Makiki: Easy On The Lifestyle, Commute, Pocketbook

By Lisa Scontras

From affordable condominiums and tempting investment opportunities to multi-million dollar historic homes, Makiki offers the convenience of metro living without the downtown price tag.

“Buyers can find properties as low as $150,000 to $200,000 and still be right in the heart of Honolulu,” says James Chan, Realtor and Partner at Prudential Locations. “On the other hand, if a luxurious and spacious $800,000 condominium is more your style, you can also find that in Makiki.”

In fact, because of Makiki’s wide range of home values, the area attracts a diverse mix of buyers – from the young homebuyers making their first home purchase to the retired couple looking to downsize. The neighborhood is all the rage with first-time and seasoned investors alike.

“Makiki does have its fair share of renters, making it a particularly attractive neighborhood to investors,” says Chan. “Single-owner, multi-unit apartment buildings can be found here and there, another attractive type of property for the more experienced and savvy investor.”

Along with affordable prices and a diverse product mix, Makiki’s convenient location places it at the top of the list for many local buyers. Just minutes away from downtown Honolulu, Ala Moana Center or Waikiki, Makiki is one of the most centralized neighborhoods Oahu has to offer.

“Higher up in Makiki, you can find some magnificent city and ocean views,” he says. “If you’re looking for a property that allows you to leave the car at home most of the week so you can utilize public transportation, a bicycle or traveling by foot, Makiki is a great neighborhood to consider.”

And with the price of gas on the rise, buyers are drawn to pedestrian communities in greater numbers. Visit several popular eateries in the area, including Sure Shot Café, located on Wilder Avenue, for a delicious cup of coffee or slice of cheesecake; Mai-Lan, situated on upper Keeaumoku Streeet next to Chevron, for delec-table Chinese and Vietnamese cuisine; and Honolulu Burger Company, located on South Beretania Street, where the best burgers and milkshakes on Oahu are reputed to be served.

What makes Makiki the neighborhood of choice for current residents is undoubtedly its affordability and convenience, says Chan, a fact that has kept sales prices and volume remarkably steady despite recent economic volatility.

“Because the condominiums are a little older than other developing areas such as Ward, Kakaako or even parts of Kapiolani, you tend to get a little more for your money,” he says. “The amount of inventory is much greater than other neighborhoods because of the high density. Some call the area a concrete jungle, but realize addi-

tional inventory affords buyers availability in finding a great starter home or investment in Makiki as well as very well-maintained, classy condominium projects, such as Mott-Smith Laniloa or Admiral Thomas. Naturally, you’ll have an easier time finding an affordable property here than in bordering neighborhoods.”

The median number of days Makiki properties are on the market before selling is around 73 days, but there are many condos in the area that sell in two or three weeks. Some, in fact, have sold in as little as one week.

Home sales in Makiki have been tremendously solid since 2004, especially among condominiums, with the median price of a Makiki condo currently $304,000, up from $300,000 in 2010 and $296,500 in 2009, but down from its peak of $323,000 in 2008. Sellers are typically accepting offers for 97 percent of their list price.

“It all comes down to the prime location that Makiki has and the strong demand that still exists in the market,” says Chan. “If a property is priced correctly, it will sell within 30 days.”