Any opinions on Capitol Plaza Condo in Downtown?

[tutusue]

Re: Any opinions on Capitol Plaza Condo in Downtown?

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Also maintenance fees I herd just went up because they didn't budget properly. I think maintenance fees is at 500 a month now not including your mortgage/rent.[...]

Since Desperado is renting he won't be as concerned about this as an owner would be. I'll venture a guess that the landlord was already aware of the increase when s/he rented to Desperado as owners are usually updated about the approaching year's MFs during Nov. or Dec.

A maintenance fee of $500/mo for a 2 bedroom condo is not high. As an example, Harbor Court on Queen and Bethel, is $1228./mo. for a 1364 sq. ft. 2/2. Harbor Square on Richards St. is $790./mo for a 1014 sq. ft. 2/2. Any new building will have growing pains and, like all condo buildings, the board of directors will need to analyze the financial situation annually and adjust the maintenance fees as necessary.

[Amati]

Re: Any opinions on Capitol Plaza Condo in Downtown?

Deleted by Amati.

[integlspwr]

Re: Any opinions on Capitol Plaza Condo in Downtown?

Since Desperado is renting he won't be as concerned about this as an owner would be. I'll venture a guess that the landlord was already aware of the increase when s/he rented to Desperado as owners are usually updated about the approaching year's MFs during Nov. or Dec.

A maintenance fee of $500/mo for a 2 bedroom condo is not high. As an example, Harbor Court on Queen and Bethel, is $1228./mo. for a 1364 sq. ft. 2/2. Harbor Square on Richards St. is $790./mo for a 1014 sq. ft. 2/2. Any new building will have growing pains and, like all condo buildings, the board of directors will need to analyze the financial situation annually and adjust the maintenance fees as necessary.

$500 was for a smaller 1 bed room unit that my buddy was living in. its only been open for a less then a year and they already had one rate hike. Im sure it will go up soon again. the first rate hike happened soo quickly, but just to keep that in mind when renting there, that maintenance fees may go up again if the facility is used alot. from what i can tell watching people in the pool and jaquizzi that its a really busy place.

[tutusue]

Re: Any opinions on Capitol Plaza Condo in Downtown?

$500 was for a smaller 1 bed room unit that my buddy was living in. its only been open for a less then a year and they already had one rate hike. Im sure it will go up soon again. the first rate hike happened soo quickly, but just to keep that in mind when renting there, that maintenance fees may go up again if the facility is used alot. from what i can tell watching people in the pool and jaquizzi that its a really busy place.

Sorry, dunno why I was thinking 2 bedroom. My bad. Still, $500/mo MF for a 633 sq. ft., 1 bd. unit isn't bad. As an example, my Makaha condo is 400 sq. ft. (also 1 bd.) with a $340/mo MF.

I believe maintenance fees for all condo buildings are reconsidered on an annual basis. Capitol Plaza was new in 2008 so has only less than a year of occupancy, iirc. It's board of directors still must consider projected income and expenses for 2009 and raise MFs if necessary. Notice must be given in writing to owners no less than 30 days prior to adjusting the MF. Capitol Plaza has such a short history that an increase isn't surprising. I don't know if allowing for more than one increase during a 12 month period is legal or if it can be changed via a condo's by-laws but the board, along with the help of the management company, must revisit the issue of MFs every year. My Waikiki condo's MF has an 8% increase for 2009. Most of that had to do with skyrocketing utilities. I know of other buildings with up to 33% increases. As a building ages there will be major repairs. These are usually handled via a 'reserve fund', which is built up over time via MFs!

It's too early for the usage of CP, including it's amenities, such as pools and jacuzzis, to be a financial problem. That use won't (or shouldn't) contribute to escalating MFs at this point. I'd guess that much of that development is still under some kind of warranty. High traffic within the building and it's amenities might be more of a noise issue that a MF issue and something for Desperado to be aware of. Down the road, major maintenance and/or repairs should be covered by the reserve funds. If not, then there might easily be a problem with the management of that building.

For a tenant, such as Desperado, a lease agreement spells out whether or not a landlord can raise the rent, for whatever reason, prior to the expiration of the lease. The simplest one year lease is usually for $x/mo for 12 months. If the landlord/owner is hit with a special assessment part way into that 12 month period, s/he cannot raise the rent until a new lease is negotiated at the end of that year. If Desperado is on a month to month agreement then, yes, an increase in the owner's fees can result in an increase in Desperado's rent and Desperado will have the right to give notice and move. Remember, a rental unit will only bring in what the market will bear. Investment properties come with financial risks! There are so many landlords right now who are experiencing major red ink issues!

[Amati]

Re: Any opinions on Capitol Plaza Condo in Downtown?

I'm confused here, is the discussion about Royal Capitol Plaza, or Capitol Place, or maybe even something else?

[tutusue]

Re: Any opinions on Capitol Plaza Condo in Downtown?

Good catch, Amati! Because it's downtown and Queen Emma St. is referenced in post #1, I assume Desperado is referring to Capitol Place. Royal Capitol Plaza is in Kakaako.

[Amati]

Re: Any opinions on Capitol Plaza Condo in Downtown?

Good catch, Amati! Because it's downtown and Queen Emma St. is referenced in post #1, I assume Desperado is referring to Capitol Place. Royal Capitol Plaza is in Kakaako.

In that case, I'd "undelete" my post [above #17] if I could. I'd written that I've stayed at Capitol Place, and did not find the fire station to be as much a source of noise as was Queen's Hospital - the ambulances go all night! But, the location is great. It is downtown, within walking distance of Safeway and Longs, and accessible to bus lines.

[desperado]

Re: Any opinions on Capitol Plaza Condo in Downtown?

Just to clarify I was referring to Capitol Place not Plaza...sorry about that.

We did decide to rent and so far we are happy with the decision. I wish the neighborhood was nicer to walk around but the apartment is extremely nice and on the higher floors the sounds from the street and fire station can not be heard with the windows closed and are not bad with the windows open.

We are only hear a few days so time will tell but I am sleeping much better than in my Waikiki apartment which was noisy 24 hours a day. It was an old building and only on the 10th floor, in addition they were doing construction in the lot next door and repairing the cement in the garage which meant jack hammers all day long.

If anyone reads this later and wants more detail feel free to send me a PM and I can provide more current status.

Mahalo everyone for all the feedback!