Recently there have been some issues with buyers in obtaining mortgage loans for Makaha Valley Towers purchases. Known issues:
- A Slip and Fall insurance claim against the Makaha Valley Towers homeowners association (AOAO). The claim settlement is pending. In addition, a lawsuit was been filed in October 2014, apparently by the same plaintiffs for the same incident.
- Some lenders have expressed concern about the possibility of asbestos in the popcorn ceilings. Back in the 1970's popcorn ceilings were very popular and countless buildings had this texturing installed.
The most recent RR105C Project Information Form for Makaha Valley Towers which I received did not mention the presence of asbestos. Prior RR105C forms have mentioned it though and apparently that's a red flag for some lenders.
Checking with Mortgage Lenders for Makaha Valley Towers
I checked with two sources. One, a mortgage broker says her preferred lender will not write mortgage loans at Makaha Valley Towers unless the particular unit being offered has the popcorn ceiling removed. Fortunately, popcorn ceiling removal is a popular upgrade for renovated units at the Towers. If you're interested in a unit that is mostly original, there's a good chance the popcorn ceiling is still there. It's easy to tell, just look up and if it's textured then you can be pretty certain it's the original popcorn ceiling. Renovated units with popcorn ceilings removed usually have a fairly smooth surface with a stucco look.
The second source said they can offer loans with 20% down. Luckily, Makaha Valley Towers is one of the more affordable condos on Oahu. Twenty percent down may workout to about $25,000 - $35,000 for many of the units for sale today.
With the west side of Oahu growing and renovation of the Makaha East golf course progressing, interest in Makaha Valley is on the rise.
Call me at (808) 548-1220 to find out more.
Michael Bates (Realtor Associate)
1585 Kapiolani Blvd #1533
Honolulu, HI 96814