Property Q&A in Honolulu>Question Details

Florisoco, Home Buyer in Honolulu, HI

1. What does it mean "lease hold"? 2. What is the square footage? 3. have some of the unit photos?

Asked by Florisoco, Honolulu, HI Sun Apr 24, 2011

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This question is about this property: http://www.trulia.com/property/3049221297-4999-Kahala-Ave-11…

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Answers

4
Hi thank you for your inquiry. Leasehold means that the land that the unit is located on is owned by another party; therefore there is a monthly lease rent amount that is paid.
2. The square footage of the unit is: 1258sqft and there is an open lanai with ocean views of 297sqft
3. The unit is currently occupied by a tenant and therefore we do no have any interior shots of the unit. Sorry. I could send you a basic floor plan of the unit if it will help. Please send me your email address.
Also, just to let you know: the monthly maintenance fee is $958, plus there is a monthly lease rent fee of $2206 plus property tax of $273/month. Since the building is leasehold I don't think any lenders are lending moeny on this building; so property will need to purchased in cash.
the current tenant also has the unit rented until 12/31/2011.
Thank you.
Web Reference: http://www.sachihawaii.com
0 votes Thank Flag Link Mon Apr 25, 2011
Kimo and Barbara have done a good job of answering. In a nutshell, Fee Simple means you own the land and in Leasehold, you do not... See my link for more info.
0 votes Thank Flag Link Sun Apr 24, 2011
The leasehold situation at the Kahala Beach is key in understanding why the prices are so low in one of the most desirable neighborhoods on Oahu. The current lease is set to expire in the year 2027 at which time you may have to surrender your unit to the landowner. In a leasehold property you are buying the rights to the airspace but the land is owned by another entity, in this case Kamehameha Schools.

The current lease rent is about $2,200 a month and is set until 2017 when that rate will be renegotiated and set for the final 10 years.

Financing becomes very difficult in leasehold properties, especially here because of the short lease life.

The square footage of living space is typically 1,555 sq. ft. including the lanai space.

There are few photos most likely because it is a new listing and/or occupied which makes getting quality photos difficult. Also, being on the ground floor tends to be darker in the units making them harder to photograph well.
0 votes Thank Flag Link Sun Apr 24, 2011
Leasehold means you don't own the land under your apartment and you pay lease rent every month - this apartment has lease rent of $2,200/month.
The apartment is 1,258 sq ft with a lanai of 297 sq ft - a nice size.
There are no photos of the unit, only of the amenities. It is a great building in a wonderful neighborhood and, if the unit were fee simple, it would be very expensive to buy.
0 votes Thank Flag Link Sun Apr 24, 2011
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