Hawaii Real Estate News

Anyone who is looking to relocate just might want to seriously consider Honolulu, Hawaii. No, it isn’t the weather that is the next best thing to perfect 12 months out of the year, and it isn’t even the world famous golden beaches. What sets Honolulu apart from other U.S. cities is, amazingly, the economy! In comparison with other coastal cities on the mainland, Honolulu ranks number one in terms of economic stability.

Employment Statistics

At a time when unemployment is breaking records nationwide, Honolulu has a surprisingly low rate of unemployment. The national average at the moment is 9.1% while Honolulu is only at 5.7%. If you were to compare Honolulu’s rate with other major U.S. coastal cities you would see just how significant this really is. For example, San Diego which is another favorite tourist location is at 10.4%. Now you might not want to compare San Diego with Honolulu since everyone knows that California is bankrupt and among the worst economies in the country.

So then, let’s take a look at New York City that is doing surprisingly well comparatively speaking. According to the Bureau of Labor Statistics, the area encompassing NYC, Northern New Jersey and Long Island is at 8.6% unemployment which also is lower than the national average but still not as low as Honolulu. Then there is Miami/ Fort Lauderdale/Pompano Beach with an unemployment rate of 11.8%, Tampa/St. Petersburg/Clearwater at 11.1% and Seattle at 9.3%. Statistically, people are working in Honolulu whereas in other parts of the country they are still standing in the unemployment lines.

Realistic Look at the Cost of Living

While it is true that the cost of living is higher in Honolulu, it is no more so than anywhere else in Hawaii. As a matter of fact, according to the latest statistics, Honolulu is actually even with the rest of the state which is almost unheard of elsewhere in the country. Take for example Atlanta, Georgia. The cost of living there is 3% above the rest of the state and in cities like Chicago, Illinois where the cost of living is 12% above the state average. Honolulu’s cost of living index is indeed much higher than the national average, but their wages are also statistically much higher on average. For example, the median household income nationally is $54,595 but in Honolulu the median income is $63,608.

Food and gasoline are undoubtedly more expensive anywhere in Hawaii as much of it needs to be shipped in via air or sea. Having said that, yes, gasoline may be higher at the pumps but most homes rarely have the expense of climate control. It is a rare day that the temperature drops low enough to need heat and when the average temperature in July is in the 80’s, there is rarely a time when air conditioning becomes absolutely necessary. Even though Honolulu is the southernmost city in the United States, the climate is temperate and there is usually a nice onshore flow of air that keeps it comfortable. The average highs are between 80 and 89 all year long and the average lows range between 66 and 75.

Taking everything into consideration, the economy in Honolulu is one of the deciding factors for many people when looking to relocate to Hawaii. Even though some things are much more expensive, there is plenty of work for those in need of employment, families rarely need to worry about heating or cooling their homes and property can be expected to gain in value over time where other areas of the country find property devaluing by the day. And, at the end of the day, a nice cool dip in the Pacific is always just minutes away.

Unless you are a native to Hawaii, understanding real estate in Honolulu can be a bit confusing because there is the City of Honolulu, the County of Honolulu and then there is the entire Island of Oahu which technically is all within the County of Honolulu.

But the confusion doesn’t stop there! All those little outlying islands surrounding Oahu are also technically part of Honolulu as well. Therefore, if you are looking for real estate in this amazing land of sun and fun, it is important to be able to differentiate between the actual city and the neighborhoods within the county which are often listed in the MLS as Honolulu.

The City of Honolulu Broken Down Into Five Main Areas

When looking for real estate in the City of Honolulu the first thing to be aware of is that the actual ‘city’ limits extend from Pearl Harbor in the west to Makapu’u Point in the east, Diamond Head in the south and inland to neighborhoods like Nu’uana. Actually there are five main areas which comprise the city of Honolulu, each with several neighborhoods within those districts. The five main areas would include:

• Western Honolulu
• Manoa-Makiki
• Downtown Honolulu
• Waikiki
• Eastern Honolulu

Each of these areas of the city has one or more residential neighborhoods, some more famous than others. Real estate will vary in price based on which area of the city it is located in. For instance, neighborhoods in and around world famous Waikiki are going to have multi-million dollar properties while areas farther northward or inland may have homes priced quite reasonably, starting at $200k and up.

