Frequently Asked Questions:
1. Is Atkinson Towers a Cooperative or a Condominium?
80%+ of the units have already been converted to Condominium, but 20 of the units are still known at Co-ops,
so the project is known as ″Mixed-use″ building. Apartment unit #904 has converted to a Condominium.
There is a good chance, over the next 5-7 years, all the Co-op stockholders will convert to Condominium, and
the building will NOT be a ″Mixed-use″ project. The financing could/should go back to Conventional mortgages (FHA, VA, etc).
3. What about financing?
At the current time: Credit Unions, Bank of America, Wells Fargo and most of the
Mainland Banks/Lenders WILL NOT write a mortgage on Atkinson Towers, because it's a ″Mixed-use″ project
(Co-ops and Condos). But, Bank of Hawaii and First Hawaiian Bank WILL write a ″Portfolio″ loan at 20% - 30%
down for Owner Residents, higher for Investors. Note: This communication is provided to you for informational purposes only and should
not be relied upon by you. Walt Flood Realty is not a mortgage lender and so you should contact Bank of Hawaii and/or First Hawaiian Bank
providing mortgage product(s) directly to learn more about its mortgage products and your eligibility for such products.
4. What about Seller's financing?
Sellers of this Condo #904 has decided to only sell for cash or bank financing.
5. Should you preview Atkinson Towers units?
YES, if you are ″cash buyer″, but NOT if you are looking to finance, unless you have received
a ″pre-qualification″ letter from either Bank of Hawaii or First Hawaiian Bank.
6. What was the last sale in Atkinson Towers as a comp?
Unit #1207 sold in February 2011 at $ 288,000;
Unit #502 sold in May 2011 at $ 255,000;
Unit #308 sold in June 2011 at $ 276,000; - All 2 bedroom, 1 bathroom with 1 parking stall.
7. What is included in the Maintenance Fees?
Building/flood/fire insurance, Maintenance Manager and staff, water, building electric, sewage, elevator maintenance,
waste/trash removable contracts, and Basic TV cable. The electricity (HECO)and High Speed Internet Service are not included in the Maintenance Fees.
8. Why are the owners selling this Condo?
The unit is being sold by the Trust of Mainland Owners.
9. How much is the rental income?
The unit was occupied until August 1, 2011 for a year, and the rent was $1,597 including parking and GE Tax.
10. What about the parking leasehold?
All the parking stalls are leasehold and the lease expires on Dec. 31, 2016. There are three (3) options on how
to continue offering parking stalls for owners of the condos. Please ask the Listing Broker