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New Affordable Projects | Sky Ala Moana and Ililani in Kakaako

3/29/2019

 
Get Ready For The Next Two Affordable Housing Projects
Are you looking for a Fee Simple affordable housing project in a new construction building? If you missed out on The Central Ala Moana's affordable housing release, you may just be in luck. There are two new projects that will both have an affordable housing component. Those two projects are: Sky Ala Moana and Ililani in Kakaako. 
Sky Ala Moana
Sky Ala Moana
Ililani in Kakaako
Ililani in Kakaako
Of the two new projects, Sky Ala Moana will be announced and opened to the public first. Then Ililani will occur later in the year and is expected to launch after the middle of the year but may end up going into the 3rd to 4th quarter. For Sky Ala Moana, market and investor sales will occur before the affordable housing sales. Ililani is expected to follow in a similar order where they focus on selling the market units first, then the affordable units (This is to prevent potential buyers from trying enter the affordable lottery, then if they do not get in, they buy a market unit).

A Quick Comparison of the 2 new projects

Sky Ala Moana

  • 474 Units + up to 300 Hotel Units (2 Towers)
  • ​390 Market Units + 84 Affordable Units for sale
  • Breakdown of Affordable Units (60 studios, 6 one beds, and 18 two bedroom units)
  • No access to amenity deck
  • State 30 year Affordable Housing Program. Will be reduced in years if units do not sell within certain periods of time. (new info to come)
  • Market Units to be sold first followed by the affordable units
  • Affordable Maintenance Fee and Price: TBD
  • Neighborhood: Ala Moana Kapiolani Corridor
Werbung: jetzt-drucken-lassen.de

Ililani in Kakaako

  • 328 Units Total (1 Tower)
  • 163 Market Units + 165 Affordable Units for sale
  • Breakdown of Affordable Units (exact number not finalized but will be only 1 and 2 bedroom units)
  • Access to amenity deck 
  • HHFDC 10 year Affordable Housing Program. Similar to Kapiolani Residence, Ohana Hale, and The Central, but won't have a minimum income.
  • Unsure whether affordables will be sold prior to market units. (Stay tuned). 
  • Affordable Maintenance Fee and Price: TBD
  • Neighborhood: Kakaako near SALT in Our Kakaako
Werbung: jetzt-drucken-lassen.de
Oahu Condo Median Price and Sales Chart
A look at annual sales and median prices (Oahu)

A Realtor's Opinion

After helping hundreds of clients in numerous projects throughout the state; I have to say that I believe that Ililani in Kakaako will be the more competitive and more desired of the two projects. With no minimum AMI restriction, we will see a ton of applicants who didn't get a Central Ala Moana unit. Recent trends also show the popularity of 1 and 2 bedroom units over Studios, which Ililani has more of. Since Sky is majority studios and doesn't have access to the amenity deck, it is quite certain that Ililani will be the more popular of the two projects. However, both projects will be amazing buildings in fantastic neighborhoods in the urban core of Oahu. 
However, Sky may be appealing if the maintenance fees are significantly lower. Sky's market units are $0.95 a sq. ft, but the affordable units will be cheaper since they do not have access to the amenity deck. The downside other than the fact that majority of the affordable units (71%) are studios, is the fact that it will be in the East/Diamond head tower of Sky which will be the hotel tower. This tower is set for phase 2 which means it will be constructed after the first residential tower on the West/Ewa side of the complex. 

If you are looking for the next affordable housing project, then one of these new projects may be may be for you. Don't forget to sign up today to get the latest information below!

Keep Me Up To Date

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Written By: Jonathan Pang (R)
Jonathan Pang (R) RB-22025 with Locations LLC and The Dream Team Hawaii are Buyer's Agents in respect to any sale within any new project.
​As a buyer's agent, Jonathan will be there to help you every step of the way and will look after your best interests. Jonathan is a full-time Realtor in the state of Hawaii and a Broker-In-Charge at Locations LLC who specializes in new project construction on Oahu. All blog posts here were created by Jonathan Pang and may contain personal opinions and thoughts by the author. 
Jonathan's has most recently helped the Howard Hughes Association as a sales team member for Aalii in Ward Village and has successfully helped clients with the sales of Anaha, Aeo, Akoko, Hauoli Lofts, Kapiolani Residence, Ke Kilohana, Keauhou Place, Kohina, Koula, Symphony, and Seabridge.

