A couple of weeks ago I write a post on the Moana Vista Honolulu Condo Tower located in the Kakaakoneighborhhod of Honolulu, titled "Would You Like to Purchase an Unfinished Honolulu Condo Tower?. Well, this bankrupt, unfinished condo tower, up for foreclosure auction has been purchased!!
According to "Pacific Business News", "Stalled Honolulu High-Rise Gets New Owner".
A San Diego-based developer has reached a deal to take over a stalled Honolulu high-rise condominium project that went into foreclosure late last year.
Oliver McMillan has closed on the purchase of the $29.5 million lien filed by Hawaiian Dredging Construction Co., which filed for foreclosure and plans to resume work on the half-finished Moana Vista condo project early next year, the California company said in a news release.
Oliver McMillan said it also has reached a deal with the project's original developer, KC Rainbow II, to acquire its interest in the property.
A foreclosure auction, which had been postponed from Sept. 25 to Friday, will be put off for another two weeks.
"However, the chances of having an auction, I believe, are slim," said foreclosure commissioner Sanford Murata.
Oliver McMillan is reviewing the design and plans to make improvements and rename the project, which is located on Kapiolani Boulevard between Ward Avenue and Kamakee Street.
"We believe in Hawaii, and see this project as a great opportunity, which is why we are investing substantial capital in the state," Oliver McMillan CEO Morgan Dene Oliver said in a statement.
Since, the Kakaako area condominiums are in high demand, there should be many potential buyers watching this property as it hopefully nears completion.
Mahalo For Reading.
If you or anyone you know is thinking about buying or selling a condo in Honolulu, Hawaii, it would be my pleasure to help.
Douglas Fischer, R.A., REALTOR, ePro, C.D.P.E.
RE/MAX Honolulu
www.HNLCondos.com
808-497-3810
Douglas@HNLCondos.com
Douglas is an experienced and respected Honolulu, Hawaii Realtor Associate, in partnership with his Japanese speaking partner, Christopher Sumida, who specialize in residential Real Estate and the sale of Condos in the greater Honolulu area including the neighborhoods of: Waikiki, Diamond Head, Ala Moana, Kakaako, Kapiolani, Makiki, Chinatown and Downtown Honolulu.
Good news in the real estate business is fab. This is what the general public needs to hear. Great going.