A hidden 13-home hideaway in Kaneohe

Realtor/developer and real estate instructor Abe Lee is a specialist in condominiumizing real property, a complex and complicated process he has become well known for in the industry over the years. To date, he has completed more than 140 CPR (Condominium Property Regime) projects for his clients, and those of other Realtors, as well.

Recent projects on Oahu include properties in Manoa and Kaimuki — in both cases large parcels with multiple single family homes condominiumized for the property owners — and another, now in process and similar in structure, in Kaneohe.

“Our older neighborhoods are ripe for this kind of activity,” Lee said. “Owners generally don’t understand how to undertake a CPR project on their own, or just don’t want to deal with it once they become aware of the cost, complexity and legal hurdles they will encounter. It really takes experience to know how to condominiumize successfully. You must meet a variety of requirements that are different for each property in order to be able to build, rebuild and obtain financing. Frankly, I enjoy the problem-solving and working with property owners and other Realtors who are not familiar with this kind of development.

“Also, it’s personally very rewarding to be able to maximize the value of a property for a client and provide a means, and often the only means, by which they can continue living on their property while creating affordable home ownership.”

Lee is currently completing condominiumization of a 2.3-acre property overlooking Kaneohe Bay. He purchased the property, which consists of 13 detached single-family homes, and has named the development “K-Bay.”

Eleven of the homes will be placed on the market; the former owner of the property will continue to live in her existing 1,400-square-foot home, and her son will purchase the one he currently occupies. The homes were built between 1960 and 1970 — except for one built in 2010 — and have been rented to local families throughout the years at affordable prices. The nine two-bedroom and four three-bedroom structures, all with a full kitchen and one or one-and-a-half baths, have been well maintained and were re-roofed over the past seven years.

“The prices of the homes are $425,000 to $550,000, which reflect the square footage and the views,” Lee said. “The appraised values are much higher than our sales prices. Many of the existing tenants have indicated their intention to buy their homes and the remainder will be offered for sale by my company, iProperties Hawaii. Interested buyers should contact us for a showing and to review floor plans and the survey. Also, I’ll be happy to explain the condominium process to any property owner interested in doing a similar conversion.

“What makes this development special to me is the choice location bordering conservation land and topping a little knoll that overlooks Kaneohe Bay and the coastline. It’s very private, yet close to the shops, restaurants and schools of Kaneohe and just across from Windward Community College. Another convenience is the proximity of Likelike Highway and H-3, which are minutes away.”

For more information or to arrange a showing, contact iProperties Hawaii at 216-4999.