It’s no secret that Kakaako real estate is booming. With its prime location close to downtown, Waikiki and Ala Moana, amazing ocean views, and great restaurants, there is high demand for the new units coming on the market. And while some might think that only wealthy foreign investors can afford the multi-million dollar price tags, in reality, there are plenty of units at price points for budgets of all shapes and sizes.
Each developer that builds a condo in Kakaako has to allocate 20 percent of units toward reserve housing. These units are reserved specifically for buyers who are owner-occupants and are priced according to the Area Median Income or AMI, per the the Hawaii Community Development Authority (HCDA). There are specific qualifications for these reserve units – if you have never owned a home in Hawaii before make less than $140,000, you may qualify.
Units will range from studio lofts to two-bedroom, two-bath condos and everything in between.
Most reserve housing units require only 10 percent down and most or all of it can be gifted from family members.
Sales are starting very soon for a few of these projects, so don’t waste anytime and contact me right away so we can get you approved. If you are interested in more information on what housing type is best for your needs, please email me so we can chat further about the right project for you.
If you don’t think you would qualify and are just looking for a market-rate unit but can’t afford that million-dollar penthouse just yet, there are options for you too.
You can get a two-bedroom, two-bath unit, with more than 800 square feet of living space and two parking stalls in the high $700,000s, sometimes lower.
There is a lot going on so I encourage you to learn as much as possible and consider me a resource for all things Kakaako.