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Kapiolani Residence: Market unit launch

Project Overview

Kapiolani Residence, a residential project going up on Kapiolani Boulevard is getting ready to start market rate unit sales. The 45 story tower developed by Sam Koo, will feature 192 moderately priced market rate units. The 292 affordable housing units also available in the building will be picked by lottery near the end of October/early November (applications for the affordable housing units were due August 31st 2016).

The 192 moderately priced market rate units are made up of 69 one-bedroom units, 83 two-bedroom units, and 40 three-bedroom units. The market rate units will also be sold by lottery, giving potential buyers a 30 day window to submit the necessary paperwork to enter.

Some of the necessary qualifications are:

  1. U.S. citizen our Permanent Resident Alien.
  2. Hawaii resident.
  3. Intent to occupy the property at closing.

There is no shared appreciation of any kind for these units, with being an owner-occupant for 1 year being the only requirement. No pricing has been released yet.

Building Features

  • Recreational Deck & Indoor Party Room, BBQ Grills, Cabanas
  • Assigned Parking in a 9-Floor Garage with a Covered Walking Bridge
  • Electric Vehicle Stalls Available
  • Covered Building Entry using FOB Key System
  • Resident Manager
  • Secured by Closed-Circuit Television (CCTV)
  • Reception Desk & Mailroom
  • Elevator Lobby: 5 Elevators (1 Service)
  • Designated Ground Level Loading Stall in Parking Garage
  • Bicycle Storage

Unit Features

  • Private Lanai
  • Samsung Appliances
  • Samsung Split AC System, Heating, Ventilating & Air Conditioning (HVAC)
  • Stacked Washer & Dryer
  • Wired for Technology
  • Luxury Vinyl Plank Flooring in Entry, Living Room, & Kitchen
  • Carpeted Flooring in Bedrooms
  • Walk-in Closet with Built-in System or Freestanding Closet System

Distance to Rail – 0.4 miles /7 minutes walk

Kapiolani Residence Pricing

Kapiolani Residence Market Interest List

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Condos Local Real Estate Stories

Kapiolani Residence: Everything you need to know

With all the new construction projects going on in Kakaako and urban Honolulu, developers are realizing there is a real need, and demand, for moderately priced housing. The HCDA does a great job ensuring that at least 20% of the housing built in the Kakaako neighborhood is allocated toward reserve housing units, and recent sales at Ke Kilohana prove that there is so much more demand then there is supply. Kapiolani Residence will hopefully ease some of that demand by providing 292 affordable housing units in the Ala Moana neighborhood. The project being developed by Sam Koo Pacific, a well-known developer from South Korea, will be located at 1631 Kapiolani Boulevard featuring a 45-story mixed use residential tower with commercial space on the ground floor.

Kapiolani ResidenceKapiolani Residence will have approximately 292 affordable housing units including 53 studio units, 107 one-bedroom units, 105 two-bedroom units, and 27 three-bedroom units. The affordable housing units will be reserved for residents of Hawaii making less than 120% of the AMI or area median income.

Kapiolani Residence

 

Along with the 292 affordable housing units, 193 moderately priced market rate units will be made available for sale. 35 studio units, 69 one-bedroom units, 72 two-bedroom units, and 17 three-bedroom units will be offered. The breakdown for unit size, number of units on each floor, approximate interior square feet, estimated price ranges, and number of both affordable and market units available in the building is listed below.

There are restrictions with the reserve housing units which include a 10-year term where the HHFDC (Hawaii Housing Finance and Development Corporation) has the first right of refusal for a buy back on the unit. There will also be a shared equity component when reselling the unit down the road. Details about the specifics on the shared equity will be made available at a later date and possibly through an informational seminar by the project broker. Kapiolani Residence

Ke Kilohana, a reserve housing project in Kakaako with similar buyer restrictions, recently had 900 applications submitted for 375 units. Over 500 people went on the waiting list and it’s likely most of the applicants who were unsuccessful at Ke Kilohana will try their luck once more with this project.  Projects like Kapiolani Residence and Ke Kilohana offer local residents an opportunity to live in Oahu’s urban core for prices below market value.

If you would like to receive updates regarding Kapiolani Residence, please let me know by filling out our form below. Although it is too late to enter the lottery for this building, please fill out the form below to be put on our list of interested buyers for future reserve housing and affordable housing projects in the area.

Update – October 5, 2016

Market rate release is right around the corner! Read our most recent post about the market unit release here.

