Breaking News! Sales for owner occupied units in the new Ko’ula tower in Ward Village have been announced today! Purchasers or their designees must visit the sales center to get a number. Preference for unit selection will be given in the order buyers arrive at the IBM Building sales center on Ala Moana Blvd., and selection will begin on Saturday, January 19th.
During their appointment, purchasers will select a unit, sign an owner-occupant affidavit and a purchase contract, and provide a five percent deposit. There is a 30 day right of recision, to allow buyers to further review the project documents. Additional deposits totaling 20% will be required within the first 30 days.
I had the opportunity to visit the sales center a few days ago, which was a mix of pleasure and disappointment. While the building plan is beautiful, half of the units have already been spoken for, reserved for current owners in Ward Village and other insiders. As required by law, the remaining half have been designated for those who will attest their intention to be owner occupants. Of course, by the time the building is actually habitable, expected in early 2022, many plans will change, I’m sure.
Pricing estimates, released today, were a bit higher than insinuated during our visit. Studios are expected to start at $514,000, one bedrooms at $791,000, 2 bedrooms at $1,108,000, and 3 bedroom units at $1,792,000. These prices put this building on par with similar sized units in Symphony and Anaha, though each building has its own personality.
If any units survive the Owner Occupant Sales, the next date to watch is February 17, 2019, when the remaining units will be released to non-owner occupant buyers.
If you intend to purchase a unit in Ko’ula and want to have a buyer’s agent represent you (highly recommended), you must designate that agent prior to signing the purchase contract, and your agent must participate in the process (of course)!
If you’d like to know more about our tour of Ko’ula, you can reach me at email@example.com.
*Photos courtesy of the Ko’ula Sales Gallery.