On Feb. 17 and 18 Vantage Group was scheduled to hold an open house for potential investors in the military market and other buyers to view its Villa Pacita Estates development in Yigo and choose lots.
Elmore "Moe" Cotton owner and principal broker of Century 21 Commonwealth Realty the exclusive sales agent for the estates; told the Journal that Villa Pacita is located in Yigo along the back road to Andersen Air Force Base and consists of more than 100 units. It is on the western side of Mt. Santa Rosa built on 90 acres of land.
Cotton said the estates would be ideal for military personnel. "They [military] have been telling us that they’re going to build a six-lane highway from the back road all the way to Agat. I think it’s going to happen because the military is going to need that. That will open up the back road to Andersen "" that’s been kind of a slow area. That will make that a very attractive place because the military can come right out the back. "¦ The military can buy and they can use their housing allowance to buy as opposed to rent. I think we’re going to get a lot of that."
Cotton said that offers have already been made from both local and military customers.
"Vantage Group is developing a model unit right now. It will be done in the next 30 to 45 days but we’re going to have an open house even before it’s finished. It’s ready to sell. The curbs gutters streets "" everything’s in and as a result we’re prepared to start selling houses " Cotton said.
He said that the lots would be sold along with a choice of two model homes "" the one-story Venosa model and the two-story Lealia model.
The Venosa is about 2 500 square feet and the Lealia will model is about 3 500 square feet. Both models will feature in the interior:
Three bedrooms and 2-and-3/4 bathrooms with access to a utility/laundry room from the master bedroom; an indoor laundry and storage room; energy saver recess lighting and hanging fixtures; Jacuzzi tub and double vanity for the master bathroom with a separate shower; and a breakfast nook snack bar and a separate family/den room.
Some of the exterior features include:
Accordion typhoon shutters; aluminum French-styled windows and plantation swing window shutters with fiberglass doors; an automatic two-car garage with opener; water softener; and a generator pad with enclosure.
Cotton said the houses "will be extremely energy efficient with insulation built into the roof. It will be "stubbed out" for anything you want to put in. If you want to put in a generator it’s already wired or "stubbed out" for that.
"Prices are going to be $275 000 and up depending on the size of the lot " he said.
Cotton said First Hawaiian Bank had agreed to finance the properties. "They would do construction financing which will convert to a 30-year mortgage once the construction is completed."
Representatives from First Hawaiian Bank were to be at the open house to qualify people. "The bank is already willing to finance 90% of the house and it’s even possible that the owners might be willing to finance an additional 5%. That’s not confirmed but that’s what they’re working on " Cotton said.
The estates will have a gated entrance and two acres of common area. He said contents of the common area are still being decided but it could include a park area with walking paths; a children’s playground; swimming pool; an activity pavilion; and a multi-purpose court for basketball or volleyball.
"" A Feb. 6 version of this story was sent as a News Flash to electronic subscribers of the Journal. MBJ