Short Term Rental Laws Changing
Short term rentals are a hot topic right now. On June 25, Bill 89 was signed into law on Oahu by Mayor Kirk Caldwell. The result is the creation of Ordinance 19-18. Homeowners and travelers alike will be seeing changes to transient accommodation on Oahu. Enforcement of the terms in the bill begins on August 1, yet there still remains a lot of uncertainty to many aspects of the bill. See FAQs here.
Kulima and Ocean Villas
The Kuilima Condominium Project and the Ocean Villas at the Turtle Bay Resort on Oahu’s North Shore are one of the zones in question. Will Bed and Breakfasts (B&Bs) and Transient Vacation Units (TVUs) be allowed here? Should I buy a unit before prices go up? Where will all the tourists stay on the North Shore? Should I sell my unit? I cannot say for sure, but I can offer you the most accurate and up to date information, so you are ready to make a good decision.
According to the ordinance, currently (as of today), Kuilima is NOT able to host B&B or short term rentals. Why? Because the zoning changes were made to the resort and the condos at a different time. Read this excerpt taken directly from the Bill:
“Bed and breakfast homes and transient vacation units are permitted in the A-1 low-density apartment zoning district and A-2 medium-density apartment zoning district provided:
- They are within 3,500 feet of a resort zoning district of greater than 50 contiguous acres; and
- The resort district and the A-1 or A-2 district, as applicable, were rezoned pursuant to the same zone change application as part of a master-planned resort community,”
Kuilima and Turtle Bay were NOT a part of a master-planned resort community.
Let Your Opinion Be Heard
Many community members, owners at Kuilima and Ocean Villas and potential buyers/sellers have an opinion. Should my unit be allowed to host B&Bs? There is still time for amendments to be written into the bill, as new permits won’t be given out until October 2020. So call or email the local council member, Heidi Tsuneyoshi, to voice your opinion on the Kuilima Condos and Ocean Villas!
This is a much-contested aspect of the Bill. Its close proximity to the only resort/hotel on the entire North and East side of Oahu makes it a high demand for accommodation. Especially since the North Shore will have ZERO new permits once the enforcement of this Bill begins next week. This will create a high demand for transient accommodation on the North Shore and significantly increase the value of a Kuilima condo unit or an Ocean Villas unit if an amendment is made to the Bill.
Timing is a significant factor in buying and selling property. If you’re on the fence about buying a condo at Kuilima, now could be an excellent opportunity to capitalize on steady property values. If you’re thinking about selling your condo at Kuilima, you might take a deep breath to wait and see if any amendments are added to Ordinance 19-18 permitting short term rentals at Kuilima. Keep in mind that you can still rent the condos out to long-term residents.
Want To Know More?
If you have any questions or would like to consider buying or selling at Kuilima, please reach out directly to me to help.
To access the bill directly click here.