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!
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.
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.
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:
Real Estate Commission
335 Merchant Street, Room 333
Honolulu, HI 96813
ph. (808) 586-2643
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.
© 2014 HI Pro Realty LLC
1750 Kalakaua Ave. Suite 104 Honolulu, HI 96826
email@example.com Tel: (808) 941-8866 Fax: (808) 941-8867
All information provided on this blog and website is deemed reliable but not guaranteed