Olena at Ho'opili | The Newest Phase Introduced in 2020

As of February 2020, Ho'opili just announced Olena, their newest phase of multi-generational Single Family Homes in Ewa Beach. This release has 3 different floor plans ranging from 1678-2130 sq ft. These homes are designed with a modern contemporary design and features open and modern finishes on the interior. The homes feature a two-car attached garage that is PV and EV ready. Olena also features designer flooring packages, whole house split AC, stainless stell appliances with WiFi enables stove/oven, and its own Smart Home System. These homes start in the low $800,000's and perfect for those homebuyer's looking to find a new modern/contemporary designed home in Ewa Beach. 

**Now Taking Applications - Sign up below to enter the lottery**

Aalii about to reach the top floor

Aalii is Ward Village's 5th Residential Tower in the 60 acre master planned community owned by the Howard Hughes Corporation.

As one of the original Aalii Sales Team Members, it is awe inspiring to finally see the building near the top floor and reach one step closer to final completion. 

According to our meetings with the developer it was stated that the building plans to reach the top floor by this Spring. If you drive by you can currently see the lower floors have their windows and lanai railings installed and workers are continuing to work on the upper levels of the building.

Units Still Available for Purchase - Aalii currently has a few studio, 1-bedroom, and 2-bedroom units available for sale and if you are interested. Be sure to register your interest here. As part of the original sales team, I know the ins and outs of the building and can inform you of everything you need to know. The building has not yet established a firm completion date, but we are anticipating completion to be sometime in 2021. 

(Aalii Construction Progress - 2/4/2020 from Rinka)

(Aalii Construction Progress - 2/5/2020 from the Ae'o Sky Deck)

Here on the island, many residents flock at the chance to buy Affordable Housing projects. Here on Oahu, there are two main programs -  Affordable Housing and Reserved Housing. Both allow buyers to purchase units at below-market prices but have different rules, restrictions, and are administered by different state agencies. The Hawaii Housing Finance and Development Corporation (HHFDC) is in charge of Affordable Housing and The Hawaii Community Development Authority (HCDA) is in charge of Reserved Housing. 

Frequently Asked Questions & Good to know Info

• What is HHFDC
  

  • The Hawaii Housing Finance and Development Corporation (HHFDC) is the primary agency that is in charge of overseeing affordable housing, finance, and development in Hawaii. Their website is: http://dbedt.hawaii.gov/hhfdc/

• What are the benefits of HHFDC Sponsored Affordable Housing?

  1. Allows eligible and qualified applicants to purchase at below-market prices, likely creating built-in equity

  2. Homebuyers have an opportunity to live in town in a brand new development that fits their budget
  3. Gifting and co-signing provides an opportunity for homeownership.
  4. Household limitations subject to The City and County of Honolulu ordinances.

• What are the buyer's procedures

  1. Attend an educational seminar and receive an Application Packet.
  2. Fill out the Application Packet and meet with a lender for a mortgage loan pre-qualification.
  3. Return the completed packet by the project deadline
  4. HHDFC First Review - Review of applications to determine eligibility.
  5. Public Drawing.
  6. HHFDC Second Review - Assignment of Property Selection Number (PSN)
  7. Unit Selection & Contract Signing
     
• What are the documentation requirements?

  • The HHFDC will require documentation to support the buyer's application. Some examples are - Current year tax returns, W-2(s), 2 months of pay stubs, and a Pre-Qualification letter from one of the preferred project lenders. Lenders will typically have different requirements to determine loan pre-qualification. 

