Sky's the limit

September's report features 4 new affordable housing projects with condos for sale, 1 lottery with 12 homes in Ewa Beach, and a number of other developments with market-priced residences available across the Hawaii. Based on the value of building permits distributed for private residential projects in Hawaii (YTD totaled $876.8M), there has a been roughly a 30% decrease compared to last year. This could mean that in 3 to 5 years, we'll see less new home inventory available.

Affordable Housing / Workforce Housing

Sky Flats at Sky Ala Moana

Affordable housing for Sky Flats was released on 9/10/22. Applications to purchase units are due on October 31, 2022.

• # of Affordable units: 84 (60 studios, 6 1-bedroom, and 22 2-bedroom units)
• Pricing: From $270k to $515k. Download an excel sheet showing the pricing, maintenance fees, AMI limits, and sizes.
• Floor Plans: 14 different floor plans are available
• Location: Across the street from Ala Moana Shopping Center on Kapiolani Blvd. Sky Flats is located on the lower part of Sky East, one of the two buildings that make up Sky Ala Moana.
• Sizes: 290 sqft to 622 sqft
• Restrictions: DPP's general requirements can be seen here. The units must remain "affordable" for 30 years. Once purchased, if you're interested in selling the unit before the 30 years is up, notify DPP and they'll have first right of refusal to purchase if back from you.
• AMI limits: Limits range from 100% to 120% AMI based on HUD's AMI limits shown below.

The Park on Ke‘eaumoku

Applications for Affordable housing at The Park on Ke‘eaumoku were released on Saturday, August 27, 2022, at 10 am. The deadline to submit your application is Saturday October 15, 2022.

• # of Affordable units: 128 (studios, 1-bedroom, and 2-bedroom units)
• Pricing: Starting at $349,000 for studios, $493,000 for one-bedroom units and $585,000 for two-bedroom units
• Floor Plans: 2 towers - Floorplans for Liona Tower. Floorplans for Rycroft Tower.
• Location: Ke‘eaumoku St., 3 blocks away from Ala Moana Shopping Mall.
• Sizes: Liona Tower - 394 sqft to 1764 sqft. Rycroft Tower - 394 sqft to 1450 sqft.
• Restrictions: DPP's general requirements can be seen here. The units must remain "affordable" for 30 years. Once purchased, if you're interested in selling the unit before the 30 years is up, notify DPP and they'll have first right of refusal to purchase if back from you.
• AMI limits: Limits range from 100% to 120% AMI based on HUD's AMI limits shown below.

Other New Developments with units offered via Affordable Housing programs include:

Ililani

• Inventory: Limited 1 bedrooms are left
• Pricing: High $400k's to low $500k's

Ulana Ward Village

• Inventory: Only studios are left
• Pricing: High $200ks to mid-$300ks

Lotteries

Ho‘oulu in Hoopili

12 new homes will be released Ho‘oulu's lottery. It's a tight turnaround as it was announced last week and applications are due on Friday, September 16 by 5:00 p.m. The lottery will be held on Sunday, September 18 at 10:00 a.m.

• # of homes: 12 (3 bedrooms, 2 bathrooms)
• Pricing: $896,615 to $906,615. See the price sheet here.
• Floor Plans: View the floor plans here.
• Location: Between Ewa Beach and Kapolei. Click here to see a map of where Ho‘oulu is in Hoopili (look for #10 on the map).
• Sizes: 1,070 sqft. to 1,144 sqft.

What is the lottery process like?

In the lottery, D.R. Horton Hawaii pulls all applications randomly and gives each applicant a position number. From there, homes are distributed based on the applicant's preferred selection. You can learn more about how lotteries in Hawaii work from the video below.

Market Priced Homes/Condos

Kalae Ward Village

Not only is Kalae a front-row Ward Village development, but it's very unique because of its 4 Mālie courtyards (Sunset, Sunrise, Mauka, and Makai) on the ground floor. These special courtyards make it easy for owners to host gatherings with family and friends while giving the amenity deck a stronger sense of exclusivity and privacy. Ward Village has just released their new website for Kalae here.

• # of homes: 330 residences (165 will be unrestricted and 165 will be offered to owner-occupants only)
• Pricing: Roughly $1M to $5M. Nearly the same as Victoria Place.
• Floor Plans: Inquire below.
• Location: Ward Village on the lot of Ala Moana Boulevard and Ward Avenue.
• Sizes: 799 sqft. to 1,878 sqft.

Cottages at Ali’i Drive

Sales for the Cottages at Ali’i Drive went live just last week. The homes are sold via a first-come, first served basis.

• # of home: 58 single-family homes (3-4 bedrooms with 1-2 stories)
• Pricing: Ranges from high $900ks to mid-$1.3M
• Floor Plans: Click here to view the floor plans and Site Map
• Location: Ali’i Drive in Kailua-Kona on the Big Island of Hawaii
• Sizes: 1,822 sqft. to 2,619 sqft.

Other New Developments with market pricing:

Makamae by Gentry

• Sales: First come, first served basis based on waitlist.
• Pricing: Range in the $900ks

Ililani

• Sales: First come, first served basis.
• Inventory: Limited 2 bedrooms are left
• Pricing: High $700k's to high $800k's

The Park Ward Village

• Sales: First come, first served basis.
• Inventory: Studios, 1 bedrooms and very limited 2 and 3 bedrooms
• Pricing: From $600ks to just under $3M

Another important note is that Kō‘ula has officially opened its doors to residents. As of today, Sept. 14, 2022, Kō‘ula is 96.6% pre-sold.

Click here to see the majority of new home developments in Hawaii.

New projects coming soon

Alia Kakaako

Alia is a new planned mixed-use development focused around sustainability. It'll offer feature 483 residential units - 437 market-priced units, 40 reserved housing units, and 6 market-priced lofts. Pricing and how the units will be offered is unknown at this time.

Walea at Koa Ridge

While driving by Koa Ridge, you'll notice that Walea is next to Malina and very close to Luana and Nanea. The Village, Koa Ridge's mixed-used commercial center with shops and restaurants, will neighbor Walea as well. Walea's condominium townhomes are offered via lottery where pricing starts in the $600ks. We expect the next lottery to be announced very soon.

Waioha at Koa Ridge

There hasn't been a lot of information shared about Waioha at Koa Ridge, but we do know that pricing will start in the $950k's and offer 2 to 4 bedrooms ranging from 950 sqft. to 1,484 sqft in size.