Oahu Real Estate and Community News

Oct. 17, 2019

Ililani Condo Project Breaks Ground in Kakaako

ililani condos breaks ground

The groundbreaking of Ililani condos comes on the heels of the project's Affordable Housing sales campaign, and marks the genesis of the Ililani's Market Priced unit release. The Affordable Housing sales campaign saw over 560 applicants vying for the opportunity to purchase one of the building's 165 one and two-bedroom units.

With starting prices at $312,000, Ililani looks to make significant contribution to providing affordable home ownership to a city that's long been plagued by low housing inventory and record high housing prices. Eligibility for the Ililani Affordable Housing Program required that prospective buyers be owner occupants, with incomes below the 140% area median income limit. 

Some of the applicant were denied eligibility for the program because of their incomes were too high, but those were not deemed eligible for the affordable housing component may now apply for the Market Unit release. The market-priced Ililani condos for sale will feature two-bedroom two-bathroom floor plans priced between at $700,500 - $905,000.

Each unit will feature usable lanais, split air conditioning, and while the majority of the units will offer two parking, the Ililani condo project will be the first new condo in Honolulu to offer an "in-house" rideshare program. This program will provide 13 Hui Cars to the condo building, 10 of which will be for the exclusive use of Ililani owners at discount rates, whereas the remaining 3 cars will be available to the public. Developer, Kenneth Kai Chang of Los Angeles, sees the program as a big stride in providing alternative means of transportation to owners while simultaneously relieving the congestion of urban Honolulu.

Sept. 21, 2019

Honolulu VA Loan Limits: Are They Really Going Away?

The Impact of Bill HR 299 on VA Loan Limits & Funding Fees in Hawaii

It's no secret that Hawaii has one of the highest costs of living in the nation and for Oahu residents, this is due largely in part to the island's staggering home prices. A new record high median home price of $835,000 was set in July 2019. Oahu, the "Gathering Isle," sees roughly 2/3 of the state's population at 953,000 people according to the 2010 U.S. census and the pressure of the island's staggering home prices spans the entire demographic; VA Home Buyers included. With all 5 branches of the U.S. Armed Forces on the island, Oahu sees a substantial amount of housing demand from service members utilizing their Base Housing Allowances in both the rental and ownership sectors.

2019 BAH Charts
Oahu VA Resource

As Oahu Real Estate Market Appreciation Rates continue to outpace Honolulu County incomes and BAH, we see both a strain on affordability and buying power, as the Honolulu VA Loan Limit is currently capped at $726,525 for 100% financing. As of 2019, any VA Loan above $726,525 would require a 25% down payment but that may all change due to the recent passage of Bill HR 299, also known as the Blue Water Navy Vietnam Veterans Act of 2019.

What is Bill HR 299?

The bill was passed in order to raise additional funds to extend medical coverage to veterans of the Vietnam war that weren’t previously covered. Veterans who previously were denied for an Agent Orange related medical condition can now file a new claim under the change to this law. Eligible survivors of deceased Blue Water Navy Veterans also may also find benefit from Bill HR 200 and may file claims based on the Veterans’ service. 

The caveat? VA Loan Funding Fees are going up, and VA Loan Limits are going away.

“Due to the recent passage of a new bill, starting January 2020, VA funding fees are going up. The good news is that the VA Home Loan benefit can be offered by lenders without a loan limit and requiring zero down payment in some cases,” explains Rylan Maddox | Homebridge Hawaii HI FIVE Team (NMLS# 973196)  “For example, starting in January of 2020, a first-time VA homebuyer could purchase a home for up to $826,525 with zero down payment, but the funding fee would be based on the new, first-time use of 2.3% of the loan amount. So this equates to about $1,200 more in VA funding fees the buyer has to pay than currently.” (In the past, for Honolulu County, any loan over $726,525 would require a 25% down payment based on the overage amount.)

Key Insights into the Bill's Impact on VA Loans & Funding Fees:

  • If the Veteran has 100% of entitlement available, guaranty is 25% of Loan Limit (no money down, no limit).
  • If the Veteran has ANY entitlement used currently, guaranty will still be based on 25% of Freddie Mac Loan Limit, adjusted per year (remains the same as now).
  • The VA funding fee you pay in 2020 will depend on your down payment amount and whether you’ve ever had a VA-backed loan before. If you haven’t, it’s a “first use” loan, and if you have, it’s a “subsequent use” loan. You can pay the fee upfront or roll the cost into the loan.
  • The fee for first-use, zero-down loans will be 2.3% of the loan amount in 2020, up from 2.15% for regular military in 2019. The fee for subsequent use loans will be 3.6% of the loan amount, up from the current 3.3%. These fees will stay in place for two years, return to current levels from 2022 to October 2029 and drop further after that.

