Hawaii's volatile economy isn't scaring away investors. Dozens of people have lined up to purchase a unit in Kakaako's newest high rise and they are willing to wait days.
If you build it they will come and they started coming early.
"People starting showing up on Sunday. Sunday morning I think we had by the end of the day four groups," said Jeanne Murata, principal broker for Heyer & Associates.
"We arrived Sunday night about five, five-thirty," said Shane Fujio.
Since then he's welcomed new neighbors, all patiently waiting to purchase a unit in the residential condominium project, Pacifica Honolulu. Applications will be accepted Saturday morning September 11th.
"There's a 124 reserve-housing units available. The price ranges are from 350 to 466,200 and they're all two-bedroom, two-bath, one parking," said Murata.
The 46-floor project on Kapiolani Boulevard formerly known as "Moana Vista" was purchased by developer OliverMcMillan last October after the previous developer got into financial trouble. The state is subsidizing the reserved housing units so there are restrictions on selling and buy-back periods.
"This is strictly for owner-occupants and they must be residents of the state of Hawaii," said Murata.
By Tuesday there were 27 people waiting in line at Honolulu Design Center's parking lot where Pacifica has set up its sales office.
"It's under a covered garage and that they're feeding us and stuff is really awesome," said Fujio.
Margo Mendiola is getting $100 a day to sit in for a friend.
"It's cool in here it's not hot, we're not sweating, we have a porta-potty," she said. "They have food for us lunchtime, dinner, refreshments drinks so it's pretty comfortable here."
"The developer is very conscious about making sure that these people are very comfortable," added Murata.
And that includes tents.
"If you noticed all the tents are the same, Wal-Mart, Wal-Mart two-person tents," laughed Fujio.
"If they cannot stand in line because they're working or they're out of town - not to be discouraged you know to still come here on September 11th at 10 o'clock," said Murata.
Unit selection will happen September 25. The project should be completed by September 2011.
