Talk Story #36 – Purchasing a Condominium with Construction Defects
Buying any property is a serious consideration not only for the buyer, but also for the seller. It is best to have a good Realtor making sure that all disclosures are available for review and acceptance. Often though, once purchased and enjoyed, it is of no fault to either party when the unexpected shows up in the actual construction of the condominium itself!
Construction Defects Found at Ko’olani Condominium
Recently, there has been news of the luxury high rise Ko’olani Condominium in Kaka’ako (between Waikiki and Honolulu) having more than $12 million in construction defects. Completed in 2006, the 47 floor building had a mainland based developer who used local contractors and sub-contractors.
At this time, there has been an unwillingness to come to an agreement regarding the costs and repairs in the legal battles. Thus, consequences arise in situations such as this. Obviously, this fact has affected the current condo owners.
Kaka'ako condos near Ala Moana Beach Park
Turning a Difficult Situation into a Win-Win
A superb location and other aspects of a condomnium such as the size and floorplan, view and overall appeal, such as the Ko’olani Condominium, may be well worth pursuing.
An owner, whether already with their property on the market for other reasons, or one now deciding to do so, may be more willing to consider reducing their asking price or arrange in escrow to have certain funds set aside – to make a ‘Deal’ with the potential buyer.
Once a condominium has been found to have defects, or is in a legal situation, financial institutions are very hesitant and unwilling to make loans until there is a satisfaction of any litigation being settled. But…this is a great opportunity for an astute cash buyer to move forward quickly on a desirable property.
It is best to utilize an established Realty office, such as Hawaii Life Real Estate Brokers, turning a difficult situation into a win-win for both buyer and seller. I have had buyers also wanting their own private attorney review the various documents and especially the disclosures, thus all are aware and agreed upon with the escrow closing smoothly.
Kaka'ako High Rises near the Ala Moana and Ward Centers
The Oahu Condominium Lifestyle
The condominium lifestyle is a way of relaxing and enjoying all that is here in Hawaii. I chose it and live in the Kak’ako high rise ‘neighborhood’. It is a huge contrast from 22 years of living and being a Realtor on the Kohala Coast of the Big Island of Hawaii.
Desiring the vitality of city life on Oahu, I turned my Waikoloa Village house into a long term rental investment. It is wonderful to be close to Honolulu, or walk to Waikiki or the main shopping areas, so nearby…and…there is always peace and quiet in the beautiful Ko’olau mountains not far away.
I am here, let me help you to decide on “what to do” with your desires and needs, and help you meet your parameters. As for the Ko’olani and others – Location? Yes! Disclosures? Absolutely.
Contact me with an email or Toll Free: 800.667.5028 ext. 8403 Let’s ‘Talk Story’. A condominium may be just the right choice for you.
Note: In Hawaii, there is often a gathering of family and friends, and in a casual way stories are told of present and past happenings. We call it “Talk Story.” My continued series are about different places around Oahu with a bit of their history, and the opportunities for you today. I would love to hear about your personal Hawaii memories to share, perhaps during the territorial days, like I was growing up out ‘Koko Head’ way. Hawaii is a special place and so are the people. Follow me as we discover a Lifestyle best suited for YOU. Whether it is a new military move, a casual beach house, a downsized retirement home, a golf course fronted resort home-away-from-home, a grand residence with superb view, or a high rise condominium…the choices and the Hawaii Life Real Estate Brokers resources are many.
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