Kamakoa Nui Model Homes Open and For Sale in Waikoloa Village
Kamakoa Nui affordable housing project will be offered at prices much lower than anticipated. “Prices will range from $240,000 to $325,000—far from the project’s original concept and designs that set prices from $385,000 to $495,000,” said Mayor Billy Kenoi last Friday, November 18th, 2011 during the Kamakoa Nui model homes blessing.
Also differing from the original concept that offered the homes as leasehold, “buyers will have the chance to assume full ownership of the home and land after 15 years,” Kenoi said. If sold before 15 years, any windfall profit must be shared with the county. The 15-year requirement is a means to discourage speculation and keep the homes affordable.
How To Qualify For a Kamakoa Nui Home
- Buyers must live within a 30-mile radius of Kamakoa Nui
- Buyers must have an income of 70 percent of the area’s median income
- Buyers must commit to living in the homes
- Buyers can not have owned a home in the past three years, according to the county
About Kamakoa Nui
The first increment of Kamakoa Nui will comprise 91 homes, including 68 one and two-story homes and 23 bungalows. Developed by Hawaii County, ultimately the project will include 1,200 rental and for sale homes on 268 acres. The community’s overall infrastructure includes:
- street lighting
- other utilities
- the model homes and office
- a 12-acre park
The first of the homes to be offered for sale are expected to be completed late summer or early fall 2012. The workforce will be built in groups of six to eight bungalows and single family homes, which is expected to begin next month.
Kamakoa Nui affordable project is finally taking shape and I will make sure to keep you informed! I live, work, and play in Waikoloa Village!