LANAI CITY - Real estate developer Peter Savio will meet with Lanai residents today to offer fee-simple ownership in a 24-unit town house complex built in 1990.
It's a rare opportunity to buy fee-simple property on Lanai, an island 98 percent owned by Castle & Cooke, said Savio of Hawaiian Island Homes Ltd.
"It's what I do," he said Tuesday. "I have a lot of fun with these."
Article Photos
Two-dozen units at the Lanai City Apartments will be offered for sale in fee simple today as part of a rental-to-condominium conversion by real estate developer Peter Savio. Castle & Cooke owns most of Lanai, and such purchasing opportunities are rare.
Last July, Castle & Cooke sold the Lanai City Apartments to Honolulu real estate developer Adam Lee for $1.2 million, and Savio took over the rental-to-condo conversion, he said, although Lee remains a partner.
Savio said he has done 9,000 to 10,000 condominium conversions statewide and believed he could assist in selling the Lanai condominiums quickly.
"For me, this is a very small project," he said, but he added that he took a personal interest in the project because his sister-in-law, Frances Dolim, told him about the island's shortage of affordable housing.
While Lanai has a good supply of costly homes, "there's nothing at the lower end like this," Savio said.
Dolim, a high school math teacher, said the sale of the units will be the first time Lanai residents will be able to buy condominium units for less than $100,000.
Castle & Cooke rarely offers fee-simple property for sale. "It's really hard," the Lanai resident said. "There's nothing for sale."
Dolim said she's talked about the opportunity with some of her fellow teachers, and some are "really interested." Others already have housing but will go to the event "because they want to see what it's all about," she added.
Savio will make the units available for fee-simple purchase, with no down payment and monthly payments of $379 for studios, $472 for one-bedroom units and $490 for upgraded one-bedroom units. Purchase prices range from $80,000 to $99,000.
In March, one Lanai condominium sold for $585,000, according to the Realtors Association of Maui. A year ago in March, a single condo on Lanai sold for $794,500.
Savio said each owner will have a parking stall, and the complex will get a new coat of paint and repairs.
"It's going to be a really nice project," he said.
Apartment occupants will be given the first opportunity to buy their units. Then, they will be offered to Lanai residents, investors and the general public, Savio said.
"I hope that they get excited about the project," he said. "I'm hearing there's a lot of interest."
There will be two meetings today - one at 10 a.m. and one at 5:30 p.m. - in the old bowling alley in the middle of Lanai City.
