|
|
| Honolulu Waikiki Real Estate Sales & Rentals |
www.eHAWAIIPROPERTY.com |
|
|
|
|
|
Fee Simple & Fee Available |
Island Colony:
This building is known as a Condotel. A Hotel converted to privately owned Condominiums. There is a front desk in the building and about 20% of the owners use the services of the on-site management. Most of the units are managed by private management companies or by the owners. There are a small number of year around owner occupants, with many owners using their units in the winter and renting it out the rest of the year.
For Investors: This building is a Condo-hotel. There are Lodging Units, Studio Units and One Bedroom Units available. Some lenders require higher down payments in this building due to the lodging designation given to the units in the Condominium Documents. It is important that you realize the type of unit your are purchasing. Your lender may be forgiving on your purchase but when you sell it, it might become a problem for the buyer. In general, the one bedroom units have a full size stove and kitchen while the lodging and studio units may or may not have a cook top. All of the kitchen sizes are about the same in the lodging and studio apartments. All units have a large covered lanai making them very usable even in the rain. The one bedroom units have views from both the living room facing mountain or ocean and the bedroom where the lanai is located.
This building has done well as an investment building. In September 2007, spalling work was started and it hurt the rental market in the building due to mandatory lanai closing. We were actually locked from opening our lanai doors even in the evening time. As you can imagine, renters and homeowners were not happy. This makes it a perfect time to purchase in the building. If you didn't have adequate reserves put aside, it made it a buyers market.
The building has done well over the past 10 years. The fee purchase was offered in 2006 and many of the units are now fee simple. Here is the 10 year growth for the Island Colony. As you can see, it had done well. It's location, reputation and amenities have made it a return home for many repeat tenants.
| Averages: |
Leasehold |
|
|
|
Leasehold |
|
|
|
Studio |
Percent Of Asking Price |
Days on the Market |
One Bdrm |
Percent Of Asking Price |
Days on the Market |
| 1998 |
$ 57,034.00 |
86% |
104 |
|
$103,571.00 |
79% |
225 |
| 2007 |
$164,733.00 |
94% |
106 |
|
$229,500.00 |
96% |
170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Simple |
|
|
|
Fee Simple |
|
|
|
Studio |
|
|
|
One Bedroom |
|
| 2007 |
$199,835.00 |
95% |
103 |
|
$292,100.00 |
98% |
75 |
|
Studio Fee purchase amount in 2006 was approximately $31,136 currently it is approximately $39,600.
For leasehold properties: the lease renegotiates 12/2014 and expires in 2044. |
|
Amenities:
Front Desk, Community Laundry, Pool, Sauna, Patio and Pool Deck, Security Guard and Keyed Entry, Trash Chute, Whirlpool, Resident Manager, Restaurant, Sundry Store, Internet Cafe, Car Rental.
|
| |
   
|
| Units: |
745 |
| Stories: |
43 |
| Elevators: |
5 | |
| Parking: |
Available in building but
not included in
Purchase Price |
| Pets: |
None |
| Year Built: |
1979 | |
| High School: |
McKinley |
| Middle School: |
Washington |
| Elementary School: |
Ala Wai | |
Floor Plans Island Colony Hotel Condo
| t |
|
|
Studio : 222
Lodging: 370
1 Bedroom: 148
Commercial Units: 5 |
Baths: 1 |
Square Feet: 280 to 316
Square Feet: 280 to 316
Square Feet: 563 to 570 |
Lanai: 104 to 118
Lanai: 104 to 118
Lanai: 106 |
| |
Comments: Studio Units, Floors 7 to 9, Units ending 06, 07, 10, 11, 14, 17, Floors 10 to 44, Units ending 06, 07, 10, 11, 14.
Lodging Units, Floors 7 to 44, Units ending 03, 04, 05, 08, 09, 12, 15, 16, 18, 19. Odd number face Diamond Head, Even, Sunset, (Ewa). One Bedroom Units, Floors 7 to 43, Units ending 01, 02, 20, 21. There are only four 1 bdrm units per floor located on the Mauka and Makai ends of the building. (Facing Mountains and Ocean) |
| |
|
|
|
| |
Island Colony More Pictures
|
|
|
|
Some of the active listing appearing on this site may be listed by other Realtors®. If you are interested in those active listings, our company may represent you as the buyer's agent. If the active listing you are interested in is our company's active listing, you may speak to one of our agents regarding your options for representation. All rentals are subject to State of Hawaii General Excise Taxes. |
|
|