Atkinson Towers Penthouse Five

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"For Sale"
(MLS: 1202073)
Condominium Penthouse Five
Two Bedrooms & One Bathroom

Asking Price: $330,000.00 (FS)

"NEW"- Portfolio Financing -
20%-30% Down at 15-30 years fixed mortgage


SECOND Open House - March 4, 2012 - Sunday 2-5pm

* Click on any Picture to Enlarge

               
           
           
       
           

This 15 story high rise building is a block to the Hawaii State Convention Center; across the street from the Ala Moana Hotel/Condo; behind Yacht Harbor Towers and the YMCA complex; one block to the Ala Moana Shopping Center, Ala Moana Beach Park (Magic Island), Pacific Ocean, and at the entrance to Waikiki.

The 16th floor Penthouse has a larger living area. Part of the living room area was converted back to a full size Second Bedroom.

The apartment is partly furnished (appliances) and has a large floor to ceiling glass sliding door, and a solid glass window. Plus: Wall to wall carpet and padding throught the apartment. The enclosed Lanai has ceramic tile flooring. Also, there is Washer, Dryer and Dishwasher in the apartment. This Penthouse Five has been upgraded/renovated and is ready to move in.

Atkinson Towers is a secured building, with two elevators, and there is a Maintenance Manager. The project has a pool (not heated), individual Owners' assigned storage/lockers. Basic cable TV is included in the maintenance fees (High-Speed Internet is available).   No Pets are allowed, with the exception of certified seeing-eye dogs.

Note: The parking stall #32 will be assigned to Penthouse Five, and it's covered and just a few steps to the front door to the building's Lobby.

For more information about the building, condo documents, pictures, and more go to www.AtkinsonTowers.org


Atkinson Towers Parking Stall Agreement


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.


Financials


Annual Financials


Budget Package (2009)


Budget and Reserve Analysis Report
July 23 '2010


Budget MF Reserve Analysis
Jan 1 '2010 - 12 Pages


Reserve Reports (2009)


Reserve Analysis Report - Dec 31 '2010


2011 Approved Budget - Short


Reserve Analysis Report - Dec 31 '2011 11 Pages (New)


Minutes


Minutes - November 22, 2010


Minutes - September 20, 2010


Minutes - July 19, 2010


Minutes - May 17, 2010


Minutes - March 15, 2010


Minutes - Janury 25, 2010


Generic Purchase Contract. Twelve pages of the Hawaii Association of Realtors (important to read if you are considering an Offer to Buy - Purchase Contract © 2009 HAR.) Note: This document can only be used/completed by a Realtor.

House Rules  to read the House Rules, as of March 2006, and other documents.


Interior Area: 858 sq. ft.
Maintenance Fee: $436.27  /  Other Monthly Fees (Parking Stall Lease Rent): $46.22
Total Monthly Fees/Charges: $486.49
Bedrooms: Two  /  Bathroom: One  /  Parking Stall #32


Google Hybrid Map to Atkinson Towers


Your Host: Walter W. Flood, R, PB
Walt Flood Realty ®  * Phone: 808-922-1659 *  Fax: 1-866-912-8984 (Toll Free)
 2092 Kuhio Ave. Honolulu, HI 96815
E-mail: WaltFlood@gmail.com  *  Website: WaltFloodRealty.com/


* All information contained herein is obtained from sources deemed reliable, no representation is made as to the accuracy thereof, & it is submitted subject to errors, omissions, changes & withdrawals without notice.



Walt Flood Realty ®
2092 Kuhio Ave, Home Office, Honolulu, HI 96815-2134
Phone (808) 922-1659 • Fax 1-866-912-8984 (Toll Free) • WaltFlood@gmail.com

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