“We service many VA loans in Hawaii and essentially these changes have a silver lining,” Preston Sims | Homebridge Hawaii (NLMS# 928229) concludes. “Also keep in mind that just like the VA has no credit score requirement, but most lenders do, it remains to be seen which lenders will follow these new guidelines.”

Bringing it full circle, eligible VA purchasers will see higher funding fees, but may see a significant boost in their buying power with no required downpayment, allowing them to compete with Oahu's heightened home prices. If you're interested in exploring your Hawaii VA Loan eligibility, Buying Power, & Oahu Homeownership options, contact Koa Cassady at 808.777.0588 | koa@hawaiihomeboys.com.

Top 6 Oahu Neighborhood Picks for VA Home Buyers:

Ho'opili, Koa Ridge, Mililani, Ewa Beach, Kailua, Kaneohe

June 26, 2019

Honolulu Vacation Rental Bill: What will the ripple effect be for Kailua, North Shore, & Waikiki Communities?

honolulu vacation rental bill kailua homes for sale

It's official folks. We may have just entered into a new era of Honolulu's long controversial vacation rental, or "TVU" climate. Honolulu Mayor Kirk Caldwell officially signed Bill 89 into law on Tuesday June 25, 2018, while simultaneously vetoing Bill 85. The two bills were initially advanced by the Honolulu City Council Planning Committee on April 29th to be voted on by the full counsel on May 8, 2019.

Following the hours of protest on May 8th by homeowners, Realtors, and other opponents of the bill, the committee sent both bills back to the council for further review. Some were relieved to see the City Council table the bills, allowing for more diligence, but others feel remedial action on controversial short term rental climate is long overdue.

There are roughly 800 legal vacation rentals on Oahu, and according to city estimate, the headcount on illegal vacation rentals could be as many as 8,000. The city has long had restrictions and penalties in place to combat the operation of illegal vacation rentals but enforcement is where the rubber rarely ever met the road.

The city believes that Bill 89 will now provide the City the ability to take large strides toward not only provide the means for identifying illegal units, but towards enforcement as well. The steeper penalties enacted by the bill should also provide deterrence in the way of would-be vacation homeowners considering the operation of illegal short term rentals as well.

Major components of the new law:

  • Allows a limited number of new B&Bs, roughly 1,700 in non-resort areas under a new registration process, with annual renewal required.
  • Continues to prohibit TVUs, or “unhosted” rentals, in non-resort areas, unless the dwelling has a Nonconforming Use Certificate (NUC).
  • Regulates hosting platforms, such as Expedia or Airbnb, requiring monthly reports to be filed with the Department of Planning and Permitting, which will share the information with City Council.
  • Makes illegal any form of advertising short-term rentals which are not in compliance with zoning regulations as provided in Bill 89.

Those who operate vacation rental homes will now be required to register their permit number on notable home sharing advertising platforms like AirBnB, VRBO, and HomeAway. Mayor Caldwell mentioned that the city could embark on "digital stings" as early as August 1st, leaving those without an advertised permit number exposed to fines as high as $1,000 for the first offense, $5,000/day for any offense thereafter, and upwards of $10,000/day for serial offenders.

The Fallout

Bill 89 has been a hot topic around the water cooler for many Oahu real estate and property management offices, with many speculating on the potential fallout or remedy as it pertains to local economies, businesses, real estate prices, and long term rentals. While no one has the "crystal ball," I think it's safe to say that Oahu short term rental hotbed communities like the North Shore, Kailua, and Waikiki will surely feel the brunt of Bill 89. 

Will we see host platforms like AirBnB dig their heels in and oppose the bill? More homes for sale in Kailua and North Shore as a result of the bill, and will home values retreat with the influx of inventory? How about the long term rental market -- will Oahu residents finally see some pressure released from the housing shortage that's long plagued the island, keeping upward pressure on rent prices? Will local business owners suffer as tourists are pulled out of these communities?

As a Kailua homeowner, investor, and socially conscious on-looker myself, my curiosity has peaked! I'm as anxious as anyone to know what the long term ripple effect of Bill 89 will be. Weigh in with your thoughts on the comments and for more information, read the Q&A's Prepared by Honolulu's Department of Planning & Permitting below!

honolulu vacation rentall bill q&a's
honolulu airbnb bill q&a's
honlulu short term rental bill faq's
honolulu short term rental bill faq's

 

June 21, 2019

Hawaii VA Loan: Can I Use it to Purchase New Construction Homes?

