Can You Pick The Condo In This Picture?

Reblogger Tony and Suzanne Marriott, Associate Brokers
Real Estate Agent with Haven Express @ Keller Williams Arizona Realty BR534744000 & BR540649000

Interesting Kimo Stowell "Condominiums can have a variety of uses, restricted only by zoning requirements. Condominiums can be created on residential, commercial, industrial and agriculturally zoned properties and do not require a physical brick and mortar structure in order to exist."  Learning something new - every day! Re-Blog!

Original content by Kimo Stowell RS-76763

 

Can You Pick The Condo In This Picture? If you pointed at that one in the corner you are correct. Congratulations on recognizing that all of these properties in Hawaii could be Condos.

 

So, What is a Condo, exactly? 

 

"Condo" is short for Condominium Property Regime or CPR as it is often used in Real Estate parlance and it refers to the specific form of ownership and governing process created when real property becomes a condominium. The process of creating a condominium is often referred to as “CPRing” a property. Ownership includes a deed for a specific apportionment or unit of the property and the sharing of common elements.

 

Wait, Condos can be more than just a high-rise apartment?

 

Absolutely, Condominiums can have a variety of uses, restricted only by zoning requirements. Condominiums can be created on residential, commercial, industrial and agriculturally zoned properties and do not require a physical brick and mortar structure in order to exist. A condominium is a form of ownership of real property which means you can have townhouses, strip malls, industrial parks, and agricultural land all converted into a Condominium Property Regime.

 

Gold Coast Diamond Head - HI Pro Property Management

 

Condominium ownership is described as ownership of an apartment (or unit) and a percentage of undivided interest in the common elements. The unit owner is entitled to exclusive ownership of the unit but the land is a common element, owned jointly in common with other unit owners in the condominium project. Examples of other traditional common elements are lobbies, hallways, roofs, irrigation systems, and roadways. Yard areas or parking spaces which are provided for an apartment’s exclusive use (versus ownership) are usually identified as limited common elements.

 

The creation and administration of Condos or CPRs are governed by Chapter 514A of the Hawaii Revised Statutes (“HRS”).

 

Why would you convert your property into a Condo?

 

Condominium ownership provides the opportunity to disperse the cost of ownership with separate mortgages and property taxes for each unit owner. The creation of a Condominium does not increase the number of units permitted on the property and it will not change the zoning for the property.

 

What property can be converted into a condo or “CPR’ed”?

 

The conversion of real property in the State of Hawaii to a Condominium Property Regime must be intitated by the owners and shall include any lessees involved. The condo project must have at least two or more apartments or units as defined by statute and meet all zoning requirements. Should the project include residential units, the number of residential units permitted is determined by the zoning. The Real Estate Commission and the Counties do not approve or disapprove what property can be converted into Condos.

 Honolulu City Lights

 

If you are considering converting your Honolulu Property into a Condominium, please give us a call and we can go over the benefits of a Condominium Property Regime. (808) 926-7667

 

Have more Questions?

 

Questions concerning Chapter 514A, HRS, including condominium project and association registration may be addressed to:

 

Condominium Specialist

Real Estate Commission

335 Merchant Street, Room 333

Honolulu, HI 96813

ph. (808) 586-2643

 

  

HIProRealty.com

Realtors®, Property Managers® RB21531

HI Pro Realty LLC is a Pet Friendly boutique brokerage firm offering responsive, dedicated,and professional Real Estate Sales and Management Services in Honolulu and greater O'ahu, Hawai'i.

 

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1750 Kalakaua Ave. Suite 104 Honolulu, HI 96826

info@hiprorealty.com  Tel: (808) 941-8866  Fax: (808) 941-8867

 

All information provided on this blog and website is deemed reliable but not guaranteed

 

 





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Rainmaker
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Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Tony and Suzanne Marriott, Associate Brokers wow...nice reblog....that's really neat and was amazed that all were condos!

May 29, 2016 11:42 PM #1
Rainmaker
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Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Thanks Barbara Todaro - and thanks for stopping by with a comment!

May 29, 2016 11:53 PM #2
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Serving Scottsdale, Phoenix and Maricopa County AZ
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