Honolulu Condos

Grand Opening for Allure Waikiki

A new high-rise in Waikiki has condominium units up for sale on Kalakaua Avenue. The 35-story Allure Waikiki offers over 250 residential condos and for five lucky potential owners, a 25% discount will be taken off the market price on Sunday.

The new condominium features one to three-bedroom units and range from 833 to 1,633 square feet. The value of the condos range from $500,000 to $2 million and more than half of the units have already been bought.

"We are grateful for the support of the local Hawaiian community and its leaders that have made it possible for us to celebrate this stunning addition to the Waikiki skyline," says senior vice president of the Fifield Companies, Alan Schachtman.

The new building offers a park, a pool, and a fitness center. The building is also trying to stay green by offering Seasonal Energy-Efficiency Rated (SEER) appliances, growing a variety of tropical and native Hawaiian plants on the premises and is also built with energy-efficient low-E insulating glass windows.

Please visit our website at www.HNLCondos.com for details, floor plans, map of Allure Waikiki.  On that same page yu may also view Allure Waikiki current listings for sale.

More News About "Waikiki Edition Hotel" at Ilikai Properties

According to "Hotel Chatter" Blogsite at www.Concierge.com, "Last month, we reported that the Waikiki Edition, the first hotel sprung from the loins, er minds of hotelier greats Bill Marriott and Ian Schrager, would open not in July as we had first hoped but in October instead. This was a bummer of course, but we kept ourselves happy by thinking of the complimentary WiFi that would be available for all guests when the hotel did open.

However, in checking on the hotel today we see that the website* now says Opening in September. Backing up this opening date, is a recent Honolulu Star article about Chef Masaharu Morimoto and his preparations for his restaurant inside the hotel. The Star says the hotel could open in either August or September. We nearly jumped out of our seats. Why, August is just a few weeks away!

However, we know better than to get our hopes up over a hotel opening. When we tried to make a reservation for September, no dates worked, leading us to believe an October opening is still the month Edition is going to first appear. As always, we'll be keeping tabs of specifically what day the hotel will open and how you can make a reservation.

In other Edition Hotels news, the Edition Hotels website says Istanbul and Bangkok are coming soon (which we already knew about) but up next is now Mexico City (which we had heard rumors about) and Barcelona. Ole!"

Both the Ilikai Apartments Condo Building and the Ilikai Marina Condo Building will benefit greatly with the addition of the New Edition.

Excellent Condo Conversion in Waikiki - Cabana at Waikiki starting from $199,000

Cabana at Waikiki

ON SALE NOW!

2551 Cartwright Rd (Just off Kapahulu)

• -Fifteen One Bedroom Suites now available for purchase.
• -Never before offered as individual condominiums.
• -Now is your chance to own a piece of paradise!

Located off the beaten path yet close to it all, The Cabana At Waikiki is a four story walk-up, fifteen unit, upscale property perfectly situated on a quiet respite off Kapahulu Avenue, just a block from world famous Waikiki Beach. These furnished one bedroom suites are "pet friendly" and come with fully equipped kitchens. From right in the heart of Waikiki, you can walk to all that this vibrant neighborhood has to offer; great restaurants, shopping, beautiful beaches, nightlife. Don't forget that magnificent Kapiolani Park is just around the corner. Such tropical delights make The Cabana At Waikiki the ideal choice for a live-in apartment, second home, or a Hawaiian vacation getaway.

Please click here to view Current Listings at Cabana at Waikiki. 

Please Note:  These are not my listings, but I can show any of these properties to you, as well as others elsewhere, and represent you as a buyer.

Waikiki Ilikai Properties - New "Edition" Hotel Part 2

Ultra-stylish Edition brand will make global debut at former Yacht Harbor Tower next to Ilikai (See Waikiki Ilikai Properties - New "Edition" Hotel Part 1)

You don't usually mentally link Marriott hotels with Ian Schrager or high style. But, the reliable hotel chain is hoping to change that with a new brand of "lifestyle" hotels called EDITION. The first EDITION hotel is set to open on Waikiki Beach this fall, and the brand itself is part of a partnership between Marriott and Schrager-he of Studio 54 and boutique hotel fame, from the Delano in Miami to the Mondrian in Los Angeles. According to the EDITION press release, "The Brand will be about an attitude and the way it makes you feel rather than the way it looks. Sophisticated public spaces, finishes, design, and details will serve the experience, not drive it." Yes, the world is turning upside down. What else does the Waikiki EDITION have in store?

