AGENT MLS HOME FINDER

Waikiki real estate has undoubtedly felt the effects of the nationwide economic recession, but it continues to see evidence of vitality amidst other portions of the market which denote weakness. Simply put, the state of real estate near and along the most famous beach in Hawaii is difficult to pin down, because there are so many contradictory signs, facts, and figures. For example, it is not easy to determine which portions of the local real estate slide can be attributed to problems in the rest of the Aloha State, which are a result of the nationwide recession, and which are related to the sharp drop off in tourism to Waikiki which began months ago.

A local entity, Kamehameha Schools, recently unveiled a plan to develop a piece of property in close proximity to the Waikiki Strip, leading some to hope that it ushers in better times for real estate in Waikiki. According to a September 3, 2009 article in the Honolulu Star Bulletin, “Kamehameha Schools has won state approval of its master plan for Kakaako, a major step toward making its 15-year vision of transforming the neighborhood into reality. The Hawaii Community Development Authority gave the developer clearance to proceed with its master plan for 29 acres, officially called ‘Kaiaulu ‘O Kakaako’” A previous development in Waikiki, the Trump Tower Waikiki, is preparing to open in Waikiki, following a firestorm of controversy over the appropriate use of Donald Trump’s name and a subsequent lawsuit.

According to an August 23, 2009 article released on Marketwire, “The long anticipated Trump International Tower Waikiki Beachwalk will be opening its doors starting on November 1, according to Travel-Hawaii.com, a leading Hawaii travel retailer.” On the other hand, the Pacific Business News reported on August 21, 2009 that The Lotus at the Diamond Head Hotel was sold at foreclosure auction for eight and a half million dollars, considerably less than its estimated worth. Additionally, condos for sale in Waikiki may remain unsold for a while, since an August 25, 2009 online article from KITV News noted that “Hawaii’s economic recovery to be gradual.”