Kapiolani Residence Reserve List

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Condos Real Estate Stories

Symphony Honolulu


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Symphony Honolulu initially started sales in the early summer of 2013 with more than half of all market units contracted within a few months. Roughly three years later, anxious buyers are visiting their units, doing final walk thru’s, and making final arrangements before moving in. The 388 unit mixed-use building, developed by Oliver McMillan, will be anchored on the ground floor by a luxury car dealership called Velocity. Located at the corner of Ward Avenue and Kapiolani Boulevard, Symphony Honolulu features expansive ocean views with nearly unobstructed mountain views.

auto gallery

With most Oliver McMillan projects, amenities are always a vital selling point as the developer tends to spare no expense when it comes to outdoor spaces and entertainment. Pacifica Honolulu, another Kakaako project joint developed by McMillan, has seen prices sky rocket since the launch of sales with all the great amenities and beautifully manicured recreation deck drawing many buyers young and old. Symphony Honolulu has been able to accomplish getting every amenity one could want into the building, while keep maintenance fees low. At 66 cents a square foot you’re on the low end compared to most of the Kakaako neighborhood.

Amenities include Bbq area, Exercise room, heated pool, sauna, whirpool, trash chute, dog park, media room and much more. Some the unit features include floor to ceiling windows, Studio Becker cabinets, engineered hardwood floors, central AC, stainless steel Bosch appliances, full-size washer dryer and more.

If you’re thinking about moving into urban Honolulu, you should certainly consider Symphony Honolulu. Resales from investor purchased units should be coming on the market soon, contact me if you would like to be put on the list of interested buyers. Mahalo!

 

Condos Real Estate Stories

A cozy one-bedroom in Keola Lai


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Convenience is key for most that are looking at calling Kakaako home. Inside this cozy one-bedroom unit at Keola Lai you will find views soaring towards downtown Honolulu, west Oahu, and Oahu’s south shore.  Keola Lai spans 43 stories and has a total of 352 units in the building.

Screen Shot 2016-03-08 at 4.00.25 PM

Unit 1410 is a one-bedroom and one-bath unit with one parking. It’s a total of 673 square feet which, for Kakaako’s standards, is pretty big. This unit has central AC and mostly carpet flooring with tile in the kitchen and bathroom. Stainless steel appliances come with the unit and for those of you who would rather be doing anything else besides washing dishes, a dishwasher is included!

Screen Shot 2016-03-08 at 4.01.51 PM

Some of the amazing features of this building, beyond all the great amenities, is its close proximity to downtown Honolulu and the fact that it has 25 guest stalls. Along with great locations and ample parking for all your guests you have access to a heated pool, Jacuzzi, gas BBQs, fitness center, and party and recreation pavilion. Storage for your bikes and surfboards are also available.

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Dogs are allowed in this pet friendly building (up to 35lbs) with water, sewer, cable tv, and internet included in its relatively affordable maintenance fee.

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Just around the corner you have SALT which is Kamehameha School’s brand new commercial development which will feature some amazing local boutiques and restaurants. So if you’re too lazy to get in your car and drive somewhere on a Friday night, take Kakaako by foot and explore everything the neighborhood has to offer.

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This unit is listed at $540,000 fee simple. For more information or to set up a showing please fill out our interest list below or email me at Holden@Kakaako.com.

 

 

 

 

Condos Kamehameha Schools Real Estate Stories

Townhomes at The Collection


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deck


Townhome living at The Collection is a true representation of urban living with the feel of living in a house.  These exclusive residences offer ample living space, with all of the available townhomes averaging more than 1,800 square feet of living with more than 550 square feet of open roof top terrace. With four levels of living, the townhomes offer urban living perfect for growing families. Your entry way off of Kakaako’a manicured sidewalks opens to your foyer where you would also access from your private two-car garage. On level-2 you will find your main living area and kitchen with large windows allowing plenty of natural light. You will find Gaggenau appliances, quartz countertops, built-in under-counter wine refrigerator, and an overall contemporary feel. Level-3 features all three bedrooms. A large master-bedroom with double vanity master bath and walk-in closet. Along with two kids/guest bedrooms with a shared bathroom, washer and dryer are also located on this level. Level-4, my personal favorite, offers 560 square feet of private rooftop terrace. Wood decking and an open trellis makes for perfect stargazing over the skies of Kakaako. Electrical stubouts make for easy installation of barbecue grills or your very own hot tub.

kitchen #2

All of these smart energy-efficient residences are built with sustainable materials, within a pet- and family-friendly community. The Collection townhomes will be located adjacent to Salt which will be a 65,000 square foot commercial project featuring restaurants, bars, boutiques, and so much more. With the future Civic Rail Station just a couple of blocks down the road, downtown and Ala Moana shopping center are only minutes away. There are 14 townhomes available with five different layouts to choose from. All of them offer a comfortable amount of living square footage and spacious rooftop terraces.

kitchen

outside #2

deck #2

Floor plan

If you would like more information on this project or would like to be sent all of the available floor plans please let me know. There are also other ‘townhome’ style options available in the Kakaako that may be worth exploring. Mahalo and I look forward to hearing from you!

