STAR-ADVERTISER FILE / NOV. 2012
Peter Savio stands on the grounds of the Pagodo Hotel and restaurant as sales begin for condominium units at the Pagoda Hotel’s former annex.
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Local developer Peter Savio is slated to start selling units in a low-rise annex of the Pagoda Hotel as condominium homes Saturday.
The project in Pawaa dubbed Rycroft Terrace includes 162 condos from studios to two-bedroom units priced from $123,480 to $274,950.
The least expensive units are studios with about 300 square feet of living space and nearby off-site parking available for rent at an additional cost. The largest units with two bedrooms include parking and range from 649 to 737 square feet.
Savio is renovating the hotel rooms mainly with new paint, flooring and appliances.
The work is expected to be completed in June or July.
Estimated monthly maintenance fees range from $231 to $559 in the five-story building, which was built in 1962 and has an elevator and a pool.
Buyers must meet qualifications including earning no more than 140 percent of Honolulu’s median annual income, which equates to about $93,000 for a single person or $134,000 for a family of four.
Savio has said he will give preference to prospective buyers who earn the least, and that households earning as little as 30 percent of the median income — $20,150 for a single person or $28,750 for a family of four — can qualify.
Savio also said he plans to qualify buyers with as little as a 5 percent down payment and provide a $2,000 closing-cost credit to buyers who make less than 100 percent of the median income.
Sales are being handled at the project site at 1550 Rycroft St. from noon to 5 p.m. Saturday.