• What are the income limits for HHFDC Affordable Housing?
  • HHFDC Affordable Housing is for buyers earning 140% and below of the HHFDC established Area Median Income. This number changes yearly
• How do I know if I am eligible for Affordable Housing?
  • The HHFDC will determine eligibility based on the required information you provide in your Application Packet, including the following:
    1. US Citizen or permanent resident alien (with valid Government-issued Card).
    2. At least 18 years of age.
    3. A resident of the State of Hawaii who currently resides in the State of Hawaii.
    4. Shall physically reside in the unit purchased.
    5. Does not own a majority interest in a fee simple or leasehold property anywhere in the world. 
    6. Has sufficient gross income to qualify for the loan to finance the purchase.
    7. Has a need for housing in accordance with state law. Refer to your project's information packet for additional information.
• What is the deposit schedule?
  • The buyer will need to provide $500 at contract signing and the remainder of 5% minus $500 after 30 days from contracting (subject to change depending on the developer)
• What is the HHFDC Buyback Restriction?
  • The Buyback Program is 1 of 2 HHFDC required programs that are imposed on all new HHFDC developments. This requires that the owner occupy the unit purchased as their primary residence (owner-occupancy) for 10 years or the duration of the program. The buyback program also gives HHFDC the first option to purchase the property in the event that the owner can no longer be an owner-occupant or wishes to sell or transfer the unit during the first 10 years of ownership. The restriction automatically terminates at the end of 10 years from the recording date. 
• What is the SAE Program Restriction?
  • Shared Appreciation Equity or "SAE" is the 2nd of 2 HHDFC required programs that are imposed on all new HHFDC developments. This is the sharing of the property's net appreciation with the HHFDC in exchange for the buyer's opportunity to purchase the unit at below-market prices. The SAE percentage is calculated prior to closing and once it is determined, it will not change. The program requires owner occupancy for as long as the SAE obligation is owed to the state and has not been released by the HHFDC.
• When is the SAE due and payable?
  • The SAE must be paid when the property is sold, transferred, or rented. Owners may choose to pay off the SAE at any time after the property closes and is recorded. 
• How is HHFDC's Percentage Share Calculated?
  • The formula is: Original Fair Market Value (determined by HHFDC's appraisal prior to closing), minus the Original Purchase Price, divided by the Original Fair Market Value and rounded to the nearest one percent.
• If I am a single person, can I purchase a 2-bedroom unit?
  • Any applicant may select ANY unit based on their PSN (property selection number) and what is available at the time of their unit selection. The lenders determine the sales price based on the applicant's pre-qualification letter and HHFDC approved income category.

New Ililani Renderings

Ililani is the Newest Project in Kakaako that is geared to start its unit selection and contracting within the coming month. At a private event last night (1/23/2020) the Developers hosted a few top project agents and here we were given an array of new amenity and building renderings. Shown below are the new renderings of Ililani

Have you ever wondered which neighborhoods on Oahu were the hardest to get into? Well, my brokerage firm analyzed all single-family neighborhoods to find out which region was the most competitive.

The data was compiled from all single-family neighborhoods that had at a minimum of 5 sales in 2019. We used bid-ups (a bid-up is when a property sells for above list price with multiple offers) to measure these neighborhoods. The region neighborhoods that had the most bid-ups in 2019 are:

Kapolei Kai was Oahu's most competitive neighborhood in 2019

In 2019, Kapolei Kai saw bid ups in more than two out of every three homes sold. The neighborhood is comprised of 204 single-family homes and was completed in 2003. It is located right behind the Kapolei Middle School. With only 6 home sales in 2019, the turnover was just 2.7%. The median price was $688,500 which was an increase of 2% from just a year ago. 

Kapuna Hala came in second place

In Kaneohe, Kapuna Hala came in as a close competitor. Here we saw very competitive conditions with 62.5% of homes selling for above-asking price. Kapuna Hala has a mix of old and newer single-family homes with 393 single-family homes that make up the neighborhood. In 2019, there were only 8 sales which resulted in a turnover of just 2%. But the strong demand pushed the median price up 13% to $892,500 - which is just slightly higher than the overall median price of Kaneohe. 

Kaneohe was Oahu's most competitive region on the island

Among all the 12 regions on Oahu, Kaneohe was the most competitive neighborhood region. With about one in four homes having a bid-up situation. Factors that affect competition among buyers include a neighborhood's median price, relative to the surrounding neighborhoods, median days-on-market statistics, turnover, and desirability.

Sales will be chronological and on a first-come-first-serve basis

A few months ago Ward Village announced its 7th building Victoria Place. This front row ultra-luxury building is now ready to contract to the public and just announced that it will start owner-occupant sales at 8am on January 11, 2020. If you are interested in purchasing a unit, register your interest below. It will be first-come-first-serve and you will need to be present. You will also need to have a 5% initial deposit check and valid form of identification. For a full recap on the building (floor plate, amenities, specs, etc) CLICK HERE. 

Make an appointment to view the Victoria Place Showroom

Earlier this month Ward Village had a very successful initial launch for Victoria Place. As of 12/28/19, they will officially open their showroom to the general public. Victoria Place is Howard Hughes’ 7th residential tower in Kakaako’s Ward Village. At the showroom, buyers can view the finishes of the units, view floor plans, see prices, and view a mock-up kitchenette and bathroom.

The best spots around the island for some festive holiday cheer!

Mele Kalikimaka, Merry Christmas, and Happy Holidays! It’s officially that festive time of the year where holiday lights fill the streets, decorative Reindeer pop up around the neighborhood homes, and Santa makes his rounds across the various malls. If you’re not a Scrooge or Grinch and want to indulge in the beautiful Christmas lights, here are my top picks for 2019.

