A master-planned community located in Kapolei/Ewa Beach.
Anticipation is building for a number of new developments on Oahu and Maui and if you've been following the new construction market, you know that there are many projects in the pipeline that haven't been released yet. In Kakaako alone, we're waiting on both Kahuina and Kaliu, but as of last month, we have a new project to add to the mix. Before we unveil our featured development for March, we wanted to report on the latest housing market data from DBEDT.
In February 2023, there was a slight decrease in residential building permit value from $89.4M compared to January of 2023 at $92.1M. February's 12 month moving average was $145.0M. In case you're curious about what residential building permit value means, it's a metric that represents the total cumulative valuation of all residential building permits distributed by the counties and data tracked statewide by the Department of Business, Economic Development & Tourism (DBEDT). In other words, it's the potential amount of allowed construction by the State of Hawaii to build new residential homes. It excludes permits for alterations and additions.
Howard Hughes Corporation contracted award-winning architect Arquitectonica, interior design firm ODADA, and VITA Planning & Landscape Architecture to design Ward Village's 11th tower named The Launiu Ward Village.
On the 92,000+ sqft lot located on the corner of Ward Ave. and Ala Moana Blvd., 1 high tower with 40 stories and a podium will include a total of 486 new condos. There will be over 78,000 sqft. of recreational space and 759 parking stalls.
Yesterday morning at the scheduled HCDA public hearing, Victoria Ward Limited, a subsidiary of Howard Hughes Corporation, gave their presentation to the board requesting approval for The Launiu Ward Village. Below are a few of the renderings and slides that were presented.
Launiu Ward Village will be a front-row development, meaning it will be located diagonally across the street from the beach/harbor. This also means there won't be any affordable or reserved housing offered via this project. Ward Village will use their affordable housing credits from the neighboring development, Ulana Ward Village.
April 16, 2023, the affordable housing application deadline for Kuilei Place is approaching quickly. Here's a quick recap of what Kuilei Place has to offer:
To start your application, please call Shay at (808) 482-5540.
The first release of Nahele (Building #5) sold out within days. The second release will go on sale any day now and we can expect a total of 31 units from Building #4. What's so good about the condos at Nahele at Hoopili? The price. One-bedrooms start at $399,690, 2 bedrooms start at $559,505, and 3 bedrooms start at $653,170! You might be asking what's wrong with these units? Absolutely nothing. They come with the same high-quality features that all of Hoopili's developments include. Additionally, these units are market-priced units meaning there are no affordable housing restrictions.
The next release is likely to be sold only to owner-occupants, so you may need to sign an affidavit confirming you'll reside there.
40% of inventory remains.
1 bed, 1 to 1.5 bath - $920k to $1.75M
2 bed, 2 to 2.5 bath - $1.4M to $2.8M
3 bed, 3 to 3.5 bath - $2.3M to $5.5M
Condos are no longer restricted to owner-occupants. It's open to everyone.
9 A, B, & D models are available priced from $944,144 to $1,048,300.
Credits of $4k are offered for all homes.
60 Studios left - Starting at $270,000
15 Two Bedroom condos remain - Starting at $398,000
DPP Requirements Apply
The original 30 years "affordable housing"
classification has been reduced to appealed.
It is now 10 years for The Flats Palm Units
1 Studio - $658,900
One Bedroom units facing ocean - $1,061,900 and up
Two Bedroom units starting at $1,007,900
Select units now include a free storage space
Studios starting at $749k
One Bedroom condos starting at $855,000
Most of these condos are on high floors with views of Victoria Ward Park.
Studios - Starting at $706k
One Bedroom - Starting at $949k
Two Bedroom - $1,832,000
Three Bedroom - Starting at $2.101M
Non-restricted units remain ranging from $1.2M to $5.4M
10 studios ranging from $326k to $337k. The highest floor available is the 28th.
HCDA Requirements Apply
Construction has started at Ulana.
1- and 2-bedrooms (Affordable Housing) - One bedroom units start at $477,900 and two-bedroom units at $624,100
Two Bedrooms (Market-rate) - Starting at $797,500
HHFDC Requirements for the one bedrooms only
7 Three Bedroom units - Starting at $1,011,800
6 Four Bedroom units - Starting at $1,270,000
8 of 24 lots of land remain available.
Launched in early February.
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Real Estate And Living Hawaii is committed to providing the most up-to-date information about real estate developments in Hawaii. Information about projects, collected on April 5, 2023, including pricing, inventory, and floor plans, often change without notice. Information is deemed reliable but not guaranteed.
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A master-planned community located in Kapolei/Ewa Beach.
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