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Ke Kilohana at Ward Village

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.

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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!

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Real Estate Stories Ward Village

Kakaako Reserved Housing: FAQs

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 2017 AMI is $86,600.00 and 140% of that is $121,25.00 (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. For a single person the max income or 140% of AMI is $84,900. (see below for full chart)

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 $84,900. 
  • 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.

Kakaako 2017 AMI

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.

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Condos Real Estate Real Estate Stories Videos Ward Village

Ae’o at 1001 Queen Street

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

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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!

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Condos Real Estate Stories Videos Ward Village

Anaha Model Unit: Video Tour

Anaha, Howard Hughes’ second tower in it’s phase one of development, has recently broken ground on construction in Ward Village of Kakaako. The 283 unit tower featuring studio, one-, two-, and three-bedroom units along with 73 townhomes, will strive to meet LEED certification standards. Using high-efficiency air conditioning, hot water systems, and LED lighting will help Howard Hughes achieve this goal. Another great feature of Anaha is it’s close proximity to Kakaako’s flagship Whole Foods Market, located directly across the street on ground level. Ahaha is also located across the street from Ward Theaters which is a gathering place for locals, the complex also features some great restaurants and shops.

17_19-05-2014_8225Anaha will feature 9 foot ceilings in all of it’s residences, with 10 foot ceilings in the penthouse units. Miele kitchen appliances come standard, along with polished quartz composite counters, and spacious master bedrooms with free standing bathtubs. The video below illustrates the quality of the materials, spaciousness of the units, and the expertise of the design team.

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Anaha is a truly amazing project and although most of the building is sold out, units are still available. (The project is roughly 80% sold out) Two-bedroom high-floor units are on the market for roughly $2,000,000.  The Gateway is another project located a few hundred yards down the road, designed by star-architect Richard Meier. The project is ultra modern and features unobstructed views of the pacific ocean. One-Bedroom units in The Gateway start at around 1.5 million so don’t wait because the one-bedroom units typically sell fast.  If this opportunity sounds enticing to you please don’t hesitate to reach out to me. Mahalo and I look forward to hearing from you. Email me at Holden@Kakaako.com.

Please feel free to comment in the section below. What are your thoughts about Anaha? Can you see yourself living in Ward Village? Mahalo!

Real Estate Stories Videos Ward Village

Inside look: Video tour of Ward Village

Over the past couple of years I’ve been covering the Kakaako real estate scene. I’ve covered all the latest residential towers past, present, and future including some of the up and coming restaurants in the area. Writing about Kakaako is easy for me because I am very passionate about the neighborhood and all the potential it holds. I work closely with the great people at Howard Hughes as they are one of Kakaako’s largest landowners and are responsible for many residential towers coming up in Kakaako’s near future. Below is a video that Howard Hughes produced to help introduce people to their vision for the neighborhood.  If you were a bit confused about the difference between Ward Village and Kakaako, this video does an amazing job of clearing the air. Enjoy!

Now that you know everything there is to know about Ward Village, you’re probably ready to pull the trigger on purchasing something in the area right? Keep in mind Ward is just a small part of Kakaako and opportunities are available beyond Howard Hughes’ 60 acre parcel.  For more information about the area or if you had a questions about the future of Ward Village please feel free to contact me at Holden@Kakaako.com.

Mahalo!

 

Explore Howard Hughes Real Estate Stories Ward Village

Ae’o: Owner-occupant lottery starts this Saturday

Ae’o, one of Howard Hughes’ latest condominium developments, will start sales for owner-occupants units this coming Saturday 1.18.15. Howard Hughes, the Dallas based developer, has seen great success thus far with Waiea and Anaha very close to 100% sold. Gateway which is another condominium development by Howard Hughes,  recently started sales too though the price point for the project is two to three times that of Ae’o. The selling point behind Ae’o is there relatively affordable priced units compared to that of Waiea and Anaha, both of which are less than a few hundred feet away. Imagine moving in to Kahala or Diamond Head for Kaimuki prices.

