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    Default Honolulu: High-Rise Condo Boom Seen

    Honolulu: High-Rise Condo Boom Seen

    (July 25, 2005) -- A dozen or more condominium projects, totaling 4,000 units, are in the works in Honolulu.

    The Harris Co. reports an average price of $460,714 for the smallest of these units, $2 million for more spacious units, and $4 million for penthouses.

    Despite the high prices, maintenance fees of $400 to $1,200 per month, and deposits that are required before ground is even broken, builders have been forced to use lotteries to handle the deluge of buyers. Half of the units in each project are set aside for owner-occupants, who will not be allowed to resell their units during the first year of ownership.
    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx


 

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