As more condos rise in Kakaako, so does the demand for parking.
Realtors say potential buyers are competing with each other, paying tens of thousands of dollars just for one residential parking spot.
Realtor Michael Zimmerman recently completed a sale in Pacifica Honolulu. His client competed with six other buyers and got the property.
But his client, didn’t buy a condo. “It was a parking stall and a storage unit together. It sold for $84,000,” Zimmerman said.
That’s more than what it sold for just last year, when it was purchased for $77,000.
“I have two clients right now who are looking for parking. In one building it’s very, very difficult because parking usually doesn’t become available,” Zimmerman said.
Some units in Kakaako don’t even come with parking, and street parking isn’t much of an option.
In Kakaako, some of the areas on the street are already reserved and the parking that is available is usually always taken.
Realtor Christine Heidema with Century 21 All Islands Fine Homes and Estates represented a seller who put a parking stall in the Moana Pacific and nearby 95-sq.-ft. storage room on the market.
“No other car was beside it, so you don’t have to worry about door dings,” she said, “and I had three or four calls right away, within the first two or three days, which was amazing to me. I didn’t expect that.”
The stall and storage sold for $71,000, much more than what it was purchased for. Heidema said her client bought the stall for $15,000 and the storage room for $23,000 — a total of $38,000.
Realtors say people are even buying parking stalls in Kakaako purely as an investment.
“You can either rent it out, you can hold it and just wait for the value to go up,” Heidema said.
“Is it safe to say as more condos rise in Kakaako, the demand will only increase and so will prices?” KHON2 asked.
“I think that’s a fair assessment,” Zimmerman said.
The Hawaii Community Development Authority says, with the exception of affordable housing units, developers are not required to build a certain amount of parking stalls for new developments in the area.