There seems to be a lot of buzz around Ae’o and I can see sales going really well for Howard Hughes. Pricing for studios will start at $410,000, one-bedrooms starting at $573,000, two-bedrooms starting at $860,000, and three-bedrooms starting at $1,390,000.  A brand new flagship Whole Foods Market will be located on the ground floor, Ala Moana beach park is just a few minutes walk away, and a brand new elevated rail system is just a few minutes walk down the road. Ae’o offers convenience and luxury in an affordable price range. Read more about the project here.

The lottery will take place this Saturday so all buyers must enter no later than Friday at midnight. Please contact me for floor plans and more information about how to enter the lottery.

I’ve worked closely with Howard Hughes as well as other developers in the Kakaako neighborhood and understand the sales process very well. I’ve sold in everything from Keauhou Place to The Collection and even Vida at 888 Ala Moana. I work hard to get you what you want so that you don’t have to. Give me a call today or email me to set up an appointment or showing. Mahalo! Holden@Kakaako.com or (808)387-3366.

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Explore Howard Hughes Real Estate Stories Trending Ward Village

Ae’o at Ward Village: The Whole Foods Tower

Ae’o or more commonly known as the “Whole Foods Project” is finally upon us. With sales started in July of 2015, Ae’o, located at the corner of Kamake’e and Queen street, will feature a Whole Foods Market along with relatively affordable market rate residential units.  Studio units started at $410,000 and sold out almost immediately. One-bedroom units started at $560,000 and a large majority sold out in the first week or so, I think a few higher floor (and therefor higher priced) units are available. Two-bedroom units started from $860,000 and all of the units listed under $1,000,000 sold very fast. There are a bunch still available in the $1,400,000 to $1,800,000 range. Three-bedroom started at around $2,000,000 and there are still a lot of options available.

The project will feature 65 studios, 220 one-bedroom units, 125 two-bedroom units, and 56 three-bedroom units. Sales took place on two different stages. They first launched a owner-occupant lottery with more than 550 entries. I was lucky enough to have four buyers with three of them getting great picks. Phase two was for investors and selection went to owners of Waiea and Anaha units first. Next were people who submitted non-binding pre-registration a few weeks earlier, you were called in to the sales office in the order you submitted the NPA. (NPA’s were time stamped) With this launch and other similar projects, lower priced units are the first to sell. (Note: In the future, if you’re looking for a unit on the lower end of the price range, make sure you notify me very early on).

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The Whole Foods Market will be located on the ground floor and will be roughly 50,000 square feet making it the largest Whole Foods Market in the state. With no other large grocery store in the neighborhood, Whole Foods will be a hub for the many residents and future residents that call Ward Village and Kakaako home, ever increasing the walkability of the growing neighborhood.

Being within walking distance to the great restaurants of Ward Village, Ward Theaters,  and now the convenience of doing all your grocery shopping foot steps from your front door, Ae’o offers true urban island luxury living.

If this project or any of the other projects in the Kakaako neighborhood are of  interest to you, please email me at Holden@Kakaako.com. If you have any questions please feel free to comment below or email me directly.  Mahalo and Aloha!

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The Gateway at Ward Village

With more and more condos on the rise in the Kakaako neighborhood, developers are constantly trying to differentiate their projects from other buildings. In the case of Howard Hughes, they must differentiate each of their condos with unique selling points and amenities. Whether it be through a prime location like Park Lane, seemingly endless amenities in Waiea, or maybe it’s competitive pricing while not comprising luxury as is the case with Vida. Next on the horizon is Howard Hughes’ latest proposed condominum tower, The Gateway, designed by world-renowned architect Richard Meier.

Situated on the Ward Warehouse block in Ward Village, The Gateway will consist of an Ewa tower and a Diamond Head tower. Located between the two towers will be a nearly one-acre central plaza designed by Richard Meier, the famous architect behind The Getty Center. The plaza will feature pedestrian walkways, native plants, water features, and passage from the heart of Kewalo basin to the center of Ward Village. The Gateway at Ward Village

A few of the notable amenities beyond your typical luxury condominium include a wine tasting room and cellar, pet spa, veranda bar and four luxury guest suites so your friends from out of town can enjoy Kakaako from the luxury of their own suite.

