Ko'olani Owners Reimbursed
After lengthy litigation and burdensome assessment charges, 370 owners at the Ko'olani are now being reimbursed $7,500 for their contribution to the
2011 plumbing fix debacle. This debacle was caused by contractors using "cheap" plastic pipes in the construction of this luxury building. Some of the hefty fees included attorney billings as well as charges to increase cash reserves. Repairs have been completed, and the monies being returned now are just a partial refund. The balance of the reimbursement could take place some time in the future after some other capital improvements are made to the complex.
Now, because the Ko'olani is past the litigious hurdle, unit sales in this luxury community can move forward quicker.
Building statistics: The owner occupancy rate is 73%, 16 Active listings, Average price of Active units $1,473,389, Avg price/sf.$906.55, Average Days on Market (DOM) 95.
A top of the line luxury building located in the Ala Moana area of Honolulu, the Ko'olani comes complete with high-end construction, materials and finishes. European cabinets, central AC along with granite, limestone and marble finishes add a luxurious and contemporary island feel to this complex. Centrally located in the heart of Honolulu, Ko'olani is within walking distance to world famous Ala Moana beach and park, Ala Moana Shopping Center and the Ward Village shopping district. A multitude of amenities at the Ko'olani include: a theater; private park; tennis court(s); putting green; pool & jacuzzi; bbq areas, and now the Island Club & Spa - you couldn't ask for more. Within blocks of numerous restaurants, theaters, and luxury shopping -- living here fosters a healthy lifestyle.
By Paula Stewart (RA) ABR, CHMS