In 2009, iStar Financial Inc. acquired four entire floors in the Ilikai Apt Bldg in Waikiki through foreclosure. With a total of about 178 units in its inventory, iStar Financial has just announced that they will be releasing a total of 59 renovated and furnished units for sale, with prices starting at about $399,000 for a 500 sq ft one bedroom unit and prices starting at about $1 million for a two bedroom unit with 1000 sq ft of interior. The company's long term plan would be to liquidate their remaining unit inventory as well as finding buyers to purchase their retail, restaurant and commercial spaces that they own in the complex. Ben Dookchitra, vice president of iStar, stated, "The demand was more than we expected. We've been positively surprised."
The Ilikai was built 1964 and has just over 1,000 units in the building. Dookchitra stated that approximately 90 percent of the units in the building are rented out as vacation rentals.
Source: Honolulu Star Advertiser, 9-25-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
