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Wonder how many here on CD are in this line? I am not!
Line forms ahead of VIDA at 888 Ala Moana owner-occupant sales
As many as 40 people waiting in front of the sales office on Cooke Street Friday, as 131 units are being offered on a first-come, first-served basis.
Sales begin at 8 a.m. Saturday.
From what I understand (which may not be much) folks can flip the units almost before they're paid for.
You understand incorrectly - people are still finally selling Trump Tower units - the highest prices are the pre-sales - it dips - then you have 6% realtor fees - the prices aren't going up until year 2 or more like year 3....
You understand incorrectly - people are still finally selling Trump Tower units - the highest prices are the pre-sales - it dips - then you have 6% realtor fees - the prices aren't going up until year 2 or more like year 3....
I did a little guesstimate of market rent and thought $7,000 for 1400sf. When I compared to Diamond Head rents the range was generically $4.50 to $5.50 a sf. That would make the $7,000 at $5.00 sf. Diamond Head has the location but people will pay a premium for the new and this building has loads of amenities that the DH apts. don't have.
I'm assuming no short term rentals like Trump. Watermark seems like a good Waikiki comp and they are going for $4800 to $8,000.
Any thoughts on rents and how many will be turned into rentals?
I did a little guesstimate of market rent and thought $7,000 for 1400sf. When I compared to Diamond Head rents the range was generically $4.50 to $5.50 a sf. That would make the $7,000 at $5.00 sf. Diamond Head has the location but people will pay a premium for the new and this building has loads of amenities that the DH apts. don't have.
I'm assuming no short term rentals like Trump. Watermark seems like a good Waikiki comp and they are going for $4800 to $8,000.
Any thoughts on rents and how many will be turned into rentals?
One Ala Moana rents aren't anywhere near $7,000/month - Penthouse units at the very high end go are listed for $5,800 - and I'm not convinced they'll get that. And at $5,800 after paying maintenance fees, the owner isn't making much money at all considering how much they paid for the unit.
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?
If we were in SF, getting $7,000/month wouldn't be difficult - paying $84K a year iin Hawaii is a very small part of the population who can afford that. Quite frankly, if I'm paying $84K a year or even $60K a year in rent I'm just buying the place if I can afford that rent.
If we were in SF, getting $7,000/month wouldn't be difficult - paying $84K a year iin Hawaii is a very small part of the population who can afford that. Quite frankly, if I'm paying $84K a year or even $60K a year in rent I'm just buying the place if I can afford that rent.
I agree that you and I would buy but in my building I know renters that have been here for 7 years plus based on just one more year. They are couples doing almost $50,000 a year for just one bath and a large studio!.
At least with the Vida you could get 2-3 guys (that den is set up to be a bedroom even without the window) and they would be living large for $2,400-3,500 each.
If out of the 265 units 131 have to be owner occupied then that leaves 134 to be distributed among more
OOC and maybe 50% that will be second homes so maybe 50 units total available for rent.
Definitely the smart money will be ready for the first hardship sale but even then I'm not sure the discount will be large enough to offset the limitation of choice. It will be very interesting to see this whole area develop.
At least with the Vida you could get 2-3 guys (that den is set up to be a bedroom even without the window) and they would be living large for $2,400-3,500 each.
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.
All i know is a lot of people will not be able to own one of these condos. Unless they are both working in a job Profession that they can afford to live their.
I know i cannot.
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