The Central Ala Moana | Affordable Lottery Results

2/20/2019

1 Comment

 
Below is the lottery results from The Central Ala Moana's Affordable Housing Lottery. To find your public drawing number, please search by your application number (the 5 digit number you received when you submitted your application). ​
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). You should receive a letter in the mail saying whether you have been approved or denied. Keep monitoring your emails as important information will be announced. ​
To search faster, download the lottery results PDF file onto your smart phone or computer. Then open the document and press control + F (windows computer) or command + F (mac computer). Type in your application number and you should see your public drawing number.
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Written By: Jonathan Pang
Jonathan Pang (R) and Locations LLC DOES NOT represent the Developer/Seller but are Buyer's Agents in respect to any sale within The Central Ala Moana. The Seller/Developer, SamKoo Pacific, LLC is represented by Century 21 iProperties Hawaii.
​As a buyer's agent, Jonathan will be there to help you every step of the way and will look after your best interests. Jonathan is a full-time Realtor in the state of Hawaii and a Broker-In-Charge at Locations LLC who specializes in new project construction on Oahu. All blog posts here were created by Jonathan Pang and may contain personal opinions and thoughts by the author. 
Jonathan's has most recently helped the Howard Hughes Association as a sales team member for Aalii in Ward Village and has successfully helped clients with the sales of Anaha, Aeo, Akoko, Hauoli Lofts, Ke Kilohana, Keauhou Place, Koula, Symphony, Seabridge, and Kapiolani Residence.
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Oahu Housing Inventory Continues to Rise

1/30/2019

1 Comment

 
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Several favorable market conditions are combining to create a window of opportunity for prospective homebuyers in early 2019. Median prices have stabilized, and inventory levels are rising, thanks in part to new development in the urban core. With interest rates at their lowest point in the past ten months, prospective home-buyers should act now—before median prices and interest rates continue to climb.

Overview Of The Market

Data reflects the 12-month period ending in December 2018, compared to the previous 12-month period.
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The Central Ala Moana | Market Unit Results

1/7/2019

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​HOW DID YOU DO? IF YOU SIGNED UP FOR MARKET UNITS YOU CAN FIND YOUR RESULTS HERE

The other day was probably the most hectic day for buyers looking to buy a market unit at The Central Ala Moana. Market buyers were literally camped out in front of a computer/phone waiting for the start time to sign up online. The 202 Market units are offered to "owner occupants" who plan to reside in the unit. Part of the application was to submit a pre-qual letter along with a notarized owner occupant affidavit. Those who submitted their paperwork were allowed to sign up online via EventBrite on a first-come-first-serve basis. The developer stated the EventBrite link would go live at 10am on January 5th. There were also strict rules, the EventBrite sign up link was only open for 1 day and if you registered twice, you would go to the end of the list. If there are any left over units after owner occupant, they will then be opened to the unrestricted release (may be bought by investors or by those wanted to live in the unit). 

Prior to signing up online, there was just about 404 people who submitted paperwork, but only 367 signed up during the allotted time. Depending on what unit you want, there is a good chance you may get something. The reason is simple, not everyone chooses during their selection period. Some people simply do not show up, and others pass due to the lack of inventory of their desired units, or the units left are too expensive and exceed their pre-qualification letter.  Unit selection begins on the 3rd week of January 2019. ​
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Written By: Jonathan Pang (R)
Jonathan Pang (R) and Locations LLC DOES NOT represent the Developer/Seller but are Buyer's Agents in respect to any sale within The Central Ala Moana. The Seller/Developer, SamKoo Pacific, LLC is represented by Century 21 iProperties Hawaii.
​As a buyer's agent, Jonathan will be there to help you every step of the way and will look after your best interests. Jonathan is a full-time Realtor in the state of Hawaii and a Broker-In-Charge at Locations LLC who specializes in new project construction on Oahu. All blog posts here were created by Jonathan Pang and may contain personal opinions and thoughts by the author. 
Jonathan's has most recently helped the Howard Hughes Association as a sales team member for Aalii in Ward Village and has successfully helped clients with the sales of Anaha, Aeo, Akoko, Hauoli Lofts, Ke Kilohana, Keauhou Place, Symphony, Seabridge, and Kapiolani Residence.
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The Central Ala Moana Affordable Housing | What Do AMI Ranges Do?

