Homebuyers purchased fewer existing homes on Oahu last year, but on Friday there was a rush on units in a planned condominium tower in Kakaako.
The first prospective buyer showed up outside the sales office around 3:30 or 4 a.m., and into the morning a line estimated at over 100 people formed, according to Bonnie Wedemeyer, senior vice president of sales at Howard Hughes Corp., the developer of the tower, called Ko‘ula.
“We’ve had a very busy day,” she said, adding that the turnout exceeded expectations.
The turnout was for 283 units representing just over half of the 565-unit tower. The 283 units are required under Hawaii law to be offered first and for 30 days exclusively to buyers who commit to live in the units for at least a year.
Hughes Corp. announced Friday that these reserved owner-occupant units would be available at its sales office in the IBM Building at 1240 Ala Moana Blvd. starting at
9 a.m. today. That prompted eager buyers or their representatives to line up in advance.
The company relieved those in line from camping out by handing out placeholders so they can return today in the order they showed up Friday.
Prices for Ko‘ula owner-
occupant units that range from 291-square-foot studios to 1,457-square-foot three-bedroom units range from $514,000 to about $2 million.
Hughes Corp. began selling the other half of Ko‘ula units in December. Wedemeyer said she couldn’t disclose the number of sales contracts signed.
Ko‘ula, which is slated to start rising later this year on the Ewa side of the Ward theaters, is the sixth tower to be developed at Ward Village by Hughes Corp. The company has a master plan to develop 16 towers and 1 million square feet of retail on 60 acres.
Sales of existing homes on Oahu last year slipped 2.5 percent for condos and 7.7 percent for single-family homes, according to the Honolulu Board of Realtors.
