Alia on sale soon

2022 has come to an end. The latter half of the year has been a time of uncertainty for developers, buyers, sellers, and agents. As mentioned in our last report, the elections concluded in November and we have new officials leading the way. Inflation is still a concern, however, there is hope that we may technically avoid a recession. It's all very speculative. There is no doubt that the industry of real estate has cooled off, but what will 2023 look like? According to Zillow's former CEO, markets will cool off, but this is no 2008.

Here's what we know in Hawaii. In November of 2022, there was a slight increase in residential permits across Hawaii. Maui was the only island with a decrease. Home prices on Oahu, Maui, Big Island, and Kauai have all decreased slightly in late 2022, but the quantity of sold listings over 2022 have decreased significantly.

The graph below shows residential permit value based on data collected from the Department of Business, Economic Development & Tourism.

Featured

Alia

While Alia was scheduled to release in December of 2022, it was pushed back about a month. We expect Alia to release in late January.

While this condo is currently not on sale, it is undergoing a round of offerings to family and friends.

If you've never heard of Alia, it is the next release as part of Kaiāulu ʻō Kakaʻako, a master plan designed by Kamehameha Schools, otherwise known as Our Kakaako. The developer's landing page describes Alia as a "sustainably-designed luxury high rise" because of its focus on sustainability. Alia's building materials are eco-friendly and the energy is sourced by generation systems that preserve energy. It has also been described as a development that seamlessly integrates with the community making it easy for pedestrians to walk through the area.

Below are the details you need to know about the Alia condo:

• # of condos scheduled to go on sale: 437 market units (see breakdown below), 6 market-priced lofts (2 bed/2 bath), 40 reserved housing units (1 bed/1 bath).
• Future Location: 888 Ala Moana Boulevard, where Autosource is, across from the Mazda dealer. It'll be diagonally across from Ulana in Ward Village and next to an unnamed project in Ward Village.
• Pricing: Unknown, but we anticipate that pricing will range from $900K to $3M.
• Floor Plans: Not released, however, a floor plate was shown in Alia's application.
• Sizes: 325 to 1,446 sqft.
• How to apply: Call (808) 482-5540 to get your place in line. REAL serves clients on a first-come, first-serve basis.
• Restrictions: None for market-units. HCDA restrictions apply to reserved housing.

The Bluffs at Ikena

Think bigger. Bigger lots. Bigger homes. And all across from Ikena at Hoopili.

Younger families are taking to these properties quickly. The Bluffs at Ikena offers 20 move-in ready homes that are sold to the highest offer. This is different than properties that are first-come first-served or offered via a lottery. You can make your own offer on these properties - they've all sold for $1.3M+.

• # of homes in The Bluffs at Ikena: 20 homes, lots 56, 54, 51 are available for offers at this time.
• Future Location: In Hoopili, across from Ikena, between Kamailehope Street and Honouliuli Street, next to The Pearl (future park)
• Pricing: $1.25M and up. Selling to the highest offer. To submit your offer call (808) 482-5540 and we'll get the paperwork ready.
• Floor Plans: 4 floor plans are available
  Plan 20 - 3 bed, 2.5 bath, 2 car garage
  Plan 21 - 4 bed, 3 bath | 1 story | 2 car garage | 2,174 living area sqft
  Plan 22 - 5 bed, 3 bath | 2 car garage | 2,285 living area sqft
  Plan 23 - 4 bed, 3.5 bath | 2 story | 2 car garage | 2,397 living area sqft
  
• Sizes: Lots are 9,500 sqft or more. Living area ranges from 2,174 to 2,397 sqft.
• How to apply: To submit your offer call (808) 482-5540 and we'll get the paperwork ready. You must pre-qualify, but if you use D.R. Horton's lender, a $10k credit is given.
• Other Info: Homes have a 30 to 45 day closing period.

Updates

New projects coming soon

• Nahele at Hoopili - D.R. Horton is in the process of building out a new low-rise condo community.
• Kahuina - A mixed-use project, next to Alia in Kakaako. It'll offer affordable, workforce, and market housing.
• Kaliu - A mixed-use development next to Alia and Kahuina in Our Kakaako. Offers both market housing and commercial space.
• Kuilei Place - The first development of its size in Moiliili in many years.
• Pulelehua - A master-planned community between Kaanapali and Napili, Maui. Affordable units are prioritized.
• Koa Waena - An affordable housing project by Peter Savio available to Maui residents only.
• Pakela Ike - A luxury development on Kauai. 24 half-acre homesites in Hokuala.

Rumors

• Elm Street Development - An unnamed project by Twenty Lake Holdings that will be located near Walmart by Ala Moana.
• 1538 Kapiolani Tower - The newest TOD project has its application in review. It'll replace CPB on Kapiolani Blvd.
• 1500 Kapiolani - A delayed development project that will replace Heald College. Rumor has it that it was cancelled, but recent updates emerged that it's searching for investors.