The condo building 1717 Ala Wai is a perfect example of the right way to bring aging Waikiki condos into the next 50 years. Like much of Waikiki, the 1717 Ala Wai building was built in the late 1960’s and was a shining example of a modern building in a world-class location.
Over the years, worn by sun, salt air, and time, the building showed its age. While other nearby buildings may choose to ignore the effects of aging, the management of 1717 Ala Wai is facing this challenge head-on, and in an owner-friendly way.
Renovations to Revive
Like other buildings, the standard maintenance fee in 1717 Ala Wai covers the cost of building and common area operations. In 1717 Ala Wai, that fee includes security staffing, management, pool, hot tub, sauna, fitness center, recreation area, and each owner’s water, sewer, and hot water fees.
Last year the association of unit owners, along with the management, developed a long term vision for the future that will protect owners’ investments. The association, in good financial health, took a line of credit to work on the following items:
- Concrete Spalling
- Asbestos Removal
- Common Area Renovations
Along with their usual maintenance fees, owners pay a monthly assessment to cover the cost of these renovations. The fees differ depending on size of the unit, but are currently in the range of $250-300 per month. The final total for the renovation work will be known when the work is complete. At that time the association plans to offer residents a pay-off amount, or the option to continue to pay monthly. The length of the payments will depend on how quickly the principal is paid off.
The association and management have done an excellent job of communicating with residents about the renovations by holding informational meetings, hiring a Construction Information Assistant, and posting signage and notices. The Resident Manager, Reggie Eubanks, has been very receptive to my phone calls and requests for information about the projects, particularly regarding how the work effects real estate transactions in the building.
A Bright Future
Owning property in this building is an excellent opportunity to capitalize on your investment as these projects are completed. This is a very attractive building now, but it will become even more so in the near future.