The Piikoi Street Conundrum
Have you ever wondered why people sell their home?
I recently inquired about a property on Piikoi Street. During my conversation with the listing agent, he disclosed that the school next door is being developed into a Housing First project.
Late last year, it was reported by KHON 2 that the City and County of Honolulu purchased Loveland Academy. Due to Oahu's growing homeless problems, the City is in the process of converting the school into a 45 unit housing complex to help low-income families enter the housing market.
For the past few weeks, I have noticed an increase in Piikoi Street listings. After jumping on Google Maps, I realized there are two condos right by this new Housing First project.
Scrolling through the MLS, I pulled data from January 1, 2014 to September 22, 2016. In 2014, four listings sold between both condos.
Interestingly, as of right now, there are currently:
- Three active listings on the market between both condos
- Four listings with the status of, "Active Continue to Show," between both condos.
More so, four listings sold between both condos, dating from December 2015 to present.
Based on the KHON 2 article, the news broke on November 20, 2015. Could this have caused owners to sell their units?
This Housing First project has drawn support and criticism from Makiki Residents. You can read the neighborhood board minutes here.