Condominiumizations (CPRs)
Condominium Property Regime or CPR
Whether you’re looking for a really great looking set of plans to impress your clients and bring your project into focus, or perhaps just need someone to consult with a specific building codes requirements and permit issues, Pro Draft Inc. provides a full range of services for architects, home owners, interior designers, contractors, realtors, and interior decorators.
Condominiumization is a method of dividing a parcel into a condominium property regime (CPR) allowing independent ownership of each area section or “condo”. While a CPR will allow you to sell off sections of your parcel or lot, with or without buildings, it does not change the zoning or permitted uses of that parcel or lot.
For example, if you have an agriculture (AG) lot that is less than 5 acres, you’re allowed to have one main farm dwelling and one second farm dwelling with a 1000 square feet or less of living area. You can create a CPR for this lot into four sections or “condos.” But only two of them will be allowed to have a main house or second farm dwelling. The county will continue to view this lot as a single entity in terms of zoning and permitted uses. The other sections or condos would still be able to have non-dwelling structures such as barns or garages and other AG related structures per allowable uses of the original lot and zoning.
Pro Draft, Inc. does a lot of CPRs or condominium property regimes. This is basically the condominiumization of a property. We’ve all heard of condos, here in Hawaii and on the Mainland. You can actually buy a property and condominiumize it into numerous other lots.
For instance, if you have a lot that’s able to have a main house and two Ohanas on it, you can buy that property and either build or use the existing dwellings and break it up into two or three pieces and then sell them off individually with individual title. We call that condominiumization. We do a lot of this work helping with architectural drafting, permits, and a range of general advisement and services to complete such a project.
A typical condominiumization has three parts to it. You will need an attorney who does the legal documents. You will have a land surveyor that does the site plan and the allocation of various elements. Then you have, if there’s structures on the property, or will be soon, then you have us, Pro Draft. We have some customers that do nothing but condominiumizations, so we are very familiar with what is need in these kinds of projects. These types of clients buy properties, break them up, and sell them. Buy, break up, sell. They do dozens of these every year. This can be a highly profitable thing to do with your property.
Condominiumization also a great instrument if you’re buying a property and are worried about having long-term financing and carrying a mortgage. This is a way for you to buy a property and sell off part of it so that you don’t have a mortgage. The sale helps you pay for your part. This is a really helpful thing for customers to know and again it is something that we do a lot of. Being a big brother/ mother hen-type, I’m happy to consult with people who are thinking about doing it, letting them know the costs and the time frames for it to get done and what the pros and cons of such a process are.
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