Kapolei’s Affordable Housing

The planned community ofPohakala at Mehana started selling their last phase of Affordable Housing. Pohakala will offer 60 Affordable Condominium Townhomes and flats with a 4-year owner occupant requirement. D.R. Horton, the developer, will release these homes in five releases. D.R. Horton will conduct a lottery for each phase and if you are not selected, you will automatically put into the next lottery release.

These homes are the last Affordable homes that will offer a 4-year owner occupant requirement. Ho’Opili has a 10-year owner occupant requirement for their Affordable Housing projects.

I highly recommend buyers enter into the lottery system at D.R. Horton as soon as possible. There next drawing is on June 17th 2017. These homes are VA loan eligible but do have an income requirement (Please see attached sheet).  I have lived in Mehana myself for over two years and watched our market jump around 9% a year.

It is paramount that buyers have someone represent their best interests and an agent with affordable housing experience to help guide them through the process. Please contact me prior to going to the sales office so I can represent you. For more information about Mehana, please visit my neighborhood page.

If you need any information about either buying or selling Affordable Houses, please call, text, or email me.

Mahalo!

New York Style Townhouses in Kaka’ako

These impressive New York style townhouses feels like single family homes. They are conveniently located in Kaka’ako and have both space and practicality. These townhomes feature over 1,800 square feet of living space. In addition, each property comes with its own private two-car garage and private outdoor living rooftop deck. The sweeping rooftop deck adds an additional 560 to 593 square feet. These well-designed homes come with 3 bedrooms, 2.5 bathrooms and a large den area.

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These homes are packed with many features to include; natural quartz countertops with Hansgrohe faucets, indoor wet bar area, wooden decking, low-E glass window system, Custom-stained engineered oak wide-plank flooring, large den, Full-sized free-standing soaking tub, and pet-friendly community.

The maintenance and HOA fees are $631 per month. The price of these beautiful townhomes starts at $1,695,000. There are only 10 left out of the 14 total. Start living your Hawaii Life now in the Master plan community of Kaka’ako

Haakea at Ho'Opili March Release

The much-anticipated second release of Phase 1 will be announced sometime in March, according to the D.R. Horton sales office in Mehana. They plan to release around 14 single-family homes on a first-come, first-served reservation system. You must be on the email list to receive the invitation, which notifies you and your agent when to be at the sales office. This release, like most, will be extremely competitive and fast moving. You must bring a $3,000 no refundable check and a pre-qualification letter in order to reserve your home.

The homes being released for sale in March are scheduled to be completed sometime in the summer of 2017. Ha’akea at Ho’opili offers 7 different models/plans with Plan 4 and 5 being the most popular.

Ho’opili is offering affordable townhomes, market townhomes, and single-family homes. Please contact me prior to going to the sales office so I can better assist you. If you have any questions, or need help finding new construction homes on Oahu, please contact me. Mahalo and good luck! 

New Adventure Park in Kapolei

Kapolei continues to grow both residentially and commercially. This is really busting land value and increasing demand for the entire Kapolei/ Ewa Beach area.

In the next two months, Coral Crater Adventure Park will open in Kapolei. This adventure park will include a total of 6 ziplines for ages seven and up, as well as mini ziplines for the Keiki.  Coral Crater will have a dirt track for all those ATV fans. If this isn’t enough, the adventure park will also have two rock climbing walls on its adventure tower with one wall for beginners and another for the more advanced climbers. They will also have a huge swing that will allow you to fly through the trees and then be lowered over 50ft to the ground. There are electric bike tours available with the option to purchase.

Not described in the expose above is all the Zombie killing with both static and mobile targets planned to occur during all of the activities. There may be AR-15/M4 style weapons with CO2 cartridges for that real feel. This all should make for a great Halloween in Kapolei!

I had the privilege to speak with Coral Crater Adventure Park’s Operations Manager about some of the details. The layout and activities of the park lends itself to be fun for the entire family. There will be picnic style areas set up next to the two food trucks and a beer garden. Yes, BEER garden! I don’t want to give it all away but it seems like these guys nailed it!

