Ke Kilohana at 988 Halekauwila – previously referred to as ‘988 Halekauwila’ and prior to that ‘404 Ward Ave’ – is the latest condo project coming to Kakaako. Ke Kilohana sales is anticipated to commence early 2016 and it will predominantly be Reserved Housing units. ‘Reserved Housing’ are units sold below market price and there are specific criteria to qualify to purchase such unit – scroll to the bottom of this post to learn more.
For up-to-date information on the Ke Kilohana Kakaako condo project, including details on reserved housing workshops, call Nicole on 808-896-7385.
Video of Ke Kilohana Condo Project in Kakaako (model and actual site)
Ke Kilohana in Brief
Pricing: Reserved housing units are expected to be priced in the mid $300’s to mid $500’s. Exact pricing is dependent on the Honolulu area median income estimate for year 2016, which has not been determined yet.
Units: Total 424 in a 44 story tower, in 1, 2 & 3BR configurations. 375 units will be Reserved Housing (~88%) and 49 units will be sold as regular market priced units (~12%).
Expected Completion: Year 2018.
Location: 988 Halekauwila, Honolulu HI 96814 (in the heart of Kakaako’s prestigious Ward Village on Ward Ave, across the street from Sports Authority, which is where there will be a rail stop in 4 to 5 years when the rail is expected to be complete).
Commercial: A 23,000 square foot Longs Drugs will occupy the first floor.
Developer: Howard Huughes Corporation, which is developer behind the entire 60 acre master plan for Ward Village. Howard Hughes is currently also selling Ae’o, Cylinder at Gateway Towers, Waiea and Anaha, which are all projects without any reserved housing units.
Payment Structure: 10% of purchase price paid in 3 cash installments over a 60 day period ($500, 5% minus $500 & 5%). Theoretical Case: Purchase Price $450,000. Upon signing the purchase contract pay $500, latest at day 30 after signing the purchase contract pay $22,000 (5% of $450,000 minus $500) and at at the latest on day 60 after signing the purchase contract pay another $22,500 (5% of the purchase price), which comes out to a total of $45,000 paid in cash within a 60 day period. Within 30 days of paying the initial $500, a buyer needs to get a mortgage pre-approval letter from a lender.
Ke Kilohana Condo Amenities
Sky Lanai at Ke Kilohana
Majority of Ke Kilohana’s amenities will be on the landscaped 8th floor, above the parking structure, and will include: A Dog Stop, Cinema, Studio, Hub, Multi Purpose Lounge, Playground, Playroom, Indoor Lounge, Sky Deck (with BBQ area), Gym, Fit On-Demand and Surfboard Storage.
Sky Lanais: To be located on the 31st floor and described as a double height lounge – one located on the Makai side of the building and the other on the Ewa side of the building. These two story lanais will be available for all residents of the building to enjoy.
View from Ke Kilohana Sky Lanai
Land, Tower & Other Relevant Ke Kilohana Dimensions
Land: Comprised of 3 lots, totaling about 14 acres with the Ke Kilohana tower foot print being ~13,000sqf. The tower will be 75ft set back from Ward Ave and the nearest other tower is 120ft away.
Usage: ~25,000sqf for commercial use and ~14 acres for Ke Kilonaha’s residential units.
Building Height: 400ft (most common height of Kakaako’s condos)
See developer’s building permit application (note: this is a large file – loading may be slow).
Ke Kilohana Seminars
Given that majority of the units will be Reserved Units, numerous seminars will be held to educate potential buyers and the general public of the requirements to qualify for purchasing a Reserved Unit. The Hawaii Community Development Authority (HCDA) is the organization that creates the Reserved Unit “rules”, not the developer.
Lottery Selection
Units of the Ke Kilohana Kakaako condo will be selected via a lottery – detailed on the style / type of lottery is not confirmed yet. If it’s anything like Howard Hughes’ A’eo project, the lottery will be done fairly and without the need of sitting in a line, days on end in hopes to just get the chance to at least submit your application. The great thing, and it HAS been confirmed by project executives, is that ALL Reserved Units will be released on the same day and at the same time.
Important Reserved Housing Details
In order to qualify for a Reserved Housing unit a potential Buyer must meet certain criteria, that is determined by the Hawaii Community Development Authority (HCDA).
Reserved Housing is designed for what is known as the “Gap Group”. The Gap Group are those households that earn between 100% – 140% of the Area Median Income
It is been deemed that households that earn lower than 100% can qualify for “Affordable or Low Income Housing” and those households earning above 140%, can afford to purchase homes at Market Value.
Here is the list of qualifications to be eligible to be an owner of Reserved Housing:
1. Must be a First Time Home Buyer
a. The definition of a First Time Home Buyer is “not owning a majority share in a principal residence in the last 3 years. Given this definition, those own investment properties “may” qualify.
2. Must be a United States Citizen, 18 years or older, and a resident of Hawaii
3. Must not have purchased reserved housing prior
4. Purchaser must be the occupant of the unit
5. Purchaser’s adjusted household income must not exceed 140% of the Honolulu County, Area Median Income (AMI). The AMI is determined annually, and sets the threshold of the Maximum Income limits.
6. Assets must not exceed 125% of applicable income limits. This EXCLUDES:
a. Retirement accounts (401k)
b. IRA’s
c. Life Insurance
d. Gifts for purchase (in such cases where the down payment is being gifted to the buyer from a relative)
Required Documents to be Pre-Approved with their Lender:
1. 3 years of Tax Returns
2. W-2’s
3. Pay Stubs
4. Verification of Assets
Assistance in Qualifying:
1. Gift Letter
a. Gift Letter; must be from a relative
b. There is no limit to the amount that a relative can Gift to you
2. Co-signor
a. Does not have to be from a relative
b. Loan Application and income verification from co-signor
Buyback & Shared Equity
• Allows buyers to purchase below market value for a regulated term of 2 to 5 years
• If you choose to sell prior to the regulated term, the HCDA has the first option to purchase the unit.
o HCDA will then re-sell the property to another qualified buyer
• If they decide NOT to buy it, then 50% of the difference between the Market Price and the Reserved Purchase Price will be due to the HCDA.
For Example:
Unit is Purchased in Reserved Housing Program at: $400,000
–
Market Value at the time original owner wishes to sell is: $450,000
The difference of $50,000 is split between the original owner and the HCDA.
Occupancy Guidelines under the HCDA 2005 Mauka Area Rules:
1 bedroom…….1-2 persons
2 bedrooms……2-5 persons
3 bedrooms……3-7 persons
Deposit Schedule:
• $500 at the time of contract signing
• 5% of purchase price minus $500 due at 30 days
• Additional 5% of purchase price at 60 days
Total Deposit = 10%
***Below is the 2015 Reserved Housing Income Limits
Household Size Maximum Qualifying Income
1 Person = $85,150 (max qualifying income)
2 person = $97,300 (max qualifying income)
3 Person = $109,500 (max qualifying income)
4 Persons = $121,650 (max qualifying income)
5 Persons = $131,400 (max qualifying income)
6 Persons = $141,100 (max qualifying income)
7 Persons = $150,850 (max qualifying income)
8 Persons = $160,600 (max qualifying income)
NOTE: Year 2016 Reserved Housing Income Limits have not been established / published yet.
The post Ke Kilohana Kakaako Condo: A New Project appeared first on Honolulu HI 5 Blog.