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Frequently Asked Questions:
1. What about the Parking Lot Leasehold?
All the parking stalls are Leasehold and the lease expires on Dec. 31, 2016. There are options on how
to continue offering parking stalls for owners of the condos and the co-operatives.
Answer: First: You have to read this doc from the Website:
Parking Lot Disclosure
This doc (5-pages) was written back in 2007, at the time Atkinson Towers was a Co-operative and in the process of being converted to a Condominium.
A. The Corporation made an offer to purchase the 10,500 sq.ft. Lot, but it was not accepted.
The Corporation would continue to pursue the purchase of the Lot, over the next five (5) years, up to Dec. 31, 2016.
If the Corporation were able to purchase the 10,500 sq.ft. Lot all the parking stalls would be "Fee Simple" on the 10,500 sq.ft. Lot
and the 30,919 sq.ft. Lot.
B. Update News: At the 2012 Annual Meeting, Lloyd Char (Owner of the 10,500 sq.ft. lot) said that if Atkinson Towers
agrees to his development plan: 2-story apartment complex (18 units), above the parking lot he would agree to extend
the master lease for another 50 years, with an increase of the lease rent. Now at $46.22/month fixed until Jan. 1, 2017.
C. If the Corporation is not able to purchase in Fee the parking lot, or does not agree to Landlord's devleopment plan,
then the Corporation could build a double deck parking structure from the EWA end of the 30,919 sq.ft.
Lot to the DH end, over the swimming pool (to be removed).
2. Is Atkinson Towers a Cooperative or a Condominium?
80%+ of the units have already been converted to Condominium, but 18 of the units are still known at Co-ops,
so the project is known as ″Mixed-use″ building. Penthouse Five has converted to a Condominium.
3. What about Financing?
At the current time: Credit Unions, Bank of America, Wells Fargo and most of the Mainland Banks/Lenders
WILL NOT write a mortgage on Atkinson Towers, because it's a ″Mixed-use″ project (Co-ops and Condos).
But, First Hawaiian Bank WILL write a ″Portfolio″ Loan at 20% - 30% down for Owner Residents, higher for Investors.
Note: This communication is provided to you for informational purposes only and should not be relied upon by you.
Walt Flood Realty is not a mortgage lender and so you should contact First Hawaiian Mortgage Company and/or First Hawaiian Bank providing
mortgage product(s) directly to learn more about its mortgage products and your eligibility for such products.
4. Should you preview Atkinson Towers units?
YES, if you are ″Cash Buyer″, but NOT if you are looking to finance, unless you have received
a ″pre-qualification″ letter from either First Hawaiian Bank, or Central Pacific Bank.
5. What was the last sale in Atkinson Towers as a comp?
Unit #907 sold in November 2010 at $ 314,000 - one bedroom, one bath with one parking stall.
6. What is included in the Maintenance Fees?
Building/flood/fire insurance, Maintenance Manager and staff, water, building electric, sewage, elevator maintenance,
waste/trash removable contracts, and basic TV cable. The electricity (HECO) and High-Speed Internet are NOT included in the Maintenance Fees.
7. Why is the Owner selling this Penthouse Condo?
The Owner/Seller has just purchased another condo in the building (larger end unit), and has lived in the
building since 1990.
8. How many Bedrooms?
The docs shows 2-bedrooms - in 1959, but the 2nd bedroom was upgraded to a larger bedroom, with solid
walls and entrance door and a closet.
9. What about Air Conditioning?
Air Conditioning can be installed, with AOAU Board approval.
10. Is there anywhere to lock bicycles?
Penthouse Condo unit #5 has an assigned storage locker in a storage room, next to the elevators.
It's about 3ftW by 8ftD by 8ftH (approx. 24 sq.ft.). It is lockable and a bike or bikes could be stored in this space.
11. Owner storage is listed as an amenity; where is it and how big is it?
See above. The "assigned" storage locker is NOT owned or conveyed in the deed.
Note: This information is from sources deemed to be reliable, but is not guaranteed
and the Seller or the Seller's Agent and/or the Buyer's Agent are not liable or responsible for any inaccuracies, error and/or omissions.
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