The answer is, it depends. Allow us to explain.

As new homes on Oahu continue to emerge in communities like Ewa Beach, Kakaako, and Midtown Ala Moana, many prospective home buyers are faced with a level of confusion as to what financing options are available to them when purchasing a new home, directly from a developer. Leading the Oahu development charge at the moment are master planned communities like:

The truth is, each development has their own unique financing requirements and due to the luxury price points of some of these buildings, certain financing programs have maximum loan limits that just won't fit the bill. But should you purchase a "resale" home, meaning a home being sold from an owner rather than brand new from a developer, you can bank on nearly all mortgage financing options being available, with maximum loans limits of course.

In today's market, most Hawaii mortgage lenders offer conventional financing programs requiring only 3-5% downpayment options to owner-occupant homebuyers, as well as government backed loans like the ZERO Down Payment USDA Loan(location and income restrictions apply) FHA loans, and finally the VA Loan.

So which Oahu New Home Projects Accept VA Loans?

When residential developers embark on the planning, permitting, and approval process of their projects, they take a hard look at the "Buyer Profile" for the specific neighborhood and price point that their product will serve. To allow VA financing, the developer must apply for "VA Approval" of their project which adds yet another layer to the already lengthy development process. That being said, if a developer believes they can sell their units without applying for the VA Approval, they won't bother taking the extra step.

This is why you see don't see VA financing available on new high-rise condo buildings in Kakaako and Ala Moana -- the buyer profile doesn't justify the need for it. 

On the other side of the coin(or island) is West Oahu, which has proven to be an exteremely "Military Friendly" market place for Oahu VA buyers. This is due in part to it's proximity to Military Bases like Schofield Barracks/Fort Shafter, Joint Base Pearl Harbor/Hickam Air Force Base, as well as the region having much more inventory below the Honolulu Country VA Loan of $726,525. You get more bang for your Zero Down Payment buck!

This is why we see developers like D.R. Horton Hawaii and Castle & Cooke securing VA Approval for their Ho'opili & Koa Ridge projects; the buyer profile calls for it. These developers have much more exposure to not selling their inventory if they restrict VA Buyers from purchasing at their projects.

For more information on your Hawaii VA Financing Benefit, check out the VA Resource we created specifically for our prospective military clients!

Feb. 16, 2019

D.R. Horton Hawaii Announces First Sales Release for Kohina at Ho'opili

The highly anticipated Kohina at Ho'opili phase has officially release it's first 10 homes! The Ho'opili Master Plan was devised and developed by D.R. Horton Hawaii, the same developer that brought us the Mehana project in Kapolei and a Highlands at Kehalani in Wailuku, Maui.

These new homes in Kapolei will be the first of the Kohina, but represent only a small portion of the nearly 12,000 homes planned for the entire Ho'opili project. D.R. Horton Hawaii aims to offer a dynamic product with this phase, providing 7 different home types spread over 40 different floor plans in hopes to appeal to nearly every family dynamic and size.

This specific release will feature 10 homes total; (5) 2- bedroom 2- bathroom townhomes and (5) FLEX Homes; a unique and widely popular home style that allows for a storefront below the living quarters of the home. If you're familiar with the Mehana project in Kapolei, you may have seen a number of these FLEX Homes anchored by dentist and eye care offices, as well as Shave Ice & Acai Bowl venues. We expect the majority of floor plans to offer 1- and 2- car garage options, but not all. It's always recommended to verify this with your Ho'opili Sales Team member. 

One of the key features of Kohina at Ho'opili homes is the premier convenience of the phase, relative to the rest of the neighborhood. Kohina will be the closest to phase to the H-1 Freeway, the Ho'opili planned future rail station, University of Hawaii West Oahu, and since it features 3 different access points to Ho'opili, the developer is coining this phase as the "Gateway" to Ho'opili. 

Lottery Applications will be due at 5:00PM on February 22nd, with the Lottery Drawing taking place at 10:00AM on February 23rd. 

CLICK HERE to learn more about this unique project, to schedule a private tour of the Kohina at Ho'opili Sales Office, How to Apply, or to see Official Pricing & Specific Unit Specs!

Dec. 1, 2018

Pali Lanes Declared Historic Place; May "Spare" Redevelopment

Kailua's Pali Lanes bowling alley has been deemed a "Historical Place" by the Hawaii Historic Places review board. For some, the designation is a victory as it may stall redevelopment plans proposed by landowner Alexander & Baldwin.

