* Oahu Leeward Coast Real Estate * Ko Olina Homes * Kapolei New Development * Makakilo Homes *

LEEWARD OAHU REAL ESTATE

Ko Olina District

KO OLINA, Hawaii – September 7, 2005 – Centex Destination Properties has announced Beach Villas at Ko Olina, two elegant lagoon-front condominiums that promise to raise the bar in Oahu’s luxury home market. Ko Olina is quickly becoming one of the premier resort destinations in Hawaii. It is located on the Leeward Coast of Oahu and features beautiful lagoons, miles of ocean frontage, the luxurious Ihilani Resort & Spa, the Marriot Beachclub, the popular Paradise Cove Luau, a World Class Harbor, and Roy’s Restaurant, all of which are popular gathering places for locals and visitors alike. The Ko Olina Beach Club –one of the newest Marriott time-share properties (vocational –ownership)celebrated its grand opening in April 2003, with 103 fully appointed villas.  Eventually some 750 villas are planned.  Guests may enjoy two pools, an oceanfront poolside bar and grill, a fitness center, a children’s activity center, and the use of the Ko Olina Resort’s championship golf course and clubhouse.

This access gives you both listed and sold information for Hawaii.  As you will notice, we are the only site that has this information for Hawaii.  The other sites provide only listed information.  The reason for providing sold information is to give our clients "an unfair advantage" in the marketplace.  The list price is the sellers dream and the sold price is the reality of the marketplace.   As far as representing you as a buyer, there is no cost to you because my fees are paid for by the seller as part of the cooperating brokers arrangement between brokers.   I hope that you will be satisfied with my website and market knowledge and look forward to a long term relationship with you.

To receive e-mail updates of NEW or SOLD listings in any building or neighborhood on the island email : elena.roud@pruhawaii.com

 or call ELENA 808-224-7274  NO OBLIGATION.  FREE Hawaii MLS Access! Click here to search the database of thousands of homes for sale state wide, condos for sale, townhouses for sale and land for sale on the beatiful Island of Hawaii (Honolulu, Oahu, Waikiki, etc.)

The Ko Olina Resort also encompasses Luxurious homes for year –round living. The Coconut Plantation, for example, offers two- and three-bedroom plantation style attached homes in which gracious Hawaiian plantation architecture is wedded to modern amenities.  Residents have access to a 270-slip marina and the Ihilani Spa.  The Coconut plantation won the 2002 Gold Nugget Award for Best Attached Residential Project at the Pacific Coast Builders Conference in San Francisco.  Kai Lani and Coconut Plantations are the newest townhome developments in Ko Olina which both saw at least $150,000 in appreciation in their first two years.  The Fairways at Ko Olina was the first private townhouse project built in 1995, and borders the Ko Olina Resort’s championship golf course. They have more than doubled in price since then.

Ko Olina Kai is the newest development under way which is estimated to release its first properties in March of 2005. It is being developed by Centex Destination Properties and will consist of 60 single family homes and 264 townhomes. With rumors of Ritz Carlton coming to the Resort, the soon to be built $35 + million dollar world class aquarium, and the construction of Marriot’s 2nd of 4 timeshare towers, Ko Olina has become a highly desirable place for both local buyers as well as mainland investors.

Ko Olina Hillside Villas - beautifully-appointed villa townhomes, with standard upgraded features and every amenity you’d expect, including a private recreation center and pool.   You’ll be close to world-class golf, a marina, and the four crystal lagoons Ko Olina is famous for. And with special fi nancing program, qualifi ed buyers can enjoy payments as low as $981 per month, and no homeowner association fees for two years. Prices from the mid $500,000’s (fee simple)

Approx. driving time to Downtown during non-primetime hours: 40 min

Approx. driving time to Airport during non-primetime hours: 35 min

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The City of Kapolei District

The “second city” of Oahu is part of a long-range plan by The Estate of James Campbell for lands located on the western coast of the island of Oahu. It is a master-planned urban center in which people can live, work and play. The Kapolei region encompasses the state’s largest industrial park and second-busiest commercial harbor, a new business park and vacation resort area, residential developments, and telecommunications infrastructure. Kapolei’s new residential communities offer townhomes, and single-family start-up and move-up homes, to executive ocean-view and golf course homes with amenities such as marinas, golf courses, parks and community recreation centers. Private companies have developed the neighborhoods of Kapolei Knolls and Ocean Pointe and the community of Ewa by Gentry. The area also offers community shopping centers, the Hawaiian Waters Adventure Park, public schools, a private pre-school and elementary school, marina, hospital and a megaplex.

