Articles

It’s spring! These April showers are late!

It’s been weird weather this year right? Seems the rains we’ve been experiencing over the past couple weeks have showed a little late this year, as I’m used to May being the beginning of the hot summer months! All signs seem to be showing a drier year overall for the island, so remember to conserve water this summer and check out the Board of Water Supply’s website for tips on how to do that! We all need to do our part to conserve this year, especially with the Red Hill wells closed.

[Read more…] about April 2022 Real Estate Market Recap & Opinion

Prices starting from $271,000 for studio

Cutting right to the chase, here are is the expected pricing for the units at Ulana Ward Village:

• 123 STUDIOS/1 PKG (289 SF): $271,000 – $355,400
• 164 1 BED/1 BATH/1 PKG (527 – 530 SF): $400,500-$556,000
• 287 2 BED/1 or 2 BATH/2PKG (676 – 755 SF ): $504,000- $650,000
• 123 3 BED/2 BATH/2 PKG (854 – 995 SF): $550,000-$717,000

Who qualifies to buy at unit at Ulana Ward Village?

100% of these units will be sold under the HCDA Reserved Housing Program, meaning all units will be sold under market pricing to those who qualify under their criteria.

Eligibility

• U.S Citizen or permanent resident alien
• Resident of the State of Hawaii
• At least 18 years of age
• Buyer (and spouse) do not have majority interest in a principal residence within the last three years
• Will be an owner occupant during regulated period
• Has never purchased reserved housing (exceptions available)
• All household members must qualify under the area median income (AMI) limits, along with asset verification

What does reserved housing mean?

In an effort to create affordable homes for our locals, the Hawaii Community Development Authority assigns requirements for developers to mix in affordably-priced homes when they are building a project. “Reserved” housing refers to housing that falls under the terms outlined by the HCDA and varies from project to project.

Restrictions

• For Ulana at Ward Village, the HCDA will require qualified buyers to be owner-occupants so no investor purchases allowed.
• Buyers will also be held to a mix of 2, 5 and 10 year buyback terms, meaning if you sell the property before your buyback term expires, the HCDA will have the first-right to buy the property (in the hopes of selling to a new qualified reserved buyer).
• Buyers will also have to share any equity earned with the HCDA, meaning no matter when you sell your property, the HCDA will get a portion of your profit when you sell.

Is buying a reserved unit a good idea?

The offer here is simple: qualified buyers will have the chance to live in Ward Villages, a very prime and sought-after neighborhood, for under-market prices. Of course there are trade-offs for the reduced pricing, like buyback and shared equity, so you have to decide if those tradeoffs are worth it to you.

What should I do if I’m interested in buying a reserved unit at Ulana?

Obviously, I’m going to say “contact me” if you’re interested but I know you’d rather have a concrete first step to get the ball rolling. So, if you’re just interested in testing the waters, I’d highly recommend you get your financial affairs in order first. Make sure you have your past two to three years of W-2s and tax returns ready, and make sure you are qualified under their eligibility requirements above.

If you’d like to take it a step further, email me at (nick@marcushawaii.com) and I can set you up with a Buyer Zoom presentation. I can also represent you and look out for your best interest if you decide to move forward with a purchase, since Ulana is allowing buyer representation. If you have already registered with the Ulana Sales Staff without a buyer’s agent, just let the Sales Team Member know that you are working with me and they will loop me in. I’d highly recommend you get a buyer’s representative, since the Sales Team represents the developer.

September 2021 Update

Just a quick update on the inventory still available at Koa Ridge. Thanks goes out to our good friend, Ken Ching, for the update!

• Malina (Income-Restricted Townhomes):
  • Now taking applications for Phase III. 1 bedroom/1 bath from $380,000, 2 bedrooms/2 baths from $495,000 and 3 bedrooms/2 baths from $580,000. Application deadline for the lottery is October 13, 2021 at 5:00 pm.
• Nanea (Single-family Condominium Homes)
  • SOLD OUT
• Luana (Paired Homes aka Duplexes):
  • SOLD OUT

As for upcoming releases, there is expected to be market-priced townhomes coming later this year, with smaller single-family condominium homes expected in early 2022.

For more information on Koa Ridge, give me a call or text me. Koa Ridge is allowing Buyers to have representation, so I can help facilitate your purchase of these brand-new units!

-Nick