Leaders of an existing housing development in Kapa‘a have a development plan that will make 26 homes available for purchase at prices well below Kaua‘i’s March median purchase price of $509,000. Homes at Apopo Hale, which in Hawaiian means “tomorrow’s
Leaders of an existing housing development in Kapa‘a have a development plan that will make 26 homes available for purchase at prices well below Kaua‘i’s March median purchase price of $509,000.
Homes at Apopo Hale, which in Hawaiian means “tomorrow’s home,” will become available through a lottery drawing on Saturday, April 23.
According to developer Mike Lum, prices range from $353,000 to $372,000. Interest is expected to be very high.
“It makes a lot of sense. These are 25-year-old homes in great shape. We believe Apopo Hale will be able to provide more families a chance at home ownership,” Lum said.
Lum said the addition of 26 units to Kaua‘i’s limited affordable-housing-market inventory was a boon to buyers.
The homes are near the county’s Kapa‘a refuse transfer station.
The O‘ahu-based Lum is among the principals of Apopo Hale LLC, a partnership involving Lum and the Watase family, who originally built the project in 1979 and operated it as a rental project until last year.
Home buyers can choose from two options: a 1,043-square-foot home with three bedrooms and 1.5 baths, or a larger, 1,162-square-foot home with four bedrooms and 1.5 baths.
“We anticipate the demand will be great. So to be fair, we decided to have a lottery so that everyone will have an equal chance at home ownership,” Lum said.
“We also have stipulations to discourage those interested in the homes only as investment properties to allow more island residents to have a chance at purchasing homes,” he said.
He said the homes had been freshened up and refurbished for sale.
In terms of development costs versus risk, Lum said, “it’s not like I had to start from scratch.”
Real-estate professional Carol Iseri, principal broker and vice president of Properties Unlimited, and the principal broker for this project, said lottery applicants needed to present pre-qualifying letters, owner-occupant affidavits (letters stating their intent to live in the homes they purchase for a certain amount of time), and $3,000 deposit checks which will be held in escrow and would not be cashed until ownership procedures are in place.
Prospective homeowners may be pre-qualified through officials in the Bank of Hawaii residential-lending department in Lihu‘e. Information and applications for the lottery are available at the Apopo Hale sales office on site at 4930 Aliali Rd. The 26 detached homes were formerly rental units. The homes are located in a cul-de-sac in Kapa‘a near the transfer station and Kapa‘a Middle School.
Lum explained that the only way the homes could be sold to owner-occupants is if they were condominium-conversion projects.
He said the six current renters would be offered first crack at purchasing the new homes, with certain incentives thrown in, such as credits toward their closing costs. If they choose not to buy, Lum said they will have to vacate. The deadline to submit lottery applications is 10 a.m. Saturday, April 23.
Winners will be chosen the same day. Iseri said there will be an open house on the site Saturday and Sunday, April 23 and 24, and again the following weekend.
- For more information, please contact Iseri at 1-808-487-3855, ext. 224, or www.propertiesunlimitedhawaii.com.
- Andy Gross, business editor, may be reached at 245-3681 (ext. 251) or agross@pulitzer.net.
