Moving sales along at Century Center

When I first got the email flyer from Fidelity National Title announcing a joint broker’s open of four listings at Century Center, my initial thought was, “What a deal!” They are all two bedroom, two bath, 1,065 square feet units on high floors, priced at $199,000 to $299,000.

Upon closer inspection, though, I realized they are all leasehold—which is why they are so affordable and have been on the market…a while. The aversion to owning a unit that you won’t own forever is a bit of a barrier, so they’ve made some big price reductions to sweeten the pot. Here’s a closer look at the listings, in order of price:

Unit 2501, $199,000
This unit has no photos up, but I’m not sure if it’s because it needs that much work (as the MLS states), or if the realtor just didn’t post anything. But he does say, “Still, it’s a must-see property.”
Bryan Hino, Century 21 Hawaiian Style, 808-255-7733

Unit 3304, $219,000
As you can see, this one does need some work and is sold “as is,” since it’s a Fannie Mae HomePath property (meaning it’s a foreclosure). But it’s 10 floors higher than the last one, so the view is that much better. Interestingly enough, the price reflects a $14,600 price reduction.
Stephen Pascua, Century 21 Homefinders of Hawaii, 808-256-3380

Unit 2701, $299,000
This is probably one of the nicer of the four, but it was transformed into a one-bedroom unit. The listing says it can easily be converted back to a two-bedroom—which makes sense, since it still has two bathrooms. As you can see, it has a lot of upgrades like marble floors, custom teak cabinets, granite countertops, track and LED lighting. About a year ago, it was listed for $420,999.
Peter Bernard Choy, Starts International HI, Inc., 808-255-1585

Unit 3504, $299,000
The highest unit of the bunch also has quite a few upgrades: New paint, new carpet, renovated kitchen and appliances, and one of the bedrooms was converted to a custom executive office with koa wood cabinets. The current price reflects a $40,000 reduction.
Hiroshi Ohata, Coldwell Banker Pacific Properties, 808-343-5274
Kaoru Robinson, Coldwell Banker Pacific Properties, 808-351-6607

All of the units are zoned for mixed use, so you could have your business there, as well. I guess if you need a convenient place to live and would like the tax deduction, these are comparably cheaper alternatives than other fee simple condos in the area. Keep in mind, however, the lease expires in 2043.