Foster Tower in Waikiki, the only condominium in Waikiki directly across the street from Kuhio Beach, has been a leasehold building with diminishing values until Saturday. That is when Queen Liliuokalani Trust had a meeting to announce the fee would be offered to the condominium owners. Fortunately, I was able to attend the event. The Trust has business reasons to offer the fee at this time.
View from Foster Tower #2101 (MLS# 1200467) where the fee interest is now available
By having the fee available, owners or future investors will now be able to own and finance very desirable units. Currently, there are 5 units for sale in the building with the most expensive listed at $749,000 leasehold with the fee available.
There are 4 other units listed for sale at $220,000 and below. The current owners have until May 29th to purchase with a closing date of August 30th to close. Because of some units having been combined over the years, there are many different prices in this offering. However, the typical original unit prices would vary from a low of $159,000 for a studio to $539,000 for a 2 bedroom. With the interest shown at the meeting, this promises to become a valuable resort condominium to own.
If you currently own a unit at Foster Tower and wish to purchase the fee interest, or are now considering a leasehold unit now that the fee is available, feel free to contact me for more information.