“It is wonderful to see so many individuals and families in Kahuku Village who finally have the security of fee simple ownership,” said New Camp resident, father and grandfather Jim Camit. “For generations we’ve been promised the opportunity of getting to purchase and now, thanks to Continental Pacific, many of us and our future generations can really call our place our own!” In fact, the majority of tenants in New Camp purchased the land they had been renting when it became available at the end of last year.
Although there was no legal or other requirement for Continental Pacific to provide a lower price, tenants were offered ownership at the preferential sales price of $150,000. The land value was appraised at over $350,000 for most of the units. This means that for those tenants who have closed on their purchases, they already have substantial equity in their property.
The homes themselves still remain in the traditional Kahuku-style, but a closer look at the Village since Continental Pacific acquired the land in 2006 shows a great little community with some recent improvements.
The newly paved roads allow for families to take walks around the community as keiki happily ride their bikes and skateboards. Many homeowners also received $4,000 closing credit from Continental Pacific at closing to paint, add new roofs, improve their gardens and make inside improvements. Parking pads next to each house provide a private driveway. Underground, there is a new waterline system that, for the first time, provides water to fire hydrants throughout the community; and many of the homes have newly installed septic tanks.
Current tenants in Ocean View and Highway Makai will have the same opportunity to become fee simple homeowners at the $150,000 price, and will also receive a $4,000 closing credit. This assumes that these lands are also given “CPR” or Condominium Property Regime status (like New Camp was) by the Hawaii Real Estate Commission.
Reynolds Henderson, Continental Pacific partner, said, “The majority of folks living in the New Camp area where units were offered purchased at the $150,000 price. It was our hope that everyone would have bought; however, we are super excited about the residents who did. Most of them are homeowners for the first time, and we believe this is something which will help the community for generations to come.” He, added, “We’ve made some great friends in the Village and hope others are able to purchase when they get the chance in the near future.”
