desirable building.Â I’ve received phone calls internationally and locally with inquiries about this listing, and received numerous pleas from potential buyers on why this seller should pick their offer.Â I knew it was popular, but not THAT popular. I had to think to myself, what does this building have to offer over the other luxury buildings in Kakaako?
I wouldn’t say that I’ve never liked Moana Pacific, it just hasn’t been my favorite. Let me explain why.Â I don’t usually gravitate to newer buildings because despite how every developer “plays” it, there is inevitably the dreaded “L” word every homeowner and potential homeowner fearsâ€”litigation. This building is no different.
Each building is different, so if you want more information, I can’t just print it here in this blog. However, be careful of any litigation on buildings as they do affect any loan. Fortunately, lenders have started lending again on this building, which is fantastic news in a tight real estate and lending market.
In addition to litigation, the maintenance fee usually goes up a significant amount over the next five years. I’m of the frugal sort, so when I see these things, it makes me worry for my clients.Â I make sure they know what they are getting into, and if that’s okay with them, then we go for it, but I play out every possible scenario that I can think of. Even then, if a client wants it, we go after it.
Honolulu’s city is within your reach
However, because I am of the frugal sort, that’s why this building has now become interesting to me. The prices have become much lower, it’s something I’d like to call “affordable luxury.” The two bedroom, two bathroom, two parking unit I’m helping my client sell sold in March 2007, originally for $610,000. The same exact unit in the other tower sold for $545,000 at the original price!
Right now, a two bedroom short sale in Moana Pacific lists between $540,000 and $560,000.Â What a deal! A Moana Pacific expert Realtor friend of mine commented that hopefully the market corrects itself soon, as my listing should be selling at $590,000 in any other market but this one.
I am a great believer that if it once sold at a certain price, it will sell at the same price again. So, friends, readers, deal makers, this is a great opportunity to own your own “affordable luxury” in one of the BEST buildings, located in one of the best places to be, in my opinion, Honolulu, Hawaii.