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Mauna Loa Village

Posted by Harry Pritikin on Monday, 25 December 2017, at 3:33 p.m.
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In response to 141559: Maunaloa townhome, posted by Jim L3 on Monday, 25 December 2017, at 9:28 a.m.

Aloha Jim,

Yes, it's because they are leasehold. The concept of leasehold condos in Hawaii is hard for mainlanders to grasp. Rather than explain it here, check out this article at my website: http://www.konarealestateagent.com/leasehold.htm
The first part is about leasehold farms, but I get into condos near the end.

At Mauana Loa Village the lease expires in 2050. For the 1,504sq.ft. 3bd/2.5ba units the monthly lease rent is $282. The Association Of Apartment Owners (AOAO) monthly maintenance fee is $1,234.38. The maint fee can go up at any time but the lease rent renegotiates only in 2030. It will go up the same percentage as inflation has gone up. In 2050 you have to give the unit back to the Fee Simple land owner.

If you are not already working with a Big Island agent, you can sign up for my daily email MLS UPdate at my website. UPdate members can email me questions about real estate any time and as often as they like.

Mahalo, Harry

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