I’m sure Coral Crater Adventure Park will release all the details and offerings shortly. It’s great to see what seems to be a healthy balance of both commercial and residential growth in Kapolei. There are still great opportunities to own homes here and all indicators show great potential for large returns on investments. 

Find Out How to Sell Your Affordable Housing Unit at Mehana in Kapolei

As a current resident of Mehana in Kapolei, I am front and center of the Affordable Housing market. Most of the units here were originally sold by D.R. Horton with income restrictions and at below market value. In order to prevent investors from converting these units to market rate homes, owners were required to agree to two conditions:  First, owners must be occupants of the property. Second, a four-year buy back period which if the owners decide to sell the home, they must agree to allow the City Department of Budget and Fiscal Services (BFS) to repurchase the property at original sales price.  If the BFS waives the purchase option, the new buyer must qualify for Affordable Housing through the Department of Planning and Permitting (DPP) and the new owners must also comply with the four-year buyback period.

The great news is that when you sell your home within the four-year buy back, the purchase price is based on what you paid for the property plus all the associated fees. The four-year buyback time starts when the original owners purchase the unit from the builder and ends fours years later, regardless of how many times the property is resold.  Many military members who purchased these new construction townhomes in the past three years are now preparing to PCS. If you are in this situation, you should strongly consider selling your home. I can assist you in navigating the regulations pertaining to the mandatory buyback period and Chapter 3 of the Affordable Housing Rules. I can help you apply through the BFS and DPP to ensure you get back all the money you invested into your property. I can do this in a timely matter to help relieve the stress of PCSing off island.

The First Few Steps of the Process

  1. Give the option to the BFS to repurchase the property at sale price for the period of the four-year buyback. (I have not seen a case where the BFS repurchased the property back from the homeowner.)
  2. Homeowner must submit a packet to the DPP to get approval prior to listing the property for sale.
  3. Buyers must meet the income requirements and family size. (Chapter 3 of the Affordable Housing Rules)
Affordable Housing Listing Sold in December 2016

Affordable Housing Listing Sold in December 2016

I have helped clients navigate through the Affordable Housing process and I hope to help many more. If done correctly, this process shouldn’t take any longer than a regular market priced home sale.

Contact me today to learn more about selling an Affordable Housing Unit

Jason P Fieldman, R(S) License #77520, MAHRM, MRP Combat Veteran & Military Specialized Team 808.754.8728 JasonFieldman@hawaiilife.com 

Where to Live When PCSing to Schofield Barracks, Hawaii?

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This is the question I hear from clients and my fellow service members PCSing to Hawaii. There is no one answer, because each individual’s situation differs. Here are a few things I like to consider before giving any advice to my fellow military families.

  1. First, what is the budget and what can you afford? BAH and COLA in Hawaii are high and mortgage interest rates are low. Nine out of ten times, people can afford more than they think they can after they sit down with a loan officer and discuss the options and details associated with low interest rates for VA loans, no primary mortgage insurance (PMI), and low property tax.
  2. Second, what are your expectations from your community? Do you want easy access to great schools? Do you want to be close to the installation to minimize commute time? Be centrally located because your spouse might work downtown or at Tripler Army Medical Center? Do you want access to pools, recreation centers, the waterpark, or to be close the beach? You may not know all of the answers to these questions prior to your arrival or even six months into your tour, but these are questions that should be considered when looking for a home.
  3. Third, what size property do you want and what amenities do you desire? After answering the top two questions, this will narrow down your search quickly. There is a significant amount of new housing being built in Ewa Beach and Kapolei. These homes tend to be larger than traditional Hawaiian homes and seem to fit military lifestyles well with more storage and air conditioning. Depending on how a person answers the above questions, one and two will assist in determining what areas in which I would recommend purchasing.

Quick Tips

Here are a few things to know about Schofield Barracks:

  • There are multiple gates and routes into Schofield Barracks so know your options
  • Schofield Barracks is centrally located with elevation, and tends to get more rain and have cooler temperatures compared to other areas on the island
  • The heaviest traffic during your commute to PT in the morning will be on post, and just off post

Where to Live

As prior service and current Army spouse, don’t waste your BAH on rent. Let that BAH work for you and your family and enjoy the Hawaii Life. Mahalo!