Atkinson Towers 306 MLS

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MLS: 1105487
"Sold" as of September 8, 2011
Co-op Apartment #306
One Bedroom & One Bathroom
Asking Price: $245,000.00 (FS)
Sold Price: $235,000.00 (FS)

* 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.

Tenant-occupied, with the rental lease to expire in July 2011. Call the listing Agent for more information about financing.

Large one bedroom, with the option to add a second bedroom. Location, location, location! Ala Moana Shopping Center, one block to the ocean/beach, and to Waikiki. Parking stall #10 is leasehold with the rent of $46/month until 12/31/2016. Seller is highly motivated with a selling price $37,000 below the Honolulu City & County Tax Assessed Value. Unit #306 is converting from Co-Op to Condominium, at the Seller's expense.

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 (high-speed internet is available).   No Pets are allowed, with the exception of certified seeing-eye dogs.

For more information about the building, condo documents, pictures, and more go to

Atkinson Towers Parking Stall Agreement

Frequently Asked Questions:

1. Is Atkinson Towers a Cooperative or a Condominium? 80%+ of the units have already been converted to Condominium, but 20 of the units are still known at Co-ops, so the project is known as ″Mixed-use″ building. Apartment unit #306 is a Co-op, but is in the process of converting to a Condominium, at the Seller's expense.

2. Future? There is a good chance, over the next 5-7 years, all the Co-op stockholders will convert to Condominium, and the building will NOT be a ″Mixed-use″ project. The financing could/should go back to Conventional mortgages (FHA, VA, etc).

3. What about financing? Credit Unions, Central Pacific Bank, 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, Bank of Hawaii and First Hawaiian Bank WILL write a ″Portfolio″ loan at 20% - 30% down for Owner Residents, higher for Investors.

4. What about Seller's financing? Agreement of Sale and Purchase Money Mortgages can be offered to the Buyers, with 5%, 10% - 20% down and terms of 4-7-10 years, but the Seller of this Condo #306 knows that she can only sell for cash or bank financing.

5. 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 Bank of Hawaii or First Hawaiian Bank.

6. 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.

7. 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) is not included in the Maintenance Fees.

8. Why are the owners selling this Condo? The owner/seller is about to retire and wants to reduce her real estate rental properties/investments.

9. How many bedrooms? The MLS shows 1-bedroom, but the 2nd bedroom can be installed (built) in the living room area, with a small entrance hallway.

10. What about the parking stall leasehold? All the parking stalls are leasehold and the lease expires on Dec. 31, 2016. There are three (3) options on how to continue offering parking stalls for owners of the condos. Please ask the Listing Broker.

11. What is the Association Reserve Account for 2011? Read this document on along with other Condo Docs.

Note: All information contained herein is obtained from sources deemed reliable, no representation is made as to the accuracy thereof, and it is submitted subject to errors, omissions, changes and withdrawals without notice (5/08/2011).

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: 856 sq. ft.
Maintenance Fee: $420  /  Other Monthly Fees (Parking Stall Lease Rent): $46
Total Monthly Fees/Charges: $466
Bedrooms: One  /  Bathrooms: One  /  Parking Stall #10

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Your Host: Walter W. Flood, R, PB
Walt Flood Realty ®  * Phone: 808-922-1659 *  Fax: 1-866-912-8984 (Toll Free)
 2092 Kuhio Ave., #1903, Honolulu, HI 96815
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* 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) •

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