Island living on Waikiki's Gold Coast

Situated on Waikiki’s Gold Coast, the Tropic Seas cooperative, which consists of two buildings, is set back from the road and partially secluded by a large monkeypod tree. The taller, 12-story tower, built in 1958, sits so close to the ocean it feels as though you can reach out and dip your hand in the water.

In fact, realtor Sachiyo Braden of Sachi Hawaii Pacific Century Properties says you can no longer get permits to build that close to the ocean. Due its age, the building’s setback is something that you won’t find with new construction projects – anywhere in the U.S.

This one-bedroom penthouse unit, which is open this Sunday, offers expansive views of the beach, Kapiolani Park and the Ko’olau mountains. It was completely remodeled in 2008 with attractive upgrades.

One thing to consider: As I mentioned above, this building is a cooperative, or a co-op. When you buy into a co-op, you’re actually purchasing shares of the cooperative corporation. That ownership allows you to live in your unit under the “proprietary lease.” The propriety lease is the master document that sets all the rules for the co-op. (Read more about co-ops here.)

“Everyone owns the property under the ‘proprietary lease,’ not to be confused with leasehold,” says Jacob Coash of Sachi Hawaii Pacific Century Properties. “Living in a co-op puts you in a unique situation to really get to know your neighbors. Everyone has a vested interest… so it’s a supportive community of residents that want what’s best for the building.”

If you’re looking for a tight-knit community, then a co-op may be just the right fit for you.

The maintenance fee ($777 a month) includes the usual suspects, along with electricity.

Fuzz factor: Pets are allowed, but need to be approved by the board of directors. However, this building does allow larger dogs. With the park across the street and direct ocean access, it’d be a pooch’s paradise.

Open house: Sunday, Oct. 28 from 2 to 5 p.m. Click here for details.

Money talk: $1,098,000 fee simple
Contact: Sachiyo Braden, Sachi Hawaii Pacific Century Properties, 808-596-8801, sachi@sachihawaii.com
MLS #: 1204873

Posted on Tuesday, October 23, 2012 in Permalink