Brand new posh condominiums in Ala Moana/Kakaako have turned this area into one of Oahu’s hottest condo markets. New development projects including the new Ward Villages, Ala Moana Center expansion, plus easy proximity to both downtown and Waikiki have kept demand high for condos in this area. “This metro neighborhood is the epitome of the coined phrase ‘location, location, location’,” says Marshall Mower, a Prudential Locations Realtor and Partner who specializes in selling homes in this area – and also lives there, in one of two Kakaako condos he owns.

Indeed, this area continues to be one of the most active on Oahu, with median prices increasing significantly thanks to more luxury units. Over the last five years, the median price of condominiums in the Ala Moana Kakaako area have more than doubled - from $327,500 in 2002 to $669,000 in 2007. The number of condominimum sales in this area have been rising since 2001.

Mower says he doesn’t expect to see the same kind of price growth in 2008 – what’s more likely is that average prices increases will be in the single digit percentages – overall, prices should stay very stable with individual buildings going up or down in price very slightly. Increasing interest from foreign buyers, especially form Asian countries, will help units in some top-end buildings fetch higher prices.