In December 2017, A&B vocalized its plans to end the lease of Pali Lanes in 2019 and was immediately met with community opposition. The bowling alley has been a staple in Kailua for nearly 58 years and rumblings of redevelopment have left the community torn. 

Pali Lanes' Hekili Street location represents key real estate in the heart of Kailua Town; a redevelopment hotspot that's seen a swath of new retail and dining venues emerge in the last decade. Lau Hala Shops, formerly Liberty House and Macy's, is right across the street and will soon see Down To Earth and Maui Brewing Company added to the tenant list of UFC Gym and the Roy Yamaguchi inspired, "Goen" restaurant.

A&B recently sent out surveys to nearly 16,000 homes, asking for the community's input and ideas on what to do with the 1.7 acre site. Many Kailua residents would like to green, gathering spaces added to an area that's dense with brick, mortar, and parking lots. The vision would provide a new home for the Kailua Farmer's market, concert spaces, and other community spaces.

Opposition to A&B would prefer to see Pali Lanes preserved as the iconic, inexpensive entertainment venue that's its been for nearly 60 years. Community group, Our Kailua, leveraged social media to rally it's voice in support of keeping the bowling alley in place, including petitioning the state for the Historical Place designation and subsequently receiving it.

A&B asked the Historical Places Review Board not to make a decision until the developer had more time to continue efforts with the community to find common ground. The company had been put all development plans on hold since initial community opposition to its plans, even extending Pali Lane's lease until 2020 while they work to provide more options for the site.

Alexander & Baldwin will now face a stringent review process by the state's Historic Preservation division, should they decide to move forward with redevelopment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

Posted in Community News
Nov. 19, 2018

UFC Gym Opens Kailua Location at Lau Hala Shops

The UFC Gym franchise officially opened its Kailua location on November 17th. Located on the second floor of the newly developed Lau Hala Shops(formerly the Macy's building at 573 Kailua Road), UFC Kailua marks the 4th location in Hawaii for the rapidly growing franchise. The facility is touted by UFC staff as being the largest and most innovative to date, and as a member myself, I was impressed upon my first visit on opening day.

While fitness has always been an inherent part of the Kailua lifestyle, comprehensive fitness options have been limited to date. A small boutique gym here, a Crossfit box there, but definitely no premium full-service facilities to serve the masses. Up until opening day, many Waimanalo and Kailua residents found themselves traversing over the hill to 24 hour Fitness in Kaneohe to get fit.

Me personally, I hate driving. I drive for a living(sort of). So tell me I have to drive more than 5 minutes to a gym and you've isolated my biggest excuse NOT to workout.  That being said, my workouts often consisted of running Kainalu and Kalaheo Drive like everyone else, or running, pushups, and pull-ups on my favorite tree branch at Kailua Beach. Now I don't take the scenery for granted for a second and there are definitely worse places to find your fitness. However, monotony is de-motivating nonetheless and it only takes one passing rains shower to drown my workout aspirations for the day.

No excuses now. The facility boasts 20,000 square feet of workout space featuring something for everyone. Pick your poison...or antidote?:

  • Group fitness studio for Yoga, Zumba, Circuit, MMA, Jiu-jitsu, Kickboxing classes, etc
  • State of the art weight machinery & free weights
  • Wide array of treadmill, elipticals, stairmasters, stationary bikes
  • Plyo-metric & functional fitness area
  • Kids center for drop-off and youth classes
  • Full Amenity Locker Rooms

What I like most about this facility is the WINDOWS. If you've been to the Honolulu or Waikele locations you'll know that these are red and black caves. I'm as much a meathead as the next guy but for God's sake, let there be light! UFC Kailua put the red to bed did it right with light.

Prospective members can also call (808) 800-2958 or visit UFCGYM.com/Kailua.

CLUB HOURS

Monday 5AM - 12AM
Tuesday 24 Hours
Wednesday 24 Hours
Thursday 24 Hours
Friday 12AM -11PM
Saturday 6AM - 9PM
Sunday 6AM - 9PM
Posted in Community News
Nov. 15, 2018

Sky Ala Moana Towers Receive Honolulu City Counsel Approval

courtesy image

Sky Ala Moana, one of 8 new condominium projects being proposed for the Ala Moana neighborhood has received final approval from the Honolulu City Counsel. The approval provides a clear path for constructing the project on-site of the current Kenrock complex on Kapiolani Boulevard. Sky Ala Moana will be a Condo-Hotel, or "condo-tel" for short, and plans to bring two towers to market. The "Hotel" tower will permit owners to operate their homes as legal vacation rentals when they are not occupying the home for their own leisure. The second tower will provide for traditional, residential ownership.

