Waikiki Gay REALTY
ATKINSON TOWERS
Condo #1108 (Two Bedrooms, Plus: Studio/Office, & One Bath)
Asking Price: $475,000.00 (Fee Simple)
Sold Price: $435,000.00 (as of Nov. 28, 2016)
Stunning Ocean, Ala Wai Canal, City and Mountain Views!
Notice/Update: This will be the first time that a High Floor, End Unit with unobstructed Ocean, Harbor and Canal views, since the sale of unit #1208 at $425K in year 2009.
This 15 story high rise building is a block to the Hawaii State Convention Center; across the street from the Ala Moana Hotel; behind Yacht Harbor Towers and the YMCA complex; one block to the Ala Moana Shopping Center, Ala Moana Beach Park (Magic Island), Pacific Ocean, and at the entrance to Waikiki.
This 11th floor Condo apartment has a large enclosed Lanai. There are Two Bedrooms, a Studio and One Bathroom. Note: The Studio could be a Office, or a third Bedroom (145 sq.ft).
The apartment is partially furnished (appliances). There is a Washer and Dryer in the apartment. The rooms have marble/laminate/tile floors.
Atkinson Towers is a secured building, with two elevators, and there is a Maintenance Manager. The swimming pool is being removed, to create twelve (12) addtional parking stalls. There are Individual Owners' assigned storage/lockers on each floor. Basic cable TV is included in the Maintenance Fees, (high-speed internet is available). No Pets are allowed, with the exception of certified seeing-eye dogs.
Frequntly Asked Questions:
1. Is Atkinson Towers a Cooperative or a Condominium? 98% of the units have already been converted to Condominium, but four (4) of the units are still known as Co-op, so the project is known as ″Mixed-use″ building. Unit #1108 is a Condominium.
2. What about the Parking Stalls? There are three (3) options:
1. The new Owner submits a Parking Reservation Agreement to be added to the "Wait List", along with a deposit of $325.00. If/when a parking stall is available the Maintenance Fee becomes $811.35 per month including the parking stall.
2. The new Owner may -- prefers to rent a parking stall at Yacht Harbor Towers at $125.00/month. The total of Atkinson Towers MF and YHT parking stall is estimated to be: $611.35/month, starting on January 1, 2017.
3. The new Owner doesn't have a car, or doesn't want a Parking Stall on Atkinson Towers property. The Maintenance Fee will be $486.35 per month, starting on January 1, 2017.
Disclosure: There is no guarantee that parking stalls at Yacht Harbor Towers will be available for long-term and the monthly rent can be increased.
3. What about financing? 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 (Coops and Condos). NEW - Announcement: Sandalwood Home Loans will write a conventional mortgage with 10%-20% down payment for 30-years fixed (Owner Occupants). Bank of Hawaii, Central Pacific Bank and First Hawaiian Bank will write a ″Portfolio″ Loan at 20%-30% down for Owner Occupants/Investors.
4. What about Seller's financing (Agreement of Sale)? Not available at this time.
5. Future? There is a good chance, over the next 2-3 years, all the Co-op stockholders will convert to Condominium, and the building will NOT be a mixed-use project. All the financing will go back to Conventional (FHA, etc.).
6. What have been the sales in Atkinson Towers as comps? Unit #301 at $300K; Unit #1605 at $330K; Unit #1402 at $335K; Unit #1101 at $362K, Unit #1502 at $399K, Unit #1501 at $420K, and Unit #1201 at $425K.
7. What are included in the Maintenance Fees? Building/Flood/Fire insurance, Maintenance Manager and staff, water, electric, sewage. elevator maintenance and waste/trash removable contracts, and basic TV cable. The electricity (HECO) is paid by the Owner or Tenant for unit #1108.
8. What about air conditioning? It is possible to install A/C, with portable window units, with AOAU approval.
9. Why are the owners selling this condo? The Owners/Sellers, as Investors, want to down-size for retirement.
Parking Stalls Disclosure Statement. (PDF Format) Current information about the Parking Stalls Lottery and the Lease Rent for Fifty (50) years.)
Click here: How To Buy Unit #1108. Read the step by step on making an offer (Purchase Contract) to buy Condo Unit #1108.
Purchase Contract: Sample as of November 2016. Fourteen (14) pages of the Hawaii Association of Realtors - Sales Contract (important to read if you are considering an Offer to Buy.)
"AS IS" Condition Addendum: Sample as of November 2016. One (1) page of the Hawaii Association of Realtors - (important to read if you are considering an Offer to Buy.)
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Click here for Multiple Picturestaken from inside #1108, a view of the building, views to the Ocean and to Waikiki.
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