It won't feature the kiddie pools we've all come to expect from the Marriott. Instead, it'll have a restaurant from Iron Chef Masaharu Morimoto, Surf and Bikini Boot Camps, a ginormous ballroom, and "an intimate Lobby Bar hidden behind a secret passage as if tucked away in a castle." I don't even know what to make of that last part. The press release also mentions "an exclusive Private Sunset Beach with its own lagoon and imported sand." Judging from the hotel's reported location-on the site of one of the towers of the former Ilikai Hotel, which is technically not on Waikiki Beach but on an adjacent inlet-and the fact that all real beaches on Oahu are technically public, the "Private Sunset Beach" might not be so private, but such is life in Waikiki. And, while the Morimoto restaurant sounds interesting, it's worth noting that the Waikiki Beach Marriott Resort, a traditional Marriott, not only has hordes of sticky children, it also has one of the best sushi restaurants on Waikiki: Sansei Sushi & Seafood. Shocking but true.

A second EDITION hotel will open in Istanbul later this year, with an ESPA spa (the same spa found at New York's five-star Peninsula Hotel). There are also plans for EDITION properties in trendy locales like Mexico City, Barcelona, and Bangkok. 

For more informatino regarding adjacent condo buildings, Ilikai Apartments and Ilikai Marina, please visit our website at www.HNLCondos.com.

Moana Vista Condos, Now Pacifica in Honolulu, Hawaii

The bankrupt Moana Vista ws bought out by a San Diego Developer and renamed Pacifica.  A few months ago the sales office in Honolulu offered all models available for sale.  All units sold quickly. 

Now we are beginnning to see condos for sale, which I can only assume are units that have become avilable as original buyers withdraw their offers, typically when the second round of deposits are required.

I have written seven previous blog articles about Pacifica Condos in Honolulu which you may want to read.  You'll also find details on our webitie, www.HNLCondos.com about Pacifica Condos in Honolulu.  And, you may also view current listings in Hnolulu's Pacifica Condos as well.

OliverMcMillan Turns Stalled Condominium, Pacifica (Moana Vista) Into Catalyst for Honolulu

The dozens of people who camped out for two days recognized early-on the tremendous value of the 48-story redesigned Pacifica Honolulu project. OliverMcMillan - a San Diego-based real estate development firm that develops high quality urban mixed-use retail, entertainment and residential projects - announced today that firm contracts are in place for 244 of the 365 available market-rate residential units in the Pacifica Honolulu condominium project, and the $50 million construction loan closed with First Hawaiian Bank. With the presales and financing secured, construction on the $285 million project, the largest new high-rise residential project on Oahu, started April 26 with Ledcor Construction. A ground blessing was held on March 25, 2010.

OliverMcMillan acquired Pacifica Honolulu, formerly known as Moana Vista, in October 2009 from KC Rainbow II. The troubled property, located at 1009 Kapiolani Boulevard, had stopped construction in the fall of 2008 after the developer lost his construction loan and stopped funding the project with his own equity. The 27th floor of the concrete tower had been poured, and the exterior glass and interior finishes were partially underway.

OliverMcMillan thoughtfully redesigned the two-bedroom, 489 unit, limited-amenity project into a contemporary urban project with sophisticated design and amenities including one, two, and three bedroom residences. To date, 221 of the sales contracts have become non-refundable with deposits of 10 percent of the sales price in escrow. In September 2010, 124 additional residences will be offered for public sale to qualified local residents meeting moderate income requirements set forth by the Hawaii Community Development Authority. OliverMcMillan anticipates there will be hundreds of qualified residents hoping for the opportunity to purchase after the applications are released later this summer.

The 48-story, 430,200 square-foot Pacifica Honolulu project is expected to be completed in September 2011, creating more than 400 local construction jobs.

"Where others saw only impossible hurdles, OliverMcMillan saw opportunities," said Don Horner, Chairman and CEO of First Hawaiian Bank. "The firm should be congratulated for transforming a half-built, stalled property into a successful and attractive affordable housing opportunity."

