Harbor Club #706 – Deal of the Year?

Posted on May 15, 2008 | by Denny Oh

Harbor clubHarbor Club. Built in 1992, these twin towers are one(two?) of a kind. In addition to its incredible views, Harbor Club has been known for its high prices and high end homes. Its here that the $7,250,000 condo was sold and its also the building that might have the best deal of the year.

Located in the West tower, 100 Harbor Drive #706, is priced at $699,000. That might not sound like a deal, but then again, you probably arent familiar with the Harbor Club. Unit 706 is a 1,624 square foot, 2 bedroom, 2 bath condo that overlooks the pool. At $430 per square foot, this is WAY below the buildings $783 average sales price per square foot(1/1/07“5/15/08). No, this doesnt have a great water view, but so what?!

Harbor Club #706 is bank owned and wont last long. Id be willing to bet that this condo will no longer be on the market come Monday. And if it is, I can guarantee there will be multiple offers and the sales price will be over the $699,000 asking price.

So, if youve been looking for that deal, this is it. The last owner purchased it in April of 2003 for $640,000 and comps put unit #706 around $900,000. This deal is easily 20% below market value. The best thing about this deal, is that its not at Acqua Vista, or Palermo, or some other generic building. This is the Harbor Club.

What are you waiting for? Call me and Ill meet you over there with a contract. Just bring your check book and your pre-approval letter.

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4 Comments

  1. Rintoul says:

    What you are seeing is called a “reduction in price”. It is *not* priced below market – it is SETTING the market. And the market is DOWN. Why can’t any of you nitwit REALTORs see that?

  2. Denny Oh says:

    Rintoul,

    Is there ever such a thing as a “deal?” By your definition, deals are non-existent and market value can only be determined by each consecutive sale.

    I don’t think I said, or even alluded to the fact that this isn’t a down market. In fact, I’ve said this myself several times – hence the deals.

    But then again, I guess I am just a nitwit Realtor who doesn’t know anything about real estate. Thanks for your wisdom.

  3. Keahi Pelayo says:

    Sounds like a very nice unit.
    Aloha,
    Keahi Pelayo
    RE/MAX 808 Realty

  4. Denny Oh says:

    Keahi,

    The Harbor Club is a great building and this 2 bedroom is priced unbelievably low for this building. If you want to be in the Harbor Club and don’t need water views, this is your condo.

    How’s the market in Hawaii?