Waikiki Luxury Condos: Trump Tower FAQ's
A few weeks ago I showed some clients ocean view, two-bedroom condos for sale in Trump Tower Waikiki.
A number of questions had come up in emails and phone conversations prior to the showings, so I thought I would put together a list of FAQ's ande answers to help explain some of the uniquie issues of the condo and hotel property.
So, below please find a short summary of frequently asked questions with answers about Trump Tower Waikiki:
Trump Tower Waikiki FAQs:
- WHAT FLOORS ARE DESIGNATED FOR HOTEL USE VS. RESIDENTIAL OWNERSHIP? IS THERE RESTRICTED ACCESS?
There are no designated areas for either hotel or residential. Any unit, on any floor may opt into the hotel rental pool. Floors 24-38 are designated "residential" only because those units are considerably larger than the lower floor units. Restricted access to any floor, by an owner or hotel quest is facilitated by the need for using a FOB to access any floor.
- HOW AND WHERE ARE SEPARATE HOTEL LOBBY VS. OWNER LOBBY SEPARATED? IS THERE RESTRICTED ACCESS TO THE OWNER LOBBY?
There are no separate hotel vs. owner lobbies. The first floor lobby area is reserved for the Bellman, Concierge and retail and restaurant spaces. The sixth floor lobby includes the Hotel Registration Desk, as well as common areas and amenities such as the pool, spa and another restaurant.
- ARE ALL AMENITIES SHARED BY HOTEL GUESTS AND RESIDENTS, OR ARE THERE SEPARATE AMENITIES?
All amenities in the building are shared alike by both hotel guests and condo owners.
- IS OWNER/ASSIGNED PARKING SEPARATE FROM HOTEL PARKING? IS THERE RESTRICTED ACCESS?
Assigned condo owner parking is designated in an area in the garage separate from the valet parking area. For condo owners, one unassigned valet parking space is allotted to be used for owner's guests, etc. If an owner puts their unit in the hotel rental pool, that unassigned valet parking space is now made available temporarily for hotel guests.
- ARE ALL HOTEL SERVICES AVAILABLE AS INCLUDED IN MAINTENACE FEES? ROOM SERVICE? HOUSEKEEPING?
Hotel services, such as room service, housekeeping, spa treatments, etc. are at extra cost and are not included in monthly maintenance fees.
- CAN YOU EXPLAIN WHY NON-CASH BUYERS DO NOT HOLD TITLE, OTHER THAN A BINDNG CONTRACT WITH THE DEVELOPER?
This is no longer an issue. There was never a very thorough explanation given by Trump's Management, or the developer, other than that it was an internal issue. Today, loans are being processed and closing. There is a slight delay in this process, only in that original buyer-borrowers have to "re-apply" for their loans, as Federal Law requires loan funding no longer than 90 days after loan application. No new appraisals will need to be done, as there were enough original cash purchases to substantiate and provide adequate appraisal data.
- CAN YOU EXPLAIN HOW THE SIMULTANEOUS CLOSING WORKS?
Closing can easily be accomplished by assignment, simultaneous or back-to-back closings. Shortly, when most loans are approved and closed, this will no longer be an issue.
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