Through strong banking and capital relationships developed over its 32-year history, OliverMcMillan was able to transform Pacifica Honolulu from a troubled property to a unique urban condo project in less than one year. OliverMcMillan's renowned development team includes: First Hawaiian Bank , Architects Hawaii , and Ledcor Construction Hawaii, LLC ., Jules Wilson and PhilPotts interior designers and the exclusive project broker, Heyer & Associates .

"The fact that we had buyers camped out to purchase Pacifica Honolulu units, a once troubled property, is a huge success in this economy," said Dene Oliver, CEO of OliverMcMillan. "The cohesive project team combined with the company goal to pass along the value to prospective buyers, is what created a win for everyone."

"The Pacifica Honolulu project is a value play. Three key components contribute to the success of this sale: good value, a highly desirable location and the fact that this is the low point of development in the cycle," said Ricky Cassiday, Independent Real Estate Market Analyst in Honolulu. "Pacifica Honolulu is one of the few instances of high rises coming on the market. It provides a rare opportunity for affordable housing in the center of Honolulu. Historically speaking, these are reasonable and affordable prices."

"We were very excited when OliverMcMillan came into the picture. They clearly wanted to create a new brand for the project and keep it consistent with their expectation of quality and creative approaches," said David Miller, Chairman and Principal of Architects Hawaii. "The amount of public areas and ambiance of the residence was enhanced tremendously under their direction."

The refined, urban condo building now features substantially upgraded interior finishes and amenities, as well as panoramic views of the ocean, mountain and downtown Honolulu. Additional amenities include:

"We have mobilized and construction has recommenced. OliverMcMillan has put together a very solid team, which is essential on a job like this," said Jeff Thompson, Vice President and Branch Manager for Ledcor Construction Hawaii, LLC.

About OliverMcMillan

OliverMcMillan is a 32-year-old private firm that develops unique, high quality mixed-use retail, entertainment and residential projects, both privately and through public-private partnerships with public entities and redevelopment agencies. While demonstrating sensitivity to the community's unique needs, OliverMcMillan brings creative solutions to the complexities of developing urban and suburban places and destinations. Because of its expertise, strong architectural vision, experience working with communities and public agencies and significant financial and analytical strength, OliverMcMillan creates projects that form a catalyst for economic revitalization, financial return, growth and place making. Looking at the big picture, OliverMcMillan makes long-term commitments to its developments and acquisitions by developing tomorrow's vision today, in a manner that will serve the community well into the future.

You may find further information about Pacifica Condos at our website, www.HNLCondos.com.

Luana Waikiki - Very Popular Condo and Condotel Building

Description:  This Fee Simple condominium building consists of 17 floors and 217 units, with studio and one bedroom/one bath floor plans.  Totally renovated in 2004, the units were fully furnished with granite counters, travertine tile floors and other amenities.  Building amenities include concierge, doorman, exercise room, recreation area, swimming pool, barbecue, community laundry, onsite resident manager and trash chute.

Building Details:  

Land Tenure:  Fee Simple.

Security: Locked lobby, electronic video and security guard.

Parking:  Parking is not deeded.

Pets: Allowed.

Supermarkets: Food Pantry - 2370 Kuhio Avenue, Foodland - 2919 Kapiolani Boulevard.

Regional Mall: Ala Moana Center - 1450 Ala Moana Boulevard.

Comments:  Daily rentals are allowed and there is  Hotel Management and Concierge service onsite.  

Ilikai Properties - Luxury Hotel Plans

Ultra-stylish Edition brand will make global debut at former Yacht Harbor Tower next to Ilikai

According to the "Honolulu Advertiser:  Two hotel industry stalwarts are about to add some pizzazz to Hawai'i's visitor industry with the launch of a new high-fashion luxury hotel brand in Waikīkī.

Marriott International and New York boutique hotel developer Ian Schrager are expected to open the first in a global line of Edition hotels as early as August or September at the former Yacht Harbor Tower that was once part of the Ilikai.

The 353-room mid-rise dubbed The Waikiki Edition will be the first example of the ultra-stylish brand designed for Marriott by Schrager, who is also known for co-founding the famed New York disco Studio 54.

