Developer Peter Savio has announced that sometime towards the end of this month his company will be selling 162 units in the Rycroft Terrace, a condominium conversion of part of the Pagoda Hotel. The units will be classified as affordable housing and will start at $123,480 for a fee-simple studio up to $274,950 for a two-bedroom unit. Qualified buyers would have to put down as little as 5 percent down payment, provided that they make less than 100 percent of the median income. Monthly maintenance fees will range from $231 to $559. The conversion will help to satisfy a requirement of Kamehameha Schools to create a certain number of moderate-income housing units for their 2,750 residence project in Kakaako. Officially, Rycroft Terrace is about a half-mile outside of Kakaako, but the Hawaii Community Development Authority gave their consent in 2012.
Source: Honolulu Star Advertiser, 4-2-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
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