Honolulu Condos: Would You Like to Purchase an Unfinished Honolulu Condo Tower?

From time to time, an investor will contact me looking for a bulk purchase from a builder or developer in financial distress.  By buying many units,a buyer can often obtain a steep discount overall.

Well, we've got one heck of a bulk purchase here in Honolulu, Hawaii!  HOW WOULD YOU LIKE TO PURCHASE AN UNFINISHED HONOLULU CONDO TOWER?

According to "Pacific Business News".........

MOANA VISTA, a half-completed high-rise condominium tower in Kakaako, is scheduled to go on the auction block in two weeks after the general contractor foreclosed on the developer for not paying a $29.5 million construction tab.

Owner Fred Chan lost $65 million of his own money on the $140 million Kapiolani Boulevard project, which rose from the ground just in time to miss the last real estate boom.

The developer, Chan's KC Rainbow II, is canceling some 175 sales reservations. The prospective buyers, who had put 10 percent down to reserve units ranging in price from $350,000 to $600,000, will start receiving refunds this week, said Allen Leong, director of operations for KC Rainbow Development.

Leong acknowledged that Chan is walking away from Moana Vista.

"We hope that somebody will pick it up and finish the project," he said.

The sale of the glass-walled tower will begin at noon Sept. 25 on the steps of the 1st Circuit Court building. There is no upset price, Murata said.

"It's hard to determine what the price would be," Murata said. "We don't know what a buyer would do with the property - unless you know what that buyer's plans are it's difficult to guess what the value or offering price might be."

The project is also on the market, although without a price. It could possibly sell before Sept. 25, precluding the auction. Unidentified developers from San Diego had been interested in purchasing the project but were reportedly unable to make a deal with Chan.

"We've been very hopeful for a long period of time that the project could restart and we're hopeful at this point that (the auction) could lead to that," said Hawaiian Dredging President Bill Wilson.

Chan was also the developer for the Moana Pacific condominium a few blocks down Kapiolani Boulevard. That project had people standing in line to buy units in the twin oval towers back in 2004, when Honolulu's last high-rise boom was in full force.

For more information about this building and other featured Honolulu condo properties on our Honolulu Condos website.

Mahalo for reading.