There was a time when brand-new condo prices in Honolulu were soaring - but today they are plummeting as developers try to reel buyers in.

From Kakaako to Waikiki, developers are reducing prices and offering limited specials in response to a slowing market.

At the Moana Vista, still under construction by KC Rainbow Development, prices have dropped anywhere between $70,000 to $100,000, according to Allen Leong, director of operations.

Two-bedrooms now start in the low $400,000s.

“;We can only deal with the market the way the market is,”; said Leong. “;The only way to attract buyers is to have a really good price.”;

The 48-story Moana Vista on Kapiolani Boulevard is advertising a close-out sale with prices reduced 25 to 30 percent. The 492-unit project is about halfway up and expected to be completed in summer 2010. The project's completion was delayed for about a year to adjust to the market.

It is a 180-degree turn from when KC Rainbow put units at Moana Pacific, its first project in Kakaako, on the market. Back then, potential buyers camped out and paid others to save their place in line to purchase one of the units.

“;It's a totally different market,”; said Leong. “;We did OK during the holidays, but now we're really pushing.”;

Leong said the key was to find the right price, and he believes Moana Vista's price-per-square-foot rates are competitive to other condos in the area. There was a good turnout during the three-day weekend, and so far, about 230 of the 492 units are reserved.

It doesn't help, of course, to see Moody's reporting an expected 30 percent second-quarter drop in median prices before bottoming out in 2011, he said.

To reserve a unit, KC Rainbow requires a 12 percent deposit, which won't be binding until the end of this month or later.

  At 909 Kapiolani Blvd. just down the street, some 40 units remained on the market a year after the high-rise was completed. During the weekend, the developer, POSEC Hawaii, offered reduced prices for seven randomly chosen units for a limited time.

One-bedrooms started at $416,800 and two-bedrooms at $550,750.

All but one are now under contract, according to Beth Worrall Daily, vice president of Mary Worrall Associates Sotheby's, which in September became the broker for the project.

One advantage of buying at 909 Kapiolani, she said, is that it has already been built out and tested for a year.

Allure Waikiki, a 35-story luxury condo coming up on Kalakaua Avenue, has opened a sales office in Tokyo as part of its marketing strategy, and will also be reducing prices on select units.

Specifics are not yet available, but developer Fifield Co. of Chicago will offer reductions for a limited time to keep the momentum going, said spokeswoman Stephanie Wilson. Interested buyers can contact the sales office for more information.

“;We believe the value of that location will outlast the recessions,”; said Wilson. “;There's very little land to develop in Waikiki.”;

Allure Waikiki is setting itself apart by offering a package of furnished units by Pacific Orient Traders. The 291-unit luxury condo is slated to open in 2010.

Sachi Braden of Sachi Hawaii Pacific Century Properties LLC said buyers can take advantage of reduced prices in both new and existing condos. There is also more room to negotiate with developers.

Usually, new condos are in demand and command a sense of urgency.

“;With this market, no one's urgent to buy,”; she said. “;Everyone's tight with their purse-strings and many think it's better to wait to get a better price.”;