Presented by AlohaPotts with Aloha Realty Group
Issue 34, Q1, 2014
Aloha from your resident experts!
In the first quarter there were 4 units sold – 3 one bd units and one 2/2 downstairs unit facing the large pool and hot tub, which sold for $395,000. The one bedrooms sold for $269,000 - $290,000. The slower sales pace for 2 bedroom units has surprised us.
Our inventory for 2 bedroom units has grown to eight 2/2 units and one 2/1 unit. Six of the 2/2 units are upstairs. There is only one 1 bedroom condo listed, priced at a hefty $329,000. The two bedroom units are priced between $377,500 and $439,000.
The occupancy levels appear to be excellent; it’s difficult to show the active listings because they are almost always occupied when we receive requests to show. We sometimes need to show them between check in/check out, before they are clean.
At current inventory levels and sales pace, we have 1 month of inventory for 1 bedroom units and 27 months’ of inventory for 2 bedroom listings! Why the difference? Price, maintenance fees, and rental income! The price differential (one bedroom to two bedroom units) this last quarter for sold units was over $100,000; the maintenance fees for 1 bedroom units are about $300+ less a month; the rental income in 2013, according to Outrigger average statistics, was only about $158 less per month for a one bedroom unit. So it is an economic decision. Now that the only 1 bedroom listed is priced at $329,000 we expect the balance to shift a little.
When you look at average Q1 prices since last year, here is the lowdown:
From Jan 1 to Mar 31, there were 14 listings (none were distressed properties). There were no pending sales at the end of the quarter. There were no expired or cancelled listings at the end of the quarter, either. As of April 7, there is just 1 one bedroom listing, priced at $329,000 and there are 9 two bedroom listings.