In December, I spent a month writing about Hawaii real estate. Several of the articles showcased new and planned high-rises in the Kaka’ako area of Honolulu that were almost exclusively targeting foreign investment and wealthy local buyers wanting to trade their nest for a high-rise perch. You may also recall that many of these buildings were selling out in days.
The big Kahuna in the area is Howard Hughes’ 10-plus-year development called Ward Village covering 60 acres. They are not alone. One high-rise that hadn’t broken ground is called Vida … well, “was” would be the more accurate term as of last Friday. Developers cancelled the project after “only” selling approximately 40 percent of the 262 units (priced from $1 million) despite being on sale for 18 months. In Hawaii real estate if you’re scrabbling for sales after 18 months, something’s wrong.
In Dallas, a 40 percent pre-sale before the first shovel of dirt was moved would be occasion to rejoice, but markets are different.