Kapiolani Residence: New Affordable Honolulu Condos Starting in High $200K’s

Kapiolani Residence is Honolulu’s latest affordable condo project. With a projected completion in late 2017 – early 2018 Kapiolani Residence offers affordable living in the heart of Honolulu.

Specifications

This building will be 45 stories tall. A total complement of 486 residences will be constructed, of which 292 will get affordable units and 192 will sell at market rates. 11 units will be featured per floor. A 9-floor parking garage will be built alongside the project, hosting an amenities deck at the top of the structure. 5 high-speed elevators will shuttle residents with 1 being a large freight elevator for moving. A covered walking bridge will be available along with electrical vehicle stalls.

Amenties

To keep maintenance costs down the developers focused on offering less amenities than some of the luxury projects in the area. A green space with recreation deck will be atop the parking structure and will host an indoor party room with kitchenette, 1 common BBQ, and 3 open BBQ cabanas. There’s also bicycle storage.

Location

Project Address: 1637 Kapiolani Blvd., Honolulu, HI. 96814

From walkscore.com

Interior Features

Some units will host ocean or mountain-facing views. All units will feature an outdoor lanai; 3 bedrooms will have wrap around lanais. All appliances will be Samsung, to include heating, ventilating, and air condition systems (HVAC). Separated utility rooms will host a stacked washer and dryer and room for cleaning supplies. Luxury vinyl tile flooring will be in the entry, living room, and kitchen areas. Carpet will be in the bedrooms. Walk-in closets will feature building organizational systems or freestanding closing systems.

Affordable Pricing

Anticipated costs:

• Studio Starting from $272,000, Monthly Maintence Fee $250.00
• 1-Bedroom Starting from $308,000, 1 Parking/Monthly Maintence Fee $428.00
• 2-Bedroom Starting from $418,000, 1 Parking/Monthly Maintence Fee $558.00
• 3-Bedroom Starting from $587,000, 2 Parking//Monthly Maintence Fee $765.00

The following is an example of the Shared Appreciation Equity Program in regards to the affordable unit pricing:

Fair market value of property (by appraisal) $325,000 – 275,000 (original base purchase price) = $50,000 (net appreciation)

Net appreciation $50,000/$325,000 (fair market value of the property) = 15% (HHFCD Shared Appreciation Equity Amount)

Fair market value of an affordable KR unit is $450,000 – $275,000 (original base purchase price) = $175,000

HHFDC Shared Appreciation Equity Program Amount 15% x 175,000 = $26,250

Buyer’s Shared Appreciation Equity Amount 85% x $175,000 = $148,750

Benefits of Kapiolani Residence Ownership

This project is great as it allows qualified homeowner applicants the chance to purchase condos below market prices. New homebuyers have an opportunity to live in Honolulu in a brand new development that fits their budget.

Those who would like to transfer some of their wealth in gifting and co-signing could provide an opportunity for homeownership to their kin. There aren’t any household limitations and the Shared Appreciation Equity Program is a percentage of appreciation and can be paid off at any time after close.

These units could be perfect for first-time, young, professional homebuyers – nurses, recent college graduates, teachers, wealthy individuals looking to pass their wealth down to their kids.

Purchase Process

1. Obtain application – ask me to schedule a showroom tour! No online applications.

2. Meet with project lender to determine eligibility – Compass, Honolulu Home Loans, Bank of Hawaii, First Hawaiian Bank, Prime Lending, and Central Pacific Bank.

3. Submit application and pre-qualification letter from lender.

4. Await the public drawing – Deadline to submit your application is Aug. 31, 2016.

5. Select your unit.

If selected, this is when you will sign your contract. At the time of contract signing a $500 deposit is due. 30 days after contract signing 5% down of the purchase amount is due (- your $500). Following your 5% down installment/30 day rescission period, there are no refunds.

Do not fit the affordable purchase requirement criteria? Market units will be sold at a later date!

Interested in Seeing What Else is Available?

If this sounds like an opportunity that would fit your needs, please contact me today! I am a sales agent independent of any new developments on Oahu and can guide you with finding any home or investment property, whether it’s a new development or re-sale listing. I look forward to assisting you!

808.561.8384
joesillaman@hawaiilife.com