Ala Moana owner-occupant sales

[pj737]

Originally Posted by whtviper1

Well - as a landlord I'm not renting to 3 guys in a luxury high-end condo, and finding 3 guys who can afford $3K just to be roommates with each other is a tall order. If you are going to spend $3K - you can decent place by yourself.

Agreed. Did the "roommate" thing once a few years back; never again. I know people that make the numbers work in their favor but these are generally SFHs... and it's a real PITA. I have a friend that's paying $1,500/mo for one bed and a shared bathroom in an average condition 4 bdrm house in Kaimuki - ridiculous.

[pj737]

Originally Posted by honobob

I think that One Ala Moana comp you showed is just above the amenity deck altho I think there aren't many floors above it. It also is almost three blocks away from Ala Moana Blvd looking over the mall and parking lot. It also has 1 bd mix and units on the Mauka side (Kapiolani Blvd, uck) Vida has two bd minimum, all ocean view and I think superior floor plans. I really like how each elevator opens only to two apts per floor to each's private foyer. One Ala Moana seems so usual. Vida at 888 Ala Moana | Condos for Sale in Honolulu

What happens when they build on the mall Mauka parking lot? The views are already obstructed by YHT.
I'll admit that I'm in love with the Vida website. Made me think I should be in line last nite. Of all the towers going up there will only be a few that will realize the developers dream. I think anything that does not have a protected view will suffer.

$4.00 sf rents? Do you think that's demand limited or just a perception of value?

One Ala Moana is going to lose their views to the new tower planned above Macy's. I never saw the appeal of living in a mall... but I guess there are people that prefer that.

$4/SF rents are easily achievable in smaller units in non-luxury buildings (for example, a 300 SF studio w/parking and W/D in unit in a decent building can rent for $1,300 - easy). Generally speaking, larger units will command a lower per SF cost. Rents are already approaching $3.50/SF in "upper-middle end" buildings like Keola Lai (1,000 SF 2bdrms); I can only imagine the super high end will go for more.

Rents have definitely gone up more than I expected. I wonder if this trend will continue or if rents will start tapering off.

How are rents in Windward and West Oahu?

[whtviper1]

Originally Posted by pj737

How are rents in Windward

I'll speak to Kailua -

$3,000 is generally the floor for 1,400 sq ft and rapidly goes up from there depending on location and place.

[honobob]

Originally Posted by whtviper1

Well - as a landlord I'm not renting to 3 guys in a luxury high-end condo, and finding 3 guys who can afford $3K just to be roommates with each other is a tall order. If you are going to spend $3K - you can decent place by yourself.

I would have no problem renting to two professional renters that can afford $3,500 a month each. But maybe I'm relying on SF experience where cohousing is pretty common. There are even SF companies that buy higher end homes and rent rooms to professionals.

Most of these people work long hours and the homes are closer to their work than what they could find for one third to one fourth of what they could afford. These are not party houses and there is usually a person in charge for reduced rent that reports any problems to the owner.

The difference between two $3,500 rentals and one $7,000 rental should be pretty dramatic. I could see choosing this type of living for short term arrangement.

Is there any news on the sales?