HONOLULU (HawaiiNewsNow) - When shopping for a home, you may encounter the letters CPR. Coldwell Banker Realtor James Lewis joined us on Sunrise to decode the acronym. Check out the video of his interview and his outline below.
1) What does the term CPR mean?
Subdividing property has become quite difficult with many requirements such as water pressure, fire hydrant pressure, street width, etc. Many property owners are choosing to "CPR" their property allowing them to build more than one home and selling them off individually. "CPR" is an acronym for condominium property regime. In essence, you're creating a single family condominium project. The smaller CPR projects typically do not have any maintenance fees or association meetings.
2) What are some general things to think about if you're considering to CPR a property? First to consider is zoning. If you have a suitable lot size that allows for more than one dwelling, then check your CC & R's. (covenants, conditions and restrictions) to see if there are any non-governmental restrictions. If it looks promising, consult with a CPR attorney for a more concise opinion. If you want to proceed, you'll be hiring a CPR attorney, draftsperson and a surveyor to make it happen. Expect a cost of $15,000 or more and about 2-3 months.
3) A property on Wilhemina Rise that James has listed is a good example of one that could be purchased and then CPR'd.
The zoning of this property listed for sale in the Wilhelmina Rise neighborhood is R-5. This means you need 5,000 square feet of usable land to build one detached single family home. Since this lot is 10,831 square feet, zoning allows for 2 detached single family homes. So, at Pukalani Place , you could have a 2-unit CPR. This listing has an existing 1930's home still in its original style which can be restored. It has 5 bedrooms and 2.5 baths and is on a quiet dead end street. It's a great East-facing property that enjoys cool trade winds and avoids the blistering evening sun. Good ocean and Diamond Head views too. It's currently available at $999,500. Fee Simple. More info at www.JamesHawaii.com
4) Consult with experts.
Be sure to check with a reputable expert such as a real estate agent, building planner, architect, or directly with the appropriate governmental agency. It's wise to do this before obligating yourself to buying something that you won't be happy with. A CPR'd property also has financing issues that don't affect other properties. Be aware of how that might affect your plans.