With an earmarked budget of $510 Million, Sky Ala Moana expects to deliver 474 total units, 300 of which will be condo-tel units, as well as 84 units set aside for Affordable Housing pricing(Read up on Affordable Housing FAQ's here). Owners and vacation tenants alike will enjoy the vibrant Ala Moana neighborhood, with retail, dining, and entertainment opportunities abound. Only steps from the mega-mall of Ala Moana Center and mere blocks from Ala Moana Beach Park, residents will provided exceptional convenience to some of Honolulu's most iconic venues.

Since the project will be constructed in a Transient Oriented Development zone, the city will permit the developer to build Sky Ala Moana up to 400 feet tall. The typical ordinance only allows for building heights of 250 feet in the area but the exception is made due to the project's proximity to future Honolulu rail transit stations. The developer is targeting 2023 for delivery of its first units to market.

For more information on the project including but not limited to artist renderings, estimated pricing, and sales CLICK HERE.

Oct. 8, 2018

Akoko at Hoopili Announces FINAL New Home Release

October 4, 2018 -- D.R. Horton is excited to announce the FINAL release of new condominium townhome sales in the Akoko community of the ever developing Hoopili neighborhood in West Oahu. With roughly 12,000 homes to be delivered over the next 20 years, we're seeing still seeing this project in its infancy. Within the past two years, the developer has scorched through its first two offerings, Haakea and Haloa, and will surely see Lehua and Ililahi sell through as well. Lottery applications for the last building at the project are now being accepted and the details are as follows:

PHASE: Akoko At Hoopili | Building 3

LOTTERY APPLICATIONS DUE: October 19, 2018 by 5:00PM

LOTTERY WILL START: October 20, 2018 at 12:00PM

TYPE: Market-priced Units

STYLE: 2- and 3- Bedroom Townhomes 

AVAILABLE: Estimated delivery of units is March 2019.

FEATURES:

  • Floor plans ranging from 1,180 sqft - 1,430 sqft
  • Open concept layouts that providing for generous living spaces
  • Spacious lanais & balconies
  • Frigidaire appliances
  • Cherry wood soft close drawers and cabinetry
  • Master suites to include walk-in closets with soft-glide closet systems
  • 1 builder warranty
  • 10 year limited structural warranty

*Features vary per plan. Confirm with sales agent.

Units & Pricing

Interested in learning more about the project and the upcoming lottery? Register on the INTEREST LIST below to schedule a tour of the Model Home and/or for information on how to REGISTER FOR THE LOTTERY.

NOTE FROM THE AUTHOR - As we tell all of our clients, our goals are purely to facilitate yours. We're here to address any and all questions, ideas, or fears you may have about our unique real estate market and/or the homeownership process so that you can make well informed decisions. While we understand you have 5,000 real estate agents to choose from on Oahu, we encourage you to Meet The Homeboys to get an idea of the level of service and guidance we aim to provide, when you need it.

 

Fill out my online form.

***All Information and photographs are courtesy of D.R. Horton. Photographs and drawings are representational only. Home and community information, including pricing, included features, terms, availability and amenities, are subject to change at any time without notice or obligation. Drawings, renderings, square footages, or plans, elevations, features, colors and sizes are approximate and for illustration purposes only and will vary from the homes as built. Not all features available in all plans. Options and upgrades are available at an additional cost and are subject to construction cut-off dates. See any Ho‘opili sales agent for complete details including warranty. 

Oct. 6, 2018

Honolulu Affordable Housing

Your Guide to What, Where, Why, & Do You Qualify?

Honolulu Affordable Housing in the Oahu real estate market is a hot, and often misunderstood topic in a state with short housing supply, and some of the highest home prices in the nation. Most are aware of the new residential condo towers popping up in the Kakaako and Ala Moana Skylines, however, most aren’t aware that developers are actually required by state law to offer a certain number of units for sale under Affordable Housing guidelines.

With a few hundred affordable units offered for sale and sometimes thousands of applicants, the supply never meets the demand.  The Ala Moana neighborhood is seeing the greatest influx in new condo projects and may offer as many as 5 residential towers, a condo-tel, and rentals. Affordable Housing will be offered by each project in some capacity; but whether it’s for sale or for rent is to be determined.