All of the residences at The Gateway will feature 10-foot ceilings, Gaggeneau appliances, wine refrigerators, motorized window shades, and much more. I was able to get a private tour of the model unit on the first day of sales and Howard Hughes has really outdone themselves with the finishes.

“Overall wellness, health and balance can be seen in every design element in Gateway, from the private yoga rooms and ocean view fitness centers to the sprawling public living rooms and infinity-edged lounge pools,” per the developer.

With all of the luxury condominiums on offer in the Kakaako area today, there is a condo for every buyer. Howard Hughes has certainly outdone themselves with this project and the awe-inspiring design by world-renowned architect Richard Meier is a sight to be seen. If this project interests you or if you’e curious about what other projects are available in the Kakaako area, please contact me at Holden@Kakaako.com.

Eating Howard Hughes Stories Ward Village

Monthly Courtyard Brunch to Launch at Ward Village

Calling all foodies! Ward Village today announced a brand new recurring community event centered around everyone’s favorite meal — brunch. The kickoff will take place on Sunday, April 12, 10 a.m. to 1 p.m. at the Ward Village Information Center Courtyard (former IBM Building). The monthly event will feature farm to table ingredients paired with local chefs and farmers, as well as live entertainment.

“Courtyard Brunch offers a modern twist on the classic Sunday morning fare, providing a taste of creative brunch concepts from some of the most talented chefs in town,” said Katie Ka’anapu, Director of Community and Retail Marketing for Ward Village. “We’re excited to add Courtyard Brunch to our growing line-up of community events at Ward Village, where we strive to provide a thriving, integrated gathering place for locals and visitors to enjoy in the heart of Honolulu.”

The first Courtyard Brunch event on April 12 will showcase the theme, “Women Working for Ward” with a line-up of local female chefs and farmers, including dessert chef extraordinaire Michelle Karr-Ueoka from MW Restaurant,  Pastry Chef Jayme Vaniew from Morimoto Waikiki, Co-owners Jill Nordby and Jamie Sexton of Holoholo General Store, Chef Gida Snyder from Naked Cow Dairy, and much more. The event will also feature live entertainment from DJ Anit.

“We are thrilled to be part of the first ever Ward Village Courtyard Brunch and look forward to sharing seasonal recipes that highlight our fantastic local farms and suppliers,” said Claire Sullivan, Hawai`i coordinator, Purchasing and Public Affairs for Whole Foods Market. “This community event is a wonderful opportunity to introduce ourselves to the neighborhood of Ward Village, the future home of our flagship Whole Foods Market in the state of Hawai’i.”

Courtyard Brunch will take place monthly from 10 a.m. to 1 p.m. at the Ward Village Information Center Courtyard (former IBM Building). Tickets are $20 per person, with all proceeds benefiting local nonprofit organizations via the Ward Village Foundation. Tickets include access to a mouthwatering array of brunch eateries who will offer customer favorites alongside themed dishes, as well as contemporary breakfast cocktails. Guests will also have an opportunity to shop from a selection of market stands offering fresh produce, meats and cheeses from local farms. Tickets can be reserved online at wardvillageshops.com.

Whole Foods Market plans to open a 50,000 square-foot flagship Whole Foods Market at Ward Village at the ewa-makai corner of Queen Street and Kamake’e Street as part of a mixed use development. The store will be the company’s largest location in Hawai’i and the fourth Whole Foods Market in the Islands. The company opened its first store in Hawai`i in Kāhala in 2008 and has been committed to buying, sourcing and supporting locally grown and made products since then. In 2014 alone, over $6 million was spent on purchases from Hawaiian agricultural operations, including farms, dairies, apiaries and ranches.

Ward Village hosts several free community events throughout the year, including the Ward Village Courtyard Cinema monthly film series, the Art + Flea urban market, the Kaka’ako Farmers’ Market each Saturday, and more. For more information, visit www.wardvillage.com.