Capitol Place sales occurred in a flurry mostly May 7, when the on-site sales office opened to a crowd estimated at 400. Buyers this week continued to whittle away remaining inventory to about 40 units as of yesterday.

The response was a reminder of just how strong Hawai'i's real estate market continues to be, with demand from well-heeled investors as well as homeowners able to trade up because of accelerating home values and low interest rates.

"It's amazing," said Jodee Farm, a Prudential Locations agent representing a buyer considering a Capitol Place unit yesterday. "The appeal is that it's brand new, the market is hot and everybody wants something."

Mark Mord bought a $1 million penthouse yesterday with the intent to move from his townhome at Ko Olina Resort & Marina when the high-rise is completed in about two years.

"I wanted to get closer to town," he said. "The commute is just too much. Some days it turns into an hour and a half."

Dave Stoesser, a Mililani Mauka resident working for a distribution company, said he avoids messy Central O'ahu traffic but likes the appeal of having the amenities of a high-rise condo.

"Condo living is different," he said while checking out Capitol Place offerings. "It's all-around convenient. It's almost like hotel living."

Capitol Place is designed with a dog park, media and music rooms, playground, pool, jacuzzi, gym, cabanas with barbecues and a yoga/Pilates studio. Monthly maintenance fees range from about $300 to $700.

The ground floor of the building is designated to be a Honda showroom for Pflueger Group, which bought the land from the city last year for $10.5 million and partnered with The MacNaughton Group and Kobayashi Group LLC to develop the building.

If the project sells out at current prices, condo-unit proceeds would total about $260 million. A development cost estimate was not available.

Late last year, unit prices were estimated to start in the high-$200,000 range, but fast-rising home values led the developer to start sales at $345,000. The price for 1-bedroom units go as high as about $450,000. Two-bedroom units range from $430,000 to about $800,000. Three-bedroom units started at $675,000 and top out at about $1.1 million.

Because of the anticipated response, the developer placed all the units for sale at once as opposed to selling in phases, which other high-rise condo developers have done.

"The way it was this (past) weekend, there are a lot of people ready and willing to move downtown," said Donald "Matt" Pakkala, a Capitol Place sales agent.

Remaining units are reserved for owner-occupant buyers who must affirm they plan to live in the unit for at least one year.

Construction is scheduled to start by the end of the year and be completed toward the end of 2007.