One of two towers that make up the 801 South Street condominium development, a workforce housing project in Kakaako. On average, sellers have made more than $109,000, cashing in on the shortage of units and high demand for housing.
Two dozen units at 801 South Street Tower A have been resold over the past two years, and five more are on the market, according to data from Locations, a Hawaii real estate firm. The project permit only required the state to offer the unit to moderate-income buyers for the first 60 days on the market. The sale would be unremarkable except the unit was identified as “workforce housing” on state records, meaning it was expected to be owned by an individual or family with a moderate income to help ease Honolulu’s housing crisis.ĭerek Lock, project manager for the development 801 South Street, said the original income-qualified buyer fell through before Kakaako Condo acquired the unit. Kakaako Condo turned a profit of $46,592 when the company sold a high-rise unit after owning it for just a year.
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