‘Pocket’ development upgrade Kaimuki neighborhoods
Kaimuki is currently a “hot spot” of new construction and housing redevelopment, with small CPR (Condominium Property Regime) projects accounting for much of the activity. A four-unit residential CPR development by Realtor Ronald N. Lee and his team, now in progress at the Diamond Head end of 19th Avenue, is one of more than 20 projects Lee has undertaken with his partners Keith Fujio and Steven Kam AIA over the past 25 years.
This new project consists of four homes, ranging in size from approximately 1,300 to 2,000 square feet, with pricing starting at $985,000. A three-bedroom, three-bath home with views from Koko Head to Diamond Head is nearing completion and will be available at $1,085,000. With approximately 1,600 square feet of living area, plus an outdoor patio and spacious two-car garage with storage, the home incorporates numerous quality features and detailing, including a stucco exterior finish, Architect 80 roofing, split air conditioning and solar water heating systems, granite counters, stainless-steel appliances, porcelain tile flooring in the kitchen, dining and bathroom areas, and water-resistant laminate flooring throughout the rest of the home.
Each of the small residential enclaves created by Lee and his team of designers and builders is unique though similar to others in size and design. These new “mini communities” often replace older, sometimes dilapidated structures and consequently enhance the immediate neighborhood.
Kam, president of Pillar Construction Corp., is architect and construction manager for the projects, while Fujio serves as account executive, providing financial resources and accounting services. Lee, Principal Broker of Real Estate Incorporated, brings 36 years of real estate experience to each project. He was recently ranked among Honolulu’s Top 100 Realtors based on sales revenue in 2016. His projects have ranged from two-lot subdivisions to a 12-home CPR development. In addition to the 19th Avenue enclave, another project in progress is a two-house, single-family CPR in Kaneohe with pricing anticipated in the lowto mid-$700,000s.
As a developer, Lee focuses on working with owners and potential buyers in what he considers a “niche” marketplace. “I receive personal satisfaction in providing assistance and sharing opportunities with potential buyers and homeowners,” Lee said. “In many cases, the owners are unaware of their options and are probably land-rich and cash-poor. They want a new home and financial freedom. My job is to provide them with options on how to achieve their goals. In some cases, we come up with a plan that will enable an owner to remain on the property with an existing home or a new home, as in the case of our 19th Avenue project.
“Many of our developments are pre-sold, so clients also receive the benefit of choosing their flooring, cabinets, countertops, fixtures and other amenities. I’ve had many meetings with buyers, and they are excited to have the opportunity to select what they want — it’s a little more work but the end result is well worth it.”
For additional information, contact Ronald N. Lee, Realtor, CRB, CRS, at Real Estate Incorporated in Honolulu.