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Mortgage Rates in the mid 5%! Koa Ridge update and New Development in Moiliili

denisemiyahira

Great news mortgage rates can be found under 6%. A quick look at the Honolulu Board of Realtors website www.hicentral.com posted the rates from yesterday. Lower mortgage rates with still very low inventory is making the market heat up a bit from last month. Buyers seem to have come to terms with mortgage rates in the mid-5% and are back looking for property. There have been multiple offers on properties that are highly desirable and foot traffic at open houses and showings have increased.





KOA RIDGE UPDATE


I had a quick visit out to Koa Ridge to see what inventory they have left for Walea and Waioha.


Walea at Koa Ridge are the townhomes that are 3-4 bedrooms with maintenance fees between $474.70 - $590.50 depending on the size of the townhomes. Prices were ranging between $783,900 - $900,286 with expected completion March 2023. There are still some townhomes available and they can also do tours of Walea.







Waioha are the single family home condomnium units that have a maintenance fee of $123 per month but are detached homes. The next phase will be completed in May 2023 and price points start at $934,100 up to $976,500 for this phase of 3 bedroom homes. There will be another release towards the end of this year.



New Development in Moiliili coming up


Be on the lookout for the Kobayashi Groups newest venture which is named "Kuilei Place" https://www.kuileiplace.com/ This will be a 43 story building of 1005 units, 1, 2 and 3 bedrooms off Kapiolani.


There will be MARKET UNITS and Affordable units available. The Affordable units will have a 10 year buy back and you must be an owner occupant Hawaii Resident but the prices will be starting around $371,800 up to $813,000 (estimates). The Market units will be at the regular market rate but may not have any deed restrictions on ownership.


The sales gallery willl be set to open soon so I'll keep you updated on release information if you are interested. Call me or email me back if you are interested in this newest Kobayashi Group venture!


As always, if you or anyone you know is interested in purchasing or selling real estate on Oahu, let me know and I will be happy to help them!

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