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8/30/2018 1 Comment

Affordable Housing - how much do we need?

Oahu Available Inventory

When it comes to affordable housing, it is obvious that Hawaii desperately needs it. Recent reports from the Honolulu Board of Realtors show that sales are at all time highs for single family and condominium homes, but the thing is that salaries are not increasing as fast as property prices and many local residents are getting priced out of the market.

When it comes to new construction, developers must set aside at least 20% of the building to affordable or reserved housing. But some developers get around this requirement by building an entire separate building for reserved/affordable housing. So that they can market their building as "a luxury building." While this seems rather sneaky, unfortunately it is the way it is and it's very hard to change.

Luckily SamKoo Pacific, LLC has been a pioneer when it comes to bringing affordable housing units to Oahu. They recently sold Kapiolani Residence which is set to open at the end of this year and it had 60% go towards affordable housing. Their next project, The Central Ala Moana, will be their second project and will give another 60% to affordable housing (310 units) which is more than 3 times the normal requirement.

"According to Paul Brewbaker, former State Economist and Preseident of TZ Economics; Oahu needs 3500 new housing units per year."

Unfortunately, the state typically issues a maximum of 1500 permits for new housing. Building permits issued between 2009 and 2014 were lower than in any period since WWII. Because of this, each year we fall behind by 2000+ housing units.

Affordable housing however requires a fine balancing act. You need to make under a certain income but you need to make enough to qualify for the loan. For affordable housing, they work backwards using the area median income and price the units accordingly based on what that income bracket can afford. Plus they also allow gift funds, or co-signers.

If you missed out on Kapiolani Residence and are looking for the next affordable housing project, then The Central Ala Moana is what you have been waiting for. Don't forget to sign up today to get the latest information below!

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8/21/2018 1 Comment

home in the heart of the city - things to do

what is there to do around The Central?

The Central will be centrally located giving you an amazing location to call home. Regardless of your personality, there will be something for just about everyone. You can enjoy some amazing culinary cuisine, enjoy the outdoors, shop at a vast array of stores, supermarkets, and local boutiques. In case you are unfamiliar with The Central Ala Moana, or the location, here are few things to do.
For more information simply click on the link below to learn more!

Nearby Activities & Shopping

24 Hour Fitness Super Sport Gym

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Author

Jonathan Pang (R) RB-22025

Jonathan Pang (R) and Locations LLC DOES NOT represent the Developer/Seller but are Buyer's Agents in respect to any sale within The Central Ala Moana. The Seller/Developer, SamKoo Pacific, LLC is represented by Century 21 iProperties Hawaii.

As a buyer's agent, Jonathan will be there to help you every step of the way and will look after your best interests. Jonathan is a full-time Realtor in the state of Hawaii and a Broker-In-Charge at Locations LLC who specializes in new project construction on Oahu. All blog posts here were created by Jonathan Pang and may contain personal opinions and thoughts by the author.

Jonathan's has most recently helped the Howard Hughes Association as a sales team member for Aalii in Ward Village and has successfully helped clients with the sales of Anaha, Aeo, Akoko, Hauoli Lofts, Ke Kilohana, Keauhou Place, Symphony, Seabridge, and Kapiolani Residence.

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