Last month I introduced Howard Hughes’ new development, Ke Kilohana. Since then there have been many first-time homebuyers super excited about this opportunity, so I thought I would gather more information to share.
While the sales office still does not know specifics on when the reserved unit sales will commence, it should be within the next few months. For those patient Hawaii residents that can wait 2 years for the completion of the project, Ke Kilohana will represent a significant opportunity to live in the heart of Honolulu at under market value prices.
Coming Soon to Ward Village
Ke Kilohana will reportedly be the largest energy-efficient high-rise building in the country, and it will be within Ward Village, which is a LEED ND Platinum certified neighborhood. In addition, although the amenities will be plentiful, the developer’s goal is to have low monthly maintenance fees for the owners.
As for financing, parents will be allowed to co-sign for the loans and/or gift as much money as they choose toward the purchase price. Just keep in mind that the State of Hawaii will always have a shared equity when owners decide to sell their unit, and for either a 2 or 5-year period, there is a buy back provision as well. This is aligned with the mission of the Hawaii Community Development Authority (HCDA), which is to continue to provide affordable housing for residents of Hawaii who are within a specified income bracket.
We don’t know if sales will open this month or in 4 months, but if you’re interested in buying a unit, you should start the process now. You will need to be pre-approved for your loan by specific lenders, and have your application ready to go when announced. The way the project will likely sell is by lottery, where you (thankfully) need not be present to be selected.
Ke Kilohana should be completed by late 2018 or early 2019 (largely determined by how quickly a certain percentage of sales are made). If you want more information on Ke Kilohana, or would like to attend a free workshop to learn more, check out my blog, contact the sales office or me.