Affordable ‘A’ali’i: Next Steps For Its Reserved Housing & Seminar
The time is near, ‘A’ali’i is moving into their last phase of sales, the 150 Reserved Housing units. They still have a lot of market units for sale but today we are talking about the Reserved units. This is what we have been waiting for and now is the time to make your move and apply. Today, June 8th, they just released the ad with pricing ( click here ). Units are starting at a very enticing $286,465 FS with a parking stall!
Here are 3 initial steps to follow so you have the best opportunity to secure one of these units if you qualify.
1. Visit the ‘A’ali’i sales center starting June 9th at 10am thru June 17th, 5pm and pick-up your Reserved Housing Application Packet (You can download the application starting June 9th at 10am, click here .) and see the model build-out with your Realtor® of choice, a Realtor® who knows the Reserved Housing programs and your options. Being represented by a licensed Realtor® upon your first visit will secure that you are being represented by an agent separate from the developer and their team. The sales team is great and very helpful but they do work for the developer as their first and foremost obligation. You want someone exclusively on your side educating you on the buying process, walking you through the Reserved Housing process and being your real estate advisor for this project and it’s competitors. There is no additional cost to you and the developer of ‘A’ali’i, Howard Hughes Corporation has been very accommodating to the Realtor® community and will kindly support your decision to use a Realtor®. If at this point you are thinking, well I don’t have a Realtor®, what do I do now? Not to worry, you can start with interviewing us, we will be happy to give you a quick rundown on the Affordable and Reserved Housing programs and also get you our FREE buyer’s packet. If we are a good fit for you, we can setup an appointment to checkout ‘A’ali’i and any other projects or resales you may be interested in. Our goal is to openly educate you and guide you through the purchase process as seamlessly as possible. (Meet Your Team) Note: If you setup an appointment with someone online and it isn’t from ‘A’ali’i’s sales team, there is a good chance that it is a Realtor® who is registering you and they will then be your designated buyer’s representative for ‘A’ali’i. Many may not explain this but we want to make sure you know what’s up 😊.
2. Connect with one of the preferred lenders that also qualify you for the HCDA Reserved Housing program. If needing more information on qualifying you can checkout my other blog to see if you qualify here (click here) or read through this FAQ. There are about 8 different preferred lending companies that can qualify you for ‘A’ali’i but only three of those lenders are approved to do the HCDA Reserved Housing qualifications (Honolulu HomeLoans and First Hawaiian Bank and Bank of Hawaii). In addition out of those two, Honolulu HomeLoans is the only lender also on other competing projects like The Block 803. We highly recommend choosing a loan officer that can assist in all capacities, ‘A’ali’i, other projects and also resales. If not, you will ultimately still have to run your credit and all your documents through one of these two lenders when you do apply which will take more time and add another hard inquiry on your credit that can affect your credit score if ran too many times within a short span. Do checkout the list of loan officers and should you need a recommendation, we will be happy to refer our favorite loan officers that we work with often and trust. Here is the Lender Checklist so you will be prepared when meeting with a lender of your choice. Your lender will make sure you have everything you need to submit your application by checking these items for you:
(1) Notarized Affidavit of Intent to Purchase and Reside in a Designated Owner-occupant Reserved Housing Residential Unit (2) Notarized Affidavit of Eligibility to Purchase a Reserved Housing Unit in the ‘A’ALI’I Condominium Project (3) ‘A’ALI’I Registration Agreement – Reserved Housing Owner-occupant (4) Loan Pre-Qualification Letter provided by Bank of Hawaii, First Hawaiian Bank, or Honolulu Homeloans
Your completed Application Packet needs to be dropped off at the Sales Gallery between JUNE 22nd 2018 at 10:00 and JUNE 27th 2018 at 11:59 PM.
3. And stay connected...Register your email for our blog site to receive these updates and keep in touch via cell/text/email with questions or concerns. The HCDA 2018 Area Median Income (AMI) Limits just came out. It has jumped up to $94,100 for a single person at 140% AMI! Wow, about $10,000 higher than last year. For two people in your household you can go up to $107,500 and for three people you can max out at $120,950. Three to a household is the max since there are only studios and one bedrooms being released for the reserved units.
Typical Order Of What’s To Come:
Newspaper Ad announcing the sales of the Reserved Housing Units, all units and prices have been be posted (06/08/18) View Ad (Click Here)
Pick-up your Reserved Housing Packet from the sales center: 1240 Ala Moana Blvd., Suite 100 (June 9th @ 10am thru June 17th, 5pm). This is NOT first come, first served therefore you do NOT need to show up the first day at 10am. There may be a line on the first day, so feel free to drop in at your convenience.
Drop-off your Application packet to the sales center between JUNE 22nd 2018 at 10:00 and JUNE 27th 2018 at 11:59 PM. This is NOT first come, first served therefore you do NOT need to show up the first day at 10am. There may be a line on the first day, so feel free to drop in at your convenience.
Qualify with Lender (NOW)
Lottery Date will be on June 29th at 10am.
Lottery numbers will be given after they review all applications received.
Lottery Day you will choose your unit in the order of the lottery numbers and if you select a unit, you will sign a contract & initial deposit will be collected.
Usually a total of 10% will be due and held in escrow until closing, this is often broken up between the initial deposit collected when you sign the contract, in the next 30 days and then final of 10% balance on the 60th day
30-day Recession Period usually starts the day you sign your contract, you will have 30 days to review all the condo docs and your contract and after that date you will be pretty locked in to the unit and the developer will secure your deposits
Wait for the building to be built and closing procedures will take place towards the completion (2021 to 2022, unsure on the exact estimated closing date)
INSIDE SCOOP...what we had listed was very close. I will need to add the G-stack to the list and it’s floor plan, stay tune for that. A few things to mention about the Reserved units:
•Only Studios and One Bedrooms will be offered, NO 2 bedrooms
•The majority of the units will be the studios located in the podium section of ‘A’ali’i, floors 2-7. The podium units are located at the lower level not apart of the main tower. They do not come with a lanai but do have 9’ ceiling heights which will be 6” higher than the tower units. They will have a Juliette balcony that opens up like a lanai but the views are limited to their lower levels.
•The one bedrooms will most likely be in stacks 1A & 1B on floors 9-41 which face the SUNSET side (Ewa/West). There are also 6 units-1H & 6 units-1E & 6 units-1G on floors 2-7 which face the DIAMOND HEAD side most likely. Those units will be larger but low floors.
•The finishes of the Reserved units haven’t been announced but there is a good chance that they won’t have the same luxury finishes but still provide a quality finish similar to Ke Kilohana. Howard Hughes prides themselves in quality and they won’t put out a product subpar with their reputation on the line. In addition, with over 600 units selling at luxury market pricing/sq.ft., they can’t afford to have 150 units in the same building be a completely different quality to lower the values of the building upon resale. Who knows, maybe they may keep a lot of the finishes the same and just have a lower grade line of appliances! Lastly, even though they haven’t announced it, I am pretty confident that the Smart furniture that comes with the market units will not come with these units. They may be an add-on purchase if it doesn’t conflict with the buyer’s qualifications for the Reserved Housing program. To view the finishes, appliances and amenities (click here).
Should you be interested in a FREE Buyer's Consultation, previewing the sales center, getting qualified and/or learning more, please contact us today and we can setup a private appointment: Call Christina (808) 282-1399 or Email (Click Here).