Finding the Right Neighborhood in Honolulu

Visitors who have come to Oahu and stayed in touristy locations such as Waikiki, Downtown Honolulu or in one of the timeshares or vacation rentals in Diamond Head just aren’t aware that there are so many more neighborhoods that make up what the locals refer to as the City of Honolulu. If you are looking for a vacation home on Oahu or are thinking of relocating to the island, it is probable that you might get lost in searching through the listings of available properties.

Do yourself a favor and get a well detailed map of the island before you approach a realtor. Once you have a visual reference point you can start looking for properties in or around the specific area you would like to live. A quick look at any realtor’s MLS listings will show that almost every listing is labeled ‘Honolulu.’ According to Honolulu Magazine, there are an amazing 40 different neighborhoods in their Honolulu Real Estate section, and that is only a partial list of neighborhoods actually considered to be part of Honolulu!

From Condos to Palatial Estates

The ‘odd’ thing about real estate in Honolulu is that you can find residential property from a small resort apartment to a 10+ acre palatial estate for about the same price! Consider the fact that there are 2/3 condos listed in Trump Towers for $9,980,000 on the same MLS that lists a 3/2 property listed for $10,900,000 which includes 11+ acres overlooking coveted Hawaii Kai! Of course, there are also reasonably priced single family residences, condos and multi-family units in the north and inland neighborhoods that start as low as $200k.

However, the beauty is that no matter where you find real estate on Oahu (Honolulu County) you will have a property that is coveted by anyone’s standards. Keep in mind that even the most reasonably priced real estate is quite close to the hub of activity in downtown Honolulu or Waikiki so you are never far from something to do or something to see.

Even though Ewa Plain is considered to be the newest area of Oahu for homes to be developed, that does not mean there is a lack of attractions. While it is true that this area of the most populous of the Hawaiian Islands is, for the most part, less than 25 years old, there is a rich history to be explored along with some of the most spectacular sights on the island.

Waipahu Sugar Mill

It just wouldn’t be right talking about Ewa Plain without making note of the land upon which it has been built. In the latter part of the 1800’s two men brought about changes to the southwestern part of Oahu, Benjamin Dillingham with his dream of a railway and James Campbell who was largely responsible for the onetime thriving sugar industry in what is now Ewa Plain. Campbell purchased 40,000 acres of land with hopes of turning it into a massive cattle ranch only to find that the soil was not conducive to livestock but found that it was an ideal location for sugar fields.

With Dillingham’s railway and Campbell’s sugar, the area was soon a booming economy. Today, although the sugar fields are long gone and Ewa Plain has become a bedroom neighborhood to nearby Honolulu, there still stands the historic Waipahu Sugar Mill and the Plantation Manager’s Mansion which was has been listed on the National Register of Historic places.

Oahu Railway and Land Company

One of the more interesting tourist attractions which appeals to young and old alike is the historic train ride aboard the Oahu Railway which played such an integral part in the development of Oahu, and Ewa Plain in particular. At one point the rail served an area 160 miles in length and was primarily used to haul sugar from the mill to the docks and pineapples to factories where they were canned.

While the rail was also used to haul construction materials during the primary expansion in the early 1900’s it was also an important mode of military and civilian transportation, especially during World War II. The Hawaiian Railway Society now hosts guided train rides on Sundays, year round, except if a Sunday falls on Christmas Eve Day or Christmas Day. The ‘tour’ is guided which will provide an interesting perspective on the development of Ewa Plain.

Beaches, Golf Courses and Amazing Views

Amazingly, although Ewa Plain is but one area on the island of Oahu, most of the ‘boundary’ is water. A bit of it borders on the Leeward Coast area to the northwest and to the north there is a stretch that borders Makakilo. As a result there are some breathtaking views of the cool, clear Pacific waters to the west but to the east you can spot planes taking off and landing from Honolulu International Airport, the night lights of the city itself and of course Pearl Harbor.

