The Symphony Honolulu is a new condominium project (888 Kapiolani Boulevard) that will be built on the north-west corner of Ward Avenue and Kapiolani Boulevard in Kakaako, directly across from the Neal Blaisdell Event Center. The building features 1 bedroom, 2 bedroom and 3 bedroom units. For the latest availability and price, click
The property is being marketed as a luxury condominium with fantastic views in all directions. While this is true, it should be noted that the Howard Hughes corporation is planning to build a new moderate-income condominium at 404 Ward Avenue, which would be approximately three or four blocks closer to the ocean, directly in front of the Symphony Honolulu. The 404 Ward building will not block all of the Symphony's ocean views, but it would take away a section of it. There is also discussion of the possibility of building a 700 foot tall tower over the Neal Blaisdell Event Center. Please note that this is still only in the earliest stages of discussion and plans may change.
One item that potential buyers should be aware of, is that the Symphony Honolulu will be releasing 100 units later this summer or fall as "moderate-income" housing. These units will be sold on a lottery basis to people who make less than 140% of the median income for the Honolulu neighborhood. The buyers for the "moderate income" housing must not have had any primary interest in real property over the last three years and must commit to living in their Symphony Honolulu unit for five years after competition. The "moderate income" units will cost less than their counterparts, but will also have not as nice fixtures in their units.
The sales team at the Symphony Honolulu were quick to point out that "moderate income" is not the same as "affordable housing". For a single person, 140% median income is approximately $85,000 per year. For a family of four, the maximum median income is approximately $115,000 per year.
An interested Buyer would have to put down 5% of the purchase price with their initial offer. They would then have 30 days to review all of developer's public report. Upon acceptance of the public report, the Buyer would have to put down an additional 5% (10% total). This money becomes firm and binding. The Buyer would have to place a final 5% down (15% total) on November 1, 2013. The balance of the down payment can be made when the project is completed in the beginning of 2016.
My personal opinion on the building is that it is in an excellent location and priced fairly given today's improving real estate market conditions. A potential Buyer should be made aware of all the other condominiums being built in the Kakaako neighborhood and understand how these buildings may affect your view from the Symphony Honolulu. Finally, a Buyer needs to feel comfortable with the fact that this building will have both luxury condominium units and "moderate income" units in the same tower.
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