11/11/2018

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For the Central Ala Moana There will be 3 main AMI (Area Median Income) groups that are very important. This is one of the first projects to ever have a minimum income level in order to purchase an affordable unit. For The Central Ala Moana that minimum AMI will be 80%. There will also be a maximum AMI going up to 140%.
The Ranges will be:
  • 80 - 100%
  • 101 - 120% 
  • 121 - 140%
​Depending on the AMI range you fall within, you will only be able to select certain units. There are
  • 69 units for 80-100%
  • 122 units for 101-120%
  • 119 units for 121-140%
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Based on your family size, you need to fall within the orange box
Below is The Central Ala Moana Price Sheet showing both Market (in grey) and Affordable units (colored with green being the 80-100%, blue being the 101-120%, and the yellow being 121-140%). HHFDC will determine the order and if there are not enough applicants in the 80-100% AMI group, then the 101-120% AMI group may select from the lower AMI group. Unfortunately you cannot choose a unit above your AMI group. ​
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Depending on what type of unit you are looking for, there are certain groups that would allow for a greater selection. I would highly advise you take the time to chat with a lender as they can help think of creative ways to qualify you and to see what you would pre-qualify for. Feel to ask me as many as questions that come to mind. We have until January 14, 2019 to complete the application so we can definitely plan out what would work for you and go over the floor plans and see the model showroom.
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Written By: Jonathan Pang (R)
Jonathan Pang (R) and Locations LLC DOES NOT represent the Developer/Seller but are Buyer's Agents in respect to any sale within The Central Ala Moana. The Seller/Developer, SamKoo Pacific, LLC is represented by Century 21 iProperties Hawaii.
​As a buyer's agent, Jonathan will be there to help you every step of the way and will look after your best interests. Jonathan is a full-time Realtor in the state of Hawaii and a Broker-In-Charge at Locations LLC who specializes in new project construction on Oahu. All blog posts here were created by Jonathan Pang and may contain personal opinions and thoughts by the author. 
Jonathan's has most recently helped the Howard Hughes Association as a sales team member for Aalii in Ward Village and has successfully helped clients with the sales of Anaha, Aeo, Akoko, Hauoli Lofts, Ke Kilohana, Keauhou Place, Koula,  Symphony, Seabridge, and Kapiolani Residence.
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The new construction projects listed on The Dream Team Hawaii website are represented by their own project companies and designated project brokerage firms. The Dream Team Hawaii and all its members, along with our designated companies do not represent the Developer/Seller but are Buyer’s agents with respect to any sale. For projects that are being represented by our companies, there will be an additional disclosure on the individual project page. All images, renderings, photos & videos are courtesy of the developers and are subject to change at any time. 

Compass fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Real estate agents affiliated with Compass are independent contractor sales associates and are not employees of  Compass. ​Please contact us should you have any real estate questions that come to mind. It is always recommended to have representation for any sale (existing or pre-sale). 

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Compass | RB-23206
  • Home
  • New Projects & Development
    • Aalii Ward Village
    • Azure Ala Moana
    • Hawaii City Plaza
    • Hawaii Ocean Plaza
    • Koula Ward Village
    • Hoopili
    • Ililani in Kakaako
    • Koa Ridge
    • Mandarin Oriental | Manaolana Place
    • Ohana Hale
    • Seabridge - Ewa Beach
    • Sky Ala Moana
    • The Central Ala Moana
    • The Park Ward Village
    • Victoria Place Ward Village
    • 1500 Kapiolani
  • Your Home Value
  • About Us
    • Chris Tasaka's Bio
    • Jerick Robinson's Bio