 

Condos Real Estate Stories Ward Village

Ke Kilohana at Ward Village


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Are you a first-time home buyer? Do you make less than $85,000 a year? Are you a Hawaii resident?

If you’ve just answered yes, yes, and yes, you might just be eligible for a reserve housing unit at Ward Village’s Ke Kilohana. Ke Kilohana is a new mixed-use residential/commercial project coming up in the heart of Ward Village, across the street from the future Kakaako rail station. The project located at the corner of Ward avenue and Halekauwila street will consist of 375 reserve housing units and 49 market units. The residential condo tower will reach 400 feet high for a total of 44 stories, 37 of which will be for residences and 7 stories of parking with an amenity deck on the 8th floor. Based on the current building design there will be an estimated 141 one-, 193 two-, and 90 three- or more- bedroom units.

full-with-sky-terrace

 

A unique feature of Ke Kilohana is it’s sky lanais. Imagine entertaining friends or throwing a dinner party 30 floors up looking out over Kakaako and the pacific ocean. The sky lanais are an amenity just for you and will be the perfect place to escape and get some fresh air.

For me personally, the best thing about Ke Kilohana, beyond the amazing location and great amenities, is the price. Units will start in the low $300,000’s and go up to the $500,000’s. If you’ve been looking at what other units in the Kakaako area have been selling at lately you’ll know that this is an incredible deal. Floor plans have yet to be released and exact pricing most likely won’t come out until right before sales launch, if you let me know you’re interested I can make sure you get everything when more information is made available.

There is a fine balance between falling under the reserve housing requirements while still qualifying for the monthly payments. Contact me below to figure out if you qualify. Holden@Kakaako.com or register your interest below.

Project Update

After the initial launch of sales, the project sold out in about four days. With roughly 900 buyers entering the lottery, more than 500 went on the waiting list. With this project and many like it, luck was a huge factor. Being prepared with all the proper documentation and getting pre-approved early also helps in the process. Kapiolani Residence, another housing project very similar to Ke Kilohana will be launching soon. Click here to learn more!

Real Estate Stories Ward Village

Kakaako Reserved Housing: FAQs


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What is Reserved Housing?

  • The Kakaako district in Honolulu is quickly becoming an attractive and convenient residential community that represents a unique housing opportunity for Hawaii residents trying to relocate closer to the Honolulu business district and Waikiki and substantially reduce their daily commute time to work. Reserved housing is designed to provide affordable housing in the Kakaako area for buyers earning less than 140% of Honolulu area median income (AMI) as established from time to time by the United States Department of Housing and Urban Development (HUD). The 2015 AMI is $86,900.00 and 140% of that is $115,640.00 (for a family of four). All buyers will need to go through a qualifying process to ensure they meet the HCDA reserved housing requirements as well as lender requirements.

What are the income requirements?

  • The Buyer’s “adjusted household income” may not exceed 140% of the area median income. For a single person your income may not exceed $85,150. 
  • The “adjusted household income” refers to the total income, before taxes and personal deductions. This includes anyone living in the primary borrower’s household, including, but not limited to, wages, social security payments, retirement benefits, unemployment benefits, interest and dividend payments, but not including business deductions.
  • In addition, the buyer’s assets (mutual funds, bank accounts) may not exceed 125% of the area median income.

What is shared equity?

  • The share of the equity in the reserved housing unit shall be the higher of:
  1. An amount equivalent to the difference between the original fair market value of the unit and its original sales contract price, not to exceed the difference between the resale fair market value and the original sales contract price; or
  2. An amount equivalent to the authority’s percentage share of net appreciation calculated as the difference between the original fair market value of the unit and its original sales contract price, divided by the original fair market value of the unit. “Net appreciation” means resale fair market value less original sales contract price and actual sales costs incurred, if any.
  3. After the end of the regulated term, the owner may sell the unit or assign the property free from any transfer or price restrictions except for applicable equity sharing requirements set forth in 15-22-187 of the Mauka Rules, Chapter 22 document.
  • PLEASE CONTACT ME FOR INFORMATION REGARDING EQUITY SHARE

What documents do I need to present to my loan officer?