The hotel, which is still under renovation and has been kept very low-key by its owner and operators, is generating excitement among local hotel industry officials, and should deliver a nice pop to Hawai'i's slowly recovering tourism industry.

"The worldwide launch of this luxury brand happens here in Waikīkī," Michael Rock, a Marriott veteran retained to run The Waikiki Edition, said in a presentation to the Waikīkī Neighborhood Board recently. "This is the very first one."

Numerous cities have been mentioned on the Edition website as locations for an initial batch of hotels. But Honolulu hasn't been among them.

Marriott and Schrager purposely have tried to keep details about the new hotel brand secret until closer to the first opening. Edition representatives would not provide any information for this story.

Rock, in his presentation, said the publicity strategy runs counter to more traditional marketing efforts that aim to get consumers interested in and familiar with a new brand far in advance of a launch. With Edition hotels, Rock said the strategy is to wait until the last minute.

"It's like a bottle of champagne," he said. "You would not pop the cork too soon or you'll lose the fizz."

Rock told neighborhood board members that the property will include a restaurant operated by celebrity chef Masaharu Morimoto, who gained widespread fame for his role on the Food Network TV show "Iron Chef." Two pools, banquet facilities and sophisticated, elegant entertainment are also part of the plan.

A little more than 300 employees will be needed for the hotel, and Marriott has been busy recruiting for positions online. A "casting party" is scheduled for tomorrow. Another 80 to 100 jobs will be needed for the restaurant, Rock said in his presentation.

Marsha Weinert, tourism liaison for Gov. Linda Lingle, said the Edition hotel is another major addition to what has been a multi-billion-dollar renaissance of Waikīkī over the past several years.

"The more we open these new hotel properties and reinvest in the product, the better off we are going to be in the long term," she said.

Some condominium residents at the Ilikai are especially excited that the long-shuttered Yacht Harbor Tower is close to reopening, though some also have expressed concern over how operations of the Edition will affect such close neighbors, including use of the pool and meeting room areas that used to be part of the Ilikai.

Rock has said that Edition, which will be managed by Marriott, will be a good neighbor and have a positive impact on Waikīkī.

The Yacht Harbor Tower is owned by an affiliate of San Diego-based development firm eRealty Cos., which bought the property in July 2006 for about $80 million from local developer Brian Anderson, who had just bought the property along with many units and commercial space in the Ilikai's main Y-shaped tower for $218 million.

ERealty promptly closed the 360-room Yacht Harbor Tower and cut off the connection with the Ilikai. Rooting out tenants including a wedding chapel and restaurant Tanaka of Tokyo upset some Ilikai residents. For the better part of three years, the property appeared to be under slow-moving renovation. It is unclear when eRealty partnered with Marriott.

Marriott announced its partnership with Schrager in mid-2007 to open as many as 100 new hotels in an effort to diversify Marriott's luxury hotel operations beyond its Ritz-Carlton and Bulgari hotel brands.

"The brand will be about an attitude, about a feeling rather than a look," Schrager said in a statement at the time.

Schrager is regarded as a pioneer in boutique hotel development. He got into the business in the early 1980s, and is known for incorporating "cheap chic" elements to the hotel experience, and sometimes living for a year in his new hotels.

Properties developed by Schrager include Morgans Hotel, Gramercy Park Hotel, Royalton Hotel, Paramount Hotel and Hudson Hotel in New York City. Others include the Delano Hotel in Miami and the Clift Hotel in San Francisco.

The Edition name was unveiled in January 2008, and Marriott said there were nine deals with developers expected to result in the first hotels opening in 2010 in cities including Paris, Madrid, Miami and Los Angeles. Honolulu wasn't among the nine, though Marriott said it was in advanced discussions for 20 more hotels.

Rock in his presentation said The Waikīkī Edition will be followed by the opening of a second Edition hotel in Istanbul, Turkey, later this year. Three other Edition hotels are slated to open in the next couple of years in Bangkok; Barcelona, Spain; and Mexico City.

Surely this means nothing but good news for condo owners at the adjacent and sharing condo buildings, Ilikai Apartments and Ilikai Marina.

New Honolulu Condo guidelines pros, cons - Lenders combat delinquencies with new rules

Would it ever occur to you to ask about any pending homeowners association law suits when shopping for a condo? How would you even know if the condo's association was being sued for a slip and fall, for faulty construction or structural damage?

