The property pictured above (MLS 290268 – Sold 6/30/2016) is part of a Condominium Property Regime. CPR is a type of ownership in Hawaii.
Occasionally, buyers searching for a home to purchase on the Big Island will find a detached single family home that is a “CPR” property listed for sale. In Hawaii, there are cases in which parcels of land have been divided into two or more condominium units. This process, or “condominium-izing” of a parcel, is commonly referred to as “CPR’ing” the property. CPR stands for Condominium Property Regime.
The owner, by turning an original single parcel into a condominium project (by obtaining proper approvals and filing a Declaration of Condominium Property Regime, Association Bylaws, Master Plan and Project Map with the Bureau of Conveyances) has been able to divide the original parcel into units that can be developed and sold separately, but that share common elements. CPR properties are nothing to shy away from! It simply means that the property is a “unit” of a condominium project and — with proper investigation — buyers can have all their questions answered before the purchase of a CPR property.
On such a property, the home, which is referred to as a unit or apartment, has its own exclusive use area (usually the home itself and the lot the home sits on) along with an undivided interest in the common elements. In a small CPR project of only 2 homes, for example, the limited common element is the land and the only shared common element may be the driveway. All the specifics unique to each project will be spelled out in the Declaration of the Condominium Property Regime and other required documents.
CPR properties are available in Holualoa, Kailua-Kona and elsewhere in our Big Island market. If I can answer your questions about buying or selling CPR properties or about other Big Island real estate opportunities, please contact me.
CPR is a type of property ownership. These links provide more information from the State of Hawaii’s Department of Commerce & Consumer Affairs:
*This post was originally published in 2011. Updated 1/23/2017.