The method of dividing a parcel into a Condominium Property Regime (CPR) is becoming quite popular in Hawaii.
It allows buyers land ownership of a unit area, a legally surveyed section with shared common elements. The common elements can range from a driveway to shared water, basically anything the parties would like to include in the sharing. Think of it as a horizontal condo versus the vertical ones we’re so familiar with around our islands.
0 Kai Poi Place, Peahi- Haiku
A perfect example of the opportunities presented by a Maui CPR property are seen with 0 Kai Poi Place in the Peahi area of Haiku on Maui’s North Shore.
0 Kai Poi Place is located on Opana Point in Haiku, Maui. The property has been divided into (A) MLS#383358 ($699,000) & (B) MLS#383359 ($499,000)
Property Features: It’s Powered by Nature! Clifftop & Oceanfront, Stunning Panoramic Views, Rare Opportunity, Paved & Fenced, Grated & Level Land, Access Roads, Private Water & Ag Zoned. Ready to Build…
Unit A is a 6.986-acre parcel and Unit B, a 2.91-acre parcel. Although the 10+ acre property has been divided (CPR’ed), it’s still possible to buy together.
Both 0 Kai Poi Place parcels offer so much. Without a doubt, prospective new owners will enjoy freedom, peace, fresh air, privacy, serenity, always changing island views, magical sunrises, sunsets, and starry nights.
The documentation for CPR‘s are exactly the same as those condos you see in Kihei or Waikiki, which include House Rules, survey, financial obligations, voting rights and any other owner instructions. The best part of a CPR is that it allows a property owner to divide their property, and sell off identified portions to make additional money.
The property can be with or without buildings, and it doesn’t alter the zoning or permitted use of that specific zoning of the property.
A bit of fun facts…
In fact, Hawaii was the first State in the United State to CPR. This is how it started. During the 1960s, lawmakers established a way to sell air space above a particular piece of land. A great example would be the apartment high-rises that are typically seen on Oahu in Waikiki and Honolulu. This was originally called Horizontal Property Regime (HPR); which has now translated to Condominium Property Regime (CPR).
For more information about CPR, consult with a top Maui real estate professional, or a Maui CPR attorney.