According to a recent article in the "Honolulu Advertiser":

Thanks to due diligence and stringent financing guidelines, if you planned to get a loan for the purchase, your lender would likely be looking closely into the financial and legal health of your prospective homeowner association, as well as a checklist of other considerations.

"Minimum condo guideline thresholds were recently put into place," says Joy Cabildo, senior vice president of the residential real estate division at First Hawaiian Bank. "For example, owner occupancy cannot be less than 51 percent in a building, the project cannot be in litigation, arbitration or mediation, homeowners associations must have adequate reserves ... these were more flexible in the past."

The upside to Fannie Mae's, Freddie Mac's and FHA's newest set of condo eligibility guidelines is it protects the lender - and the borrower - from buying into a building showing any signs of potential financial trouble.

The catch is sometimes the rules are so tight, it is making it difficult for borrowers to finance condo properties at all, Cabildo explains.

"The change in the condo guidelines are a direct result of overbuilding in California, Florida and other resort-like states," she says. "Overbuilding left whole projects deserted and unmarketable. Lots of condo projects on the mainland are going bad."

She points out that Hawaii doesn't share these same issues.

"Because we have a finite amount of buildable land, condos are our answer to increasing density ... instead of building out as in other parts of the country, we build up," says Cabildo.

The additional Fannie Mae and Freddie Mac requirements, which may prevent more condos from being considered "conforming," mean that a borrower may not qualify for mortgage insurance - requiring a larger down payment - or the best interest rates, making the purchase less affordable.

First Hawaiian Bank understands that a large percentage of sales in Hawaii are condos, which are selling on average for $348,428, almost half the price of the average single-family home at $699,009, according to the Honolulu Board of Realtors.

"Condos are more affordable so they will appeal to more buyers on price, plus many high rise condos are located in the urban Honolulu core, and a desirable place to live if you work in Honolulu," Cabildo says. "Look at the new project Pacifica (formerly known as the Moana Vista on Kapiolani Blvd.). There were lines of people waiting for a chance to buy in that project. Many of these are baby boomers downsizing."

The popularity of migration to condos on Oahu is evident by the 47.6-percent increase in the number of sales in February to 471 from 319 sales during the same period a year ago, according to the HBR.

And while borrowing money to purchase a condo may appear to be more difficult because of tightened federal requirements, First Hawaiian Bank is fully equipped to help condo buyers with portfolio loans, which are held by the bank as an investment.

"We continue to be Make Sense Lenders," says Cabildo. "We look at the marketability of the condo, regardless of the conformity to FHA, Fannie Mae or Freddie Mac guidelines."

Additionally, First Hawaiian Bank continues to work with the government sponsored enterprises such as Fannie and Freddie to educate these entities about the Hawaii market's idiosyncracies.

"We've discussed condos, leasehold properties, lava zoning, multiple generational families living in one house, trusts and currently we are working on getting them to understand why Hawaii delinquency is so low compared to other parts of the country," Cabildo says. "This will help to avoid some of the drastic measures and additional costs the GSE's are trying to implement to combat delinquencies."

Waikiki Banyan - Popular Waikiki Condominiums and Condotel

Description:  This mixed Fee Simple and Leasehold building consists of two, 38 story towers located just one block from the beach and popular among investors as a Waikiki Condotel.  All units are one bedroom/one bath layouts.  Amenities include a large 6th floor recreation deck with swimming pool, tennis court, sauna, barbecue grill, child's playground area & a snack bar.

Building Details:  

Land Tenure:  Fee Simple and Lease Hold; Fee purchase was offered in 2008; lease expires 2035.

Security: There is Hotel lobby personnel; private security guard on premise.

Parking:  Parking is conveyed with each unit; one unassigned, covered parking stall.

Pets: Small dogs, cats, birds are permitted with Association approval.

Supermarkets: Food Pantry - 2370 Kuhio Avenue, Foodland - 2919 Kapiolani Boulevard.

Regional Mall: Ala Moana Center - 1450 Ala Moana Boulevard.

Comments:  ResortQuest manages the hotel program, but owners also can manage the unit themselves, hire a third party property manager, or live in the unit themselves.  In the first floor of Tower 1 is an internet cafe, a convenience store and an ATM.