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  • Ryan O.

Would You Live In Kalihi?

When you think of Kalihi, what comes to mind? I bet "real estate" might not be on the top of your list.

According the Honolulu Board of REALTORS' September 2016 Local Market Update, the median condo price in the Kalihi - Palama area (TMK: 1-1-2 to 1-1-7) appreciated 43%, to $444,000, from the same time last year.

In addition, there was a 100% increase of closed condo sales in the Kalihi - Palama area (comparing September 2016 to September 2015). Of the 12 Kalihi - Palama condos that sold in September 2016:

- 3 units were from Honolulu Tower

- 3 units were from Honolulu Park Place

- 1 unit from 215 North King Street

- 1 unit from Nuuanu Terrace

- 1 unit from Liliha Square

- 1 unit from Olu Hale Kanoa

- 1 unit from Kapalama Uka

- 1 unit from 1260 Richard Lane

According to the MLS:

- 9 units were financed by conventional loans

- 2 units were all cash deals

- 1 buyer used a VA Loan.

Despite the negative stigmas of Kalihi - Palama, the housing market still remains very competitive. "Days on market until sale" decreased 36%, from 11 days to 7 days. That is, listings are not sitting on the market.

Why are people flocking to Kalihi - Palama? Could it can be the resurgence of Chinatown and Downtown?

With only so much buildable space in metro Honolulu, I wonder if Kalihi - Palama will be the next Kaka'ako. Until recently, Kaka'ako was an industrial area. Now, Kaka'ako is the home to Honolulu's most luxurious condos.


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