Sales begin for affordable apartments in Honolulu

Thousands of people are expected to vie for 162 affordable units in a newly-renovated property called Rycroft Terrace which once belonged to the Pagoda Hotel.

Fee simple studios, and one and two bedroom apartments will range from $118,000 to $270,000.

“We are going to pass out the forms starting tomorrow until May 22 or 23rd and then the 25th they turn them in. So May 25th is when we expect a huge crowd of people lined up trying to get their position on the list,” Rycroft Terrace developer Peter Savio said.

Savio has several suggestions for people to prepare for a possible purchas.

“So people that aren’t sure or just want to look, the best thing is to come tomorrow, take a look at the units, pick up the forms, talk to the lenders, and be ready,”

Forms will be available Saturday from noon to 5 p.m.

Sales will begin in about a month.

The developer advises prospective buyers to get pre-approved for a loan, and gather documents like tax returns and pay stubs.

Related story:
Affordable housing projects unveiled in Kakaako, Pagoda
– April 1, 2014

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