Ewa Plain also boasts several golf courses, two of which are particularly noteworthy. The West Loch Golf Course is a Robert Trent Jones championship style course and of course there is the New Ewa Beach Golf Club. Then, for those of you who are history buffs - don’t stop with Pearl Harbor and WWII. It is has long been held that Ewa Plain is where the ancients settled and this is evidenced by the burial sites and religious artifacts which have been uncovered. There is currently a proposal in the state legislature which will establish the West Oahu Historic District that will add a new dimension to the already multi-faceted Ewa Plain.

Whether you are looking for panoramic ocean views, a day in the park or shopping in some of Oahu’s newest boutiques and shops, Ewa Plain has a bit of something for everyone.

As one of the newest communities in Hawaii, Ewa Plain is perhaps also one of the most attractive both in price as well as in location. Just a 40 minute drive to the bustling city of Honolulu, Ewa Plain is an area on the southwest coast of Oahu that was once occupied by sugar cane fields and the Ewa Plain Mill. Although the commute to the city may be a bit lengthy for anyone working there, the comparatively low cost of real estate is well worth the extra few minutes in traffic.

Preserving the Natural Habitat

In the late 1980’s, construction began in what was to be one of Hawaii’s most amazing series of master planned communities and there has been so much growth in this area of Oahu that describing it is beyond mere words. There is a significant focus on preserving much of the natural habitat of the area while providing more than 28,000 home sites to be built up within a prospective target date of the year 2020.

High Incomes – Affordable Real Estate

According to recent statistics, residents of Ewa Plain net the second highest income per capita on the island while being blessed with real estate on Oahu that is certainly among the most affordable. It is still possible to purchase a previously owned home for less than $300k while new homes can range anywhere from $400k to $1,000,000. In fact, previously owned condominiums can even be found at prices under $200k. This is unheard of elsewhere on Oahu, especially since this is the most visited of the Hawaiian Islands and the island with the biggest economy, largely because of the tourist attractions here.

Fantastic Investment Properties

One of the most alluring aspects of real estate in Ewa Plain is the fact that each of the master planned communities has a little something different to offer residents. Homes vary in size and price while there are quite a number of rental properties which were snatched up by savvy investors. Whether you are looking for a piece of paradise to call home or a place to find a tidy return on your investment, this would certainly be an area to consider while real estate is still as affordable as it currently is.

Seemingly Endless Amenities and Attractions

There is almost no end to the amenities and attractions in Ewa Plain as there are golf courses, miles and miles of sandy beaches, world class restaurants, shopping, parks and of course a number of historic landmarks drawing visitors such as the Ewa Plain Mill and the Oahu Railway and Land Company. Although the Railway has long been closed down, it brings thousands of visitors each year because of the role it played in the development of Oahu as well as its importance in both WWI and WWII.

Key Neighborhoods in Ewa Plain

Considered to be a beachside community, there are several neighborhoods of note, each with a master planned layout that varies from neighborhood to neighborhood. Communities of note would include Ewa, Ewa Beach, Ewa Villages, Kapolei, Kapolei Aeloa, Kapolei Knolls, Ko Olina, Leeward Estates, Ocean Pointe, Westlock Estates and Westlock Fairway. Keep in mind that although you may hear the term ‘previously owned,’ in terms of homes and condos, this is the most newly developed area of Oahu so there really aren’t many homes older than perhaps 20 to 25 years. In fact, there is still a great deal of construction underway.

Although there are a greater number of year-round residents in this area of Oahu, Ewa Plain does boast plenty of properties that were purchased as vacation rentals or for that coveted tropical home-away-from home. For families looking for affordable luxury or investors wanting a good return on their money, Ewa Plain is considered prime real estate and perhaps one of the best buys you’ll find this side of heaven.