Approx. driving time to Downtown during non-primetime hours: 30 min

Approx. driving time to Airport during non-primetime hours: 25 min

Makakilo District

This hillside community began in the early 1960s and today has more than 3,500 single family and townhouses. The upper slopes of Makakilo continue to be developed. Among the newer subdivisions are Royal Ridge (single family) and Westview at Makakilo Heights (townhouse). The residents of this hillside community enjoy panoramic vistas of the Pacific Ocean and some views extend to Diamond Head in the east.

Approx. driving time to Downtown during non-primetime hours: 30 min

Approx. driving time to Airport during non-primetime hours: 25 min

Villages of Kapolei District

The Villages of Kapolei consist of eight privately developed residential villages, three schools, a senior housing center, a golf course, neighborhood parks and two recreation centers. Five of the villages have been built with three more planned for future development. The completed villages are named: Kumu Iki, A’eloa, Malanai, Kekuilani and Iwalani/Kulalani. Residents select from single family or condominium town homes. Buyers receive more for their money than for similar priced homes in the Honolulu region. The new homes may have vaulted ceilings, quality fixtures and cabinetry, and the latest construction systems. Some of the units are designated as “affordable” (below market price) to allow buyers to purchase who would not otherwise be able to own a market priced home.

Approx. driving time to Downtown during non-primetime hours: 30 min

Approx. driving time to Airport during non-primetime hours: 25 min

The state has selected Castle & Cooke Homes to develop the last major installment of affordable housing at the state's master-planned community Villages of Kapolei. Castle & Cooke plans to build 492 townhomes for rent and for sale over four years. The sites are three parcels of state land within the A'eloa, Iwalani and Malu'ohai subdivisions, also known as villages 2, 5 and 6.  The project will help ease the overwhelming shortage of affordable rentals and for-sale housing on O'ahu, and nearly complete residential development at the Villages of Kapolei. According to a study conducted for the state, there is a need for 30,000 affordable-housing units statewide — 17,000 rentals and 13,000 homes for purchase.  Construction is anticipated to start on the first homes in July 2006, with the first units ready for occupancy between July and September 2007. Completion of all homes is forecast for June 2010. The Housing and Community Development Corp. of Hawai'i in May solicited developers to build affordable housing on the three Kapolei parcels covering 20 acres, seeking the maximum number of units at the lowest expense to the state. Castle & Cooke's bid, which estimates total project development cost at $108 million, involves private financing with some proposed state tax-credit financing. The state is contributing the land. About 60 percent, or 287, of the homes will be rental units, with the other 205 sold fee-simple. The homes are reserved for people with income levels between 60 percent and 140 percent of the annual household median income in Honolulu, which this year equates to $40,680 to $94,850 for a family of four. Home prices will depend on median income levels and interest rates at the time homes become available.

If they were available today, monthly rent for 143 homes would range from $711 for a studio up to $1,964 for a 4-bedroom unit for those earning $40,680 to about $47,000. Monthly rent for another 144 units would range from $948 to $1,185 for studios on up to $1,572 to $1,964 for 4-bedroom units for families earning $54,250 to $67,750. Sale prices for the 205 homes assuming a 6 percent mortgage rate range from about $333,000 to $389,000 for families earning $81,300 to $94,850. 

Castle & Cooke said it will not be ready to accept applications from buyers and renters until next year, but looks forward to bringing the homes to the market. "We are very excited to work with the state in developing affordable homes for Hawai'i's people, and it is something we have been doing for a long time," Alan Arakawa, Castle & Cooke senior vice president of residential operations, said in a statement. Castle & Cooke developed the first residential subdivision at the Villages of Kapolei, and is also the master developer of Mililani and Royal Kunia. Villages of Kapolei comprises eight residential subdivisions with roughly 3,000 homes plus parks, a golf course and commercial center on 880 acres of state land. The last village, Kaupe'a, also known as Village 8, broke ground last year. It is a 326-lot project on 53 acres being developed by the state Department of Hawaiian Home Lands. The first Kaupe'a homes are expected to be complete in spring 2006. The remaining undeveloped property at the Villages of Kapolei is mainly for commercial development, though there is room for a relatively few more single-family homes. The entire master-planned community is expected to be completely built out over the next five years.  SOURCE: Honolulu Advertiser, by Andrew Gomes, June 2005

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