Considering affordable housing? See some of the common FAQ’s and guidelines below to help you determine if you might be eligible.

 

What is HHFDC?

The Hawaii Housing Finance and Development Corporation(HHFDC) operates as the overseeing agency of all affordable housing in Hawaii. The development and financing of the affordable housing units is operated by the agency as well.

What advantages does HHFDC's Affordable Housing provide?

  • Qualified and eligible applicants of the program are given an opportunity to purchase below market prices.
  • Opportunity to live and own in a new construction project in Metro Honolulu.
  • With the height of Oahu home prices today, a common theme amongst many of my clients is the scenario by which buying a home equates to a downgrade in preferred location or quality of home, relative to their rental. Putting aside the many benefits of homeownership vs. renting, this can be true. The Affordable Housing Program can offer opportunities for a more lateral move -- providing homeownership options to a prospective buyer in locations or of a quality that wouldn't normally be in the budget. But again, with restrictions. 

Are you eligible for Affordable Housing?

Eligibility for the program is ultimately determined by HHFDC’s review of the information provided on buyers’ applications. 

The most notable requirements for the program are as follows: 

  • Applicant must be 18 years or older
  • Must live in the unit 
  • US Citizen or permanent resident alien 
  • Resident of the State of Hawaii; currently resides in the State of Hawaii. State ID or Drivers License is typically requested as proof.
  • Applicant must not own a majority interest (more than 50%) anywhere. Yes, anywhere.
  • On top of being eligible for Affordable Housing, buyers must also qualify by showing they have gross income(s) that satisfy a mortgage lender’s guidelines to purchasing a home.

Are there income limits for Affordable Housing?

Yes. Buyers’ eligibility is determined by their household income being no greater than a specified area median income(AMI) determined by HHFDC(Usually 120-140%). Take a look at the chart below for the 2018 AMI; note your household size at the top of the chart. 


 

What is the buyback program?

Buyers wishing to purchase Affordable Housing unit must know that they are required to own and occupy their unit for 10 years. Should they look to sell, rent, or transfer ownership of the home prior to the 10 year buyback period, HHFDC is given first right of refusal to purchase the unit. Once the 10 years buyback period expires, the restriction no longer applies.

I do my best to have my clients "crystal ball" their futures for the next 10 years as a decade is a long time, and a lot can change in terms of family dynamics and income. Make sure you consult your Realtor to gain full perspective on what you can and can't do as an Affordable Housing owner, and how that may affect your real estate future going forward. For some, Affordable Housing is a perfect fit. For others, it may handcuff them from their accomplishing their long term Oahu real estate goals. 

 

Is a deposit required?

Yes. Buyers are required to make a $500 good faith deposit upon signing a contract for a unit. A total deposit of 5% of the purchase price, less the $500 good faith deposit is due after 30 days. 

Shared Equity Program — What is it?

One of the caveats to the HHFDC allowing buyers to purchase at below market prices, is the Shared Appreciation. In turn when you sell your unit you will share some of the net appreciation back with the HHFDC to help fund future projects. The SAE is determined prior to closing and once determined, will never change.

 

Here's a sample SAE computation using estimated figures to help you understand the how an Owner's Percentage Share and the HHFDC Percentage Share is calculated:


 

What’s the next Affordable Housing opportunity if I’m curious about buying? 

Those looking to purchase the Metro Honolulu area should look to the Ililani condo project (coming soon) near SALT at Kakaako, Sky Ala Moana condos( now selling Market Units, Affordable coming soon),  The Central Ala Moana condos (now selling, current availability may be limited) and. These are exciting projects in highly desired Honolulu neighborhoods that are quickly transforming into thriving urban epicenters.

 

Those looking at homeownership in West Oahu should look to the Ho'opili project; more specifically the Kohina at Ho'opili and Ilima at Ho'opili phases that are currently selling Market Priced units, but estimated to bring Affordable Housing units later this year. Ho'opili is centered between Ewa and Kapolei, anchored right next to the future planned Honolulu Rail, and just north of the new Ka Makana Alii mall. We expect Ho'opili to consistently offer affordable housing opportunities as new phases are released.

Last not but not least, the highly anticipated Koa Ridge (coming soon - I know..we've been saying that forever) project in Central Oahu will also be offering affordable housing units with estimated sales to commence in 2020.

 

What's the Process?

honolulu affordable housing buying process

 

If you would like to be the first to know about future New Condo and/or Affordable Housing opportunities, register on the Interest List below!


Fill out my online form.