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Article: Ala Moana condobuyers back out
- Article from:
- Honolulu Star - Bulletin
- Article date:
- September 2, 2005
- Author:
CopyrightCopyright Honolulu Star - Bulletin Sep 2, 2005. Provided by ProQuest LLC. (Hide copyright information)
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face=+2; face=+Bold; Several condo investors tear up sales agreements because they cannot get key rental information face=-Bold; face=-2;
After storming the lobby of the Ala Moana Hotel Condominium in July to buy a piece of paradise, would-be investors have canceled at least 5 percent of real estate sales agreements out of frustration that their rental contracts still aren't ready.
The absence of rental contracts means the new owners of the condominium-hotel units can't calculate the true costs of renting them out to tourists and can't accurately determine the return on their investments, which range anywhere from $150,000 to $280,000.
For some of the investors, who were selected from a ...