Finding Hawaii’s Affordable Condos
Although their “dream home” may be a house with a garden, many first-time buyers with limited financial resources are taking a realistic look at the market and opting to make their debut as homeowners with the purchase of a condominium apartment or townhome. They’ve decided not to wait for single family home prices to come down…because neither Realtors nor lenders have a crystal ball revealing “if or when”…and, if they are in a position to qualify for a loan now, they know it makes sense to make their move while interest rates are still low. In this series on affordable condos and town-homes, Realtors will comment on the marketplace and finding the best values.
The best buys don’t last long in this environment of low interest rates and diminishing inventory. Such is the case of an almost “too good to be true” listing in Mililani, a two bedroom, remodeled condominium apartment priced at $150,000 that received an offer within a week of being placed on the market. Located in Cathedral Point in the Melemanu area of Mililani, the 896 square foot fee simple unit is a short sale with the price subject to approval by the lender. Consequently, listing Realtors Rajiv and Vineeta Jetley of the Century 21 All Islands, Waikele Office are continuing to show the property pending final confirmation that the current offer is acceptable.
“This two bedroom, one bath unit was renovated by the previous owner in 2006,” Vineeta Jetley said. “He extensively upgraded the kitchen including new appliances, countertops, and lighting. The bath was also renovated, ceramic tile flooring was added throughout, and all rooms were repainted. A washer and dryer are located in the unit. From the main living area and one of the bedrooms, you have a view of Melemanu Park. The unit, which is located on the second floor, has the advantage of direct access into the parking structure where one parking stall is assigned on the same level, a nice convenience.”
She noted that the current owner, a military member who has been deployed, had kept the apartment rented for the past two years. “The rental potential is good considering the amenities, upgrades, and location. Military bases are close-by and, for families with children, the good schools of Mililani are a big attraction.”
The eight-building, 222-unit Cathedral Point complex, built in 1973, is located on Waikalani Drive. It shares recreational facilities, including a swimming pool and barbecue area, with three other condominium apartment complexes, Northbrook, Valley View, and Ridgecrest.
“Cathedral Point is one of four condominium complexes built in the early 1970s in Melemanu, which is technically Mililani. However, they are not governed by the Mililani Town Association and have their own owners associations. The small community of Melemanu is between Wahiawa and Mililani Town, and only about a 15 minute drive to Haleiwa on the North Shore, all offering numerous options for shopping and dining. Four-acre Melemanu Park with volleyball and basketball courts and a baseball field is right across Waikalani Drive and provides open green space in the neighborhood,” Jetley said.