  • 2 years tax returns
  • W-2’s
  • Pay stubs
  • Verification of assets
  • Gift letter with verification of funds (if receiving assistance with down payment)

Which buildings have reserved housing available?

  • There are currently two projects that offer reserved housing, Keauhou Lane, which is about 70% sold located on the Ewa side of Kakaako and Ke Kilohana, which is slated to started sales in beginning of 2016.
  • Howard Hughes’ newest project Aalii will be the next best opportunity for a reserved housing unit. Click for more information. 

What are the buying procedures?

There will be a published announcement in Newspaper outlining the following process:

  1. Application pickup period
  2. Lender qualification period
  3. Application submittal period
  4. Lottery drawing
  5. Unit selection

How long am I required to live in the unit?

The regulated term for reserved housing units is established based on unit affordability and will range anywhere from 2-10 years. Reserved housing units affordable to qualified persons with adjusted household incomes:

  1. Less than one hundred percent of median income shall be regulated for ten (10) years;
  2. One hundred to one hundred nineteen percent of median income shall be regulated for five (5) years;
  3. One hundred twenty to one hundred forty percent of median income shall be regulated for two (2) years. HCDA may elect to extend the period on a case-by-case basis.

How much is the down payment?

The developer can require up to a 10% down payment. The buyer is allowed to put in a larger down payment if recommended or required by the lender.
Condos Real Estate Real Estate Stories Videos Ward Village

Ae’o at 1001 Queen Street


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Sales at Ae’o are moving along swiftly with the new residential tower nearing the 60% sold mark.  Ae’o will be the heart of Ward Village with a flagship Whole Foods Market going in on the ground floor. Howard Hughes’ newest residential tower represents affordability, relative to the Texas based developer’s previous three luxury towers.  Ae’o features Studio-, one-, two-, and three-bedroom units, with something for every buyer out there.

More then just great location, sitting just behind the Ward Entertainment Center, Ae’o offers some of the lowest maintenance fees in Ward Village. At roughly 70 cents per square foot, Ae’o will help keep money in the pockets of it’s buyers and investors alike. Some of the amenities include: Rooftop terrace for private gatherings and parties, lap pool, family pool, outdoor pavilions for gatherings, private gym, guest suites, private movie theater, surfboard and bicycle storage, and a dog-run to name a few.

Watch this amazing video that sums up life at Ae’o.

For floor plans, pricing, and additional renderings please feel free to contact me at Holden@Kakaako.com. Mahalo and I look forward to hearing from you.

Ae'o

Condos Explore Howard Hughes Real Estate Stories Ward Village

988 Halekauwila: Everything You Need to Know

Howard Hughes is now moving forward on the very controversial 988 Halekauwila, recently renamed Ke Kilohana. The 400 foot building was initially proposed as a fee simple condo tower that would house most of Howard Hughes’ required reserve housing units for phase one and two of there proposed master plan. The Texas bases developer then tried to get an approval from the HCDA to offer the building as an affordable rental tower for a certain number of years in hopes that would satisfy their reserve housing requirements. The HCDA ruled against and now we’re back to the original plan, 424 residential units, majority of which, will be reserved housing units.

988 Halekauwila

There will be 141 one-bedroom, 193 two-bedroom, and 90 three- or more bedroom units. The condo project is trying to achieve LEED certification all while promoting neighborhood scale sustainability which includes walkability, access to transit, affordable housing, access to diverse uses of housing types, and district-wide green building initiatives like energy and water efficiency.

With the project being largely reserve housing, buyers will have to qualify under currect HCDA guidelines. This requires all buyers to make between 100% to 140% of Kakaako’s area median income. The qualifying process does encompass more than just the income qualification with a standard pre-approval letter still an integral part of the buying process. Please contact me for more details.

988 Halekauwila will be built on the site of the old Dixie Grill, where halekauwila and Ward Avenue meet, located across the street from HART’s proposed Kakaako rail station. There will be approximately 25,000 square feet of commercial space on the ground floor with Longs Drugs having just signed on to anchor the space.

Longs

988 Halekauwila adds affordability into Ward Village, where it previously was non-existent with it’s first four towers. This project will add diversity and life into the growing neighborhood. The project also offers a great opportunity to get into the Ward Village neighborhood at relatively affordable prices. If you’ve missed out on reserve housing opportunities in the past please don’t wait to get on our interest list. We will keep you up to date with information as soon as it is made available by the developer.

Contact Holden@Kakaako for more information and to be put on our interested parties list. Thank you!

Vanguard Lofts Interest List

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