Developers of Allure Waikiki, a 35-story upscale residential project, topped off the tower yesterday morning, marking its completion.

  Allure Building Almost Ready For Waikiki

 

The new Allure building in Waikiki is almost done but during these tough economic times, there may be challenges for local realtors.

[ Watch ]

 

Chicago-based Fifield Cos. considered the topping off a milestone after breaking ground at the 2.2-acre site — once home to the Wave Waikiki — in January 2008.

“;We're doing what we said we would do,”; said Alan Schachtman, Fifield's senior vice president. “;We'll be in a good position when we deliver next year.”;

Allure Waikiki is slated for completion in mid-2010.

The project offers 291 units ranging from one to three bedrooms, along with an infinity-edge pool and waterfall.

Two years ago, the units were priced between $750,000 to $1.75 million. Today they're in the $500,000 to $2 million range.

The real estate market has shifted, and Allure Waikiki earlier this year reduced prices on some of the units by 20 percent. Schachtman said the price reduction here boosted sales. Prices for the now-complete Allure Las Vegas were reduced 25 percent, he said.

“;The market is lousy everywhere, but we're doing better here than in other markets,”; he said. “;Waikiki has done better than average. I think it has to do with the scarcity of the product.”;

Fifield declined to disclose the number of units sold, but several buyers were on hand to celebrate the topping off yesterday.

Edwin Dang and his wife are downsizing from a multi-level Moanalua townhome for a two-bedroom at Allure Waikiki.

“;We like what's happening in Waikiki,”; he said. “;We thought the location was excellent, and we like to get out and walk.”;

While the Allure Waikiki and nearby Trump International Hotel & Tower (a 38-story ultra-luxury tower slated for completion by the end of this year) appear to be on track, other projects have been stuck in limbo due to financing issues.

The Moana Vista on Kapiolani Boulevard, for instance, has since the beginning of this year been stalled on the 27th floor, which is only about halfway complete.