Hawaiian Inn Market Report.
Hawaiian Inn sustained roof and water damage, but reopened for business mid week following Hurricane Matthew. Like every other hotel in the area, they had a lot of reservations for Biketoberfest, and opening the doors for business was of paramount importance.
But now the Hurricane is over, we are extremely unlikely to have another one this season, life is slowly coming back after repairs and clean up.
Of course, we do not know long term effect of the Hurricane. Hurricanes of 2004 depressed the market considerably, but there were 4 in a row, and I doubt Matthew would have the same affect, even though this was a stronger Hurricane than any of the 2004 Hurricanes that hit or brushed our area.
So, how is the market today?
Currently there are 10 units for sale in Hawaiian Inn. For a 208-room resort this represents only 4.8% of units for sale, far from “healthy” 7-8% for stable market.
Really a low number considering that we are not yet in a hot market and inventory is a bit too low.
Prices starts from $45,900 for a studio with city view. But there is only one unit there for under $50K. Next is already $69,900, and then it goes to $77,700 (for a one-bedroom unit, but with no view) all the way up to $149,900 for a nice one-bedroom unit.
Two units are under contract.
In 2016 so far 15 units changed hands. Prices started from $41K. In 2015 11 units were sold. Starting price was $30K. And the were two units sold in the $30s. And the most expensive unit was sold for $110K.
Notice the difference in starting prices? Isn’t it an indication of the general trend?
It probably is.
Hawaiian Inn market report prepared by Jon Zolsky