Castle & Cooke Homes Hawaii has begun accepting applications from eligible buyers for the purchase of townhomes in its Kealakai community located in Kapolei Village VI.
Developed in a partnership with the Hawaii Housing Finance Development Corporation, the new project when completed will consist of 140 one, two, and three bedroom models ranging in size from 500 to 911 square feet; average prices range from $230,000 to $330,000 fee simple. The homes will be located in 18 two story buildings, most of which will include eight units.
“As soon as the project was announced on November 16, we began receiving inquiries at our sales office from prospective buyers who wanted to be sure their application was received prior to the deadline of December 16,” said Mary Hakoda, Castle & Cooke Homes vice president of sales. “Approved applications will go into a public drawing which is scheduled for the end of January 2010. The first homes are expected to be ready for occupancy by late summer of 2010.”
Hakoda pointed out that buyers must be owner-occupants and meet HHFDC income standards for affordable housing, earning 140 percent or less of the Area Median Income, and that units are subject to buy-back and shared appreciation equity program restrictions.
“A family of four earning up to $111,020 could qualify to own their home under these affordable guidelines. Kealakai fills a need for homes in this price point in West Oahu. We’ve found that about half of our buyers at our new Kapolei affordable communities are already residents in the West Oahu area and the other half are from Honolulu. Most of the people who have come out to our sales office since the announcement have been young first time buyers. The proximity of Kapolei schools, the Kapolei Recreation Center, and parks are a big attraction for young families,” Hakoda said.
Among the standard features of the Kealakai units are two parking stalls, solar water heating systems, and air conditioning wall units in the living room and master bedroom. All models feature open floor plans.
Applications and additional information about the project can be obtained at the Kapolei sales office located at the Nohona at Kapolei development at 91-1169 Kaiau Avenue. Hakoda said a Kealakai onsite sales office will be opened in a trailer at the new project at 91-1015 Kamaaha Avenue on December 2.
Hakoda noted that another Castle & Cooke/HHFDC affordable project, Nohona at Kapolei, will start sales of townhomes in a new increment of the community the week of November 30. “We’ve sold out Phase One and Phase Two of Nohona and are now moving into Phase Three with two and three bedroom townhomes priced from $323,000 to $397,000.
Since the first offering in mid 2008, we have closed a total of 56 homes in Phase One and sold 21 homes in Phase II. On November 30 we will release 21 of the homes in Phase III. Enclosed attached garages and solar water heating systems are standard features in Nohona townhomes, and eligible buyers can take advantage of the $8,000 Federal tax credit.
The tax credit, which was due to expire on November 30, has been extended to April 30, 2010 and various provisions affecting eligibility have been added or updated. Nohona Phase III homes will be ready for occupancy by the end of the first quarter of 2010. Buyers who act quickly should be able to close in time to meet the tax credit deadline.
Castle & Cooke is offering Nohona buyers a $6,000 Design Center credit which can be applied to appliances and upgrades available for review at the Castle & Cooke Design Center located at the Kapolei sales office for the company’s Nohona at Kapolei development, 91-1169 Kaiau Avenue.
“I believe increased employment opportunities in the area with the addition of retail operations and commercial centers in Kapolei, as well as new developments at Ko Olina, continues to drive the demand for homes and the success of our new affordable residential projects,” Hakoda said.