Honolulu Hale City Lights

The Honolulu City Lights display at Honolulu Hale returns with its iconic Shaka Santa and giant 60ft pine tree. The City Lights are open from 8am to 11pm daily from December 1 through January 1. Free parking at the city’s municipal lot. Trolley tours are also available (30minutes) and departs from Ward Village (Available from Dec 2 to Dec 30) $8 for riders over the age of 3.

Downtown (Business District) Honolulu

Drive or walk through the business district of Downtown Honolulu. Along South King Street you can see all the major business’ decorate their courtyards, lobbies, and exteriors with festive ornaments and lights. A perfect first stop on your way to Honolulu Hale. Be sure to go after the typical work hours to avoid the traffic and commuters leaving work.

Kaimuki/Kahala

In Kaimuki you can see the Iconic Christmas Tree above the Kaimuki Fire Station from the freeway. There’s also a large blue lit pine tree on Pueo Street in Kahala that can be seen from far away. But if you are looking for a more air conditioned environment location, you can check out Kahala Mall’s signature Poinsettia tree where the central fountain is.

Waikele

Featured on ABC’s “The Great Christmas Light Flight” in 2014, Anapau Place in Waikele has been a local favorite. Known for their computerized synchronized light shows, people from all over flock to the neighborhood. There will usually be a wait and you can expect a lot of traffic; since vehicular traffic is closed off during the light show times (7 to 9:30pm from Dec 1 to Dec 31st) but it is well worth it!

Kapolei

Out in the second city of Oahu, Kapolei Hale takes its own spin off of Honolulu Hale. Here you will find a giant decorated Christmas tree, holiday themed courtyard, and plenty of food vendors.

Kailua

In Kailua at 1170 Akumu Street the Brede family puts together an amazing Christmas show comprised of over 10,000 lights synchronized to holiday music. Check it out Monday through Thursday from 6 to 8:30pm and on Friday through Sunday from 6 to 9:30pm.

Kaneohe

During December, you can find a variety of houses along Namoku Street decked out to the max. There isn’t any coordination or theme, but the street has been nicknamed “Christmas Lane” and is a Kaneohe hot spot!

Hawaii Kai

Candy Cane Lane in Mariners Village 2 (575 Hahaione Street) is the place to visit while in Hawaii Kai. There’s a fun well lit path full of sparkling and glistening lights along the homes and hedges and along the way you will meet Santa, his reindeer, and other holiday friends.

Waikiki

Out in Waikiki tourists and residents alike can enjoy seeing Santa make a grand entrance via canoe brought to you by the Outrigger. You can also find plenty of lights at the International Market Place and along the Royal Hawaiian Shopping Center. Also be sure to check out the festive Christmas Sand Art at the Sheraton Hotel.

Short Holiday Video brought to you by Jonathan Pang of Homesearchoahu.com— Total Video Time 1:15

Just Announced - Select Ililani's Market Priced Units gets a Price Adjustment 

With the holidays soon approaching, many are speculating when the sales will begin for Ililani in Kakaako. The short answer is "Soon!" The project has had a strong demand for it's affordable housing component and is just awaiting the Project's Public Report which is needed to go to sales for both Market and Affordable units.

Recently a select batch of Ililani market priced units have had a price adjustment - and for the better! The new ranges will be $665,000 going up to $905,500. You can see the line on the price sheet above; all the units under the line (these are 2 beds with 1 parking stall) have been reduced! They also readjusted it so that certain upper units (that were supposed to have a tandem stall) now have two side-by-side parking stalls. You may view the official Ililani Market Sheet Here. Also feel free to click here to see the original Ililani Market Pricing. 

If you are interested be sure to register using the button below. *Reminder* Sales/Contracting will start soon for both Market Priced and Affordable Units once the project's public report is received.

480 Lucky Applicants for Ililani's Affordable Housing

Below is the lottery results from Ililani's Affordable Housing Lottery. There were 480 applicants that made it through HHFDC's Affordable Housing requirements. To find your public drawing number, please search by your application number which was mailed to you from HHFDC. If you cannot find it, please contact your agent. If you got an acceptance letter from the State, you will be receiving a digital copy of the results as well.

Keep in mind this is not the order of which you will choose your unit. This list will be further sorted by each individual's AMI group and there is a chance that certain applications may be removed (due to HHFDC not approving the application as some were still under conditional approval). Stay tuned for the exact unit selection appointments and times coming up soon!