Have you heard about the Trump International Hotel and Residences at Beachwalk in Waikiki? This amazing building will bring 5 star luxury ammenities to a new level in Hawaii. Sold out in just a few hours this building has been highly sought after by investors and class officianados from across the globe.
There are some rumors circulating arond town and I just want to be the first to address a few of them: Keep in mind hat hese aremy opinions based on rigorous research and phone calls to local experts in the field.
1) There is a lack of Financing for the building. This is absolutely not true. There has been recent difficulty with lending in general and suffice it to say that lending on a condotel has been difficult to find recently but I have been assured by valid sources that lending will be in place for both mainland and Overseas Buyers by the time it is needed. Sources of the lending have not been validated but rumors continue to circulate that some local heavy hitters are coming up to bat. Once I have verified who they are I will pass this along to you. If you would like to call me at 808-228-8434 I can tell you who the rumored institutions are at the moment.
2) The building will have trouble appraising. In my estimation after speaking with several well known local appraisers this is also not true. The bottom line is that we can never be sure with appraisers but with developer holdbacks selling at quite a premium when compared to the initial sales date we have built in comps in the building. If you would like to know more about what developer holdback units have sold for please call me at 808-228-8434. Remember that the same people that say that the building won't appraise are the same people who said that Mr. Trumps project would never be built, never be sold, never be sold out, never be sold at he original prices and never be sold at the increased prices after the selection event. These same people were wrong on every account
3) The comparables for the building can not only be within the building itself. This is partially true. Local appraisers like to see buildings outside of the new project support the value. In my opinion the best comparable will be Hokua at Ala Moana. The building has outstanding ammenities and large floor plans with amazing unobstructed views of the ocean from most if not all units but the Trump Tower should have a level of service when completed that goes above and beyond. With closed sales at Hokua in January 2009 of a 3 bedroom unit for $3,675,000 and a 2 bedroom unit for $2,200,000 it seems that little else needs to be said.
These are just a few of the recent rumors that I have heard around town that need to be dispelled. Please feel free to comment on this blog with your thoughts.
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