Hawaii Real Estate CPR/ Residential Condo
For those searching the Hawaii Real Estate market, there is an unfamiliar term that should be of interest: CPR - Condominium Property Regime, also referred to a 'Residential Condo' in search terms. In the State of Hawaii, a property may be condominiumized into separate 'condo' units in cases where it would not be possible to subdivide (not sufficient size or infrastructure, as examples) or where it may not be economically viable to do so. The resulting CPR 'condo units' may seem like single-family homes, built as separate structures, having no discernible shared common elements, but for in the legal sense are condominiums. Examples of these are ample in the Launiupoko real estate market, but of course there are other areas throughout the State in which CPR's will be found. There are various unique nuances that must be taken into account when assessing a CPR unit - as an example, in Launiupoko generally one of the units is designated as the 'main residence' and the other as a 'cottage' (cannot exceed 1,000 sq. ft. of interior living area) - contact our team of experts to best guide you throughout the process.
The process of CPR'ing a parcel includes submission of a Declaration of a Condominium Property Regime, By-Laws of the condominium association made up of unit owners; a condo map; and Master Deed or Lease, as applicable. Each unit can be sold and mortgaged independent of one another and in many cases there are no association fees as there are no shared common elements.
In some cases, the underlying land is not sub-divisible due to existing Community Plans or County Zoning and may be prime opportunities for CPR'ing. An example of this can be found in Maluhia at Wailea, which is one of the most exclusive neighborhoods in the Wailea resort area. Each luxury estate functions as a single-family residence but it is in essence a 'condominium unit'.
To learn more about 'Residential Condos' / CPR and what such ownership entails, review our Hawaii Real Estate CPR brochure (written/produced by Real Estate Branch, Department of Commerce and Consumer Affairs). To discuss in greater detail, contact us by submitting the form below.
The below are SAMPLE listings only and do NOT encompass all available in the State of Hawaii. Due to how data is inputted, it is also possible that listings below may not be a residential condominium. For more information regarding a specific micro-market or listing, contact our team today.
Hawaii Residential Condos / CPR
Island Sotheby's Int'l Rlty(L)
Hawaii Life (L)
Listings provided courtesy of the REALTORS® Association of Maui.
IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.