Ewa Plain is noted for being an area of Master Planned Communities, some of which have gained worldwide notoriety. As one of the most newly developed communities on both Oahu as well as in the entire State of Hawaii, there is still a great deal of construction going on and the development plan isn’t projected to near completion until around the year 2020. This makes for a wide assortment of real estate investment opportunities, some of which have a great deal of potential for high profitability.

Using Current Market Conditions to Weigh Risk

At the moment it is recommended that you carefully plan Ewa Plain real estate investment strategies based on current market conditions. As mentioned, there are an amazing number of potentially lucrative investment properties available, but it is imperative to understand what is going on with the economy in order to better project property values in the coming years in terms of which types of properties are expected to do well as opposed to those with greater inherent amounts of risk.

Ewa Plain Property among the Most Reasonably Priced on Oahu

Before going any further, consider the fact that economists are saying that we have not bottomed out as of yet and the economy will almost certainly get worse before it gets better. This does not mean you should not invest in Ewa Plain real estate – quite the contrary. What it means is that you should look at several different investment strategies to see which best meets your needs. First and foremost, consider the fact that Ewa Plain real estate is currently among the most affordable both on the Island of Oahu as well as in Hawaii.

Investing Now for Future Returns

The location of Ewa Plain makes it prime real estate for investment purposes because of its proximity to Honolulu and trendy tourist spots like Waikiki. However, it is essential to analyze current market conditions that have been brought about due to a faltering economy. Many investors are finding that this is not the time to put their money into the development of apartment complexes or condominiums. Instead, investors are looking towards snatching up single family residences and single condominiums to hold onto in order to flip in the future as the market rights itself again.

Coveted Coastal Oahu Properties

As an investor, you almost certainly have an investment strategy in place which makes up the bulk of your portfolio. Ewa Plain, on the other hand, is unique real estate in that there will always be those with money to spend and properties in a tropical paradise are limited. At the moment there may be an abundance of them due to the newness of development in this area, but that will not last. Without sounding cliché, location is everything and any time you can purchase reasonably priced property, fee simple especially, along a coastline as coveted as that on the Island of Oahu, you should seriously consider this as a wise investment.

Short Sales and Foreclosures

The average family may be running into financial difficulties but this should not reflect on the overall marketability of real estate in a given market area. Actually, the economy is still booming on Oahu as it holds some of the most trendy tourist attractions in Hawaii. If you can find a property listed as a short sale to avoid foreclosure or even a foreclosure property, you will find that it is not unheard of to make an offer below market value. This would be an amazing opportunity for an individual investor since it is projected that real estate on Oahu has nowhere to go but up.

Many corporate investors are steering clear of commercial investments at the moment since those buildings/developments have a greater potential to go bust. What we are seeing is corporate investors buying up single family residences and individual units in multi-family buildings as opposed to placing their money in the development of new commercial projects. If you are looking to invest in Oahu real estate, Ewa Plain should be one of your first areas to research because prices are low and demand is high.

No matter where you are in the world, when you think of Hawaii you think, ‘fun in the sun’ or ‘tropical paradise.’ As one of the top vacation spots in the entire world, especially in the cold winter months, planning ahead for vacation rentals in the Diamond Head neighborhood of Honolulu is of prime importance.

Investor’s Paradise

It wouldn’t be right to talk about Diamond Head rental properties without first making note of the fact that this is truly one of the last remaining investor’s paradises in the United States. Over time other vacations spots have become a bit too congested with local residents snatching up all the prime pieces of real estate and even the southern cities on the mainland are just not as desirable as Diamond Head. For a good return on your investment, consider buying vacation rental properties in this popular tourist neighborhood while they can still be found.

The Availability of Vacation Rentals in Diamond Head

Since Diamond Head is one of the most desirable vacation locations because of its close proximity to the ever popular Waikiki, rentals start to book up quite well in advance. Fortunately, visitors tend to come back year after year, so most people know enough to book at least six months prior to vacationing here. If, for some reason, you are having a difficult time locating the right size apartment, condo or one of the scattered vacation rental single family residences in one area of Diamond Head, such as the upscale and trendy Kahala subdivision, there are other areas as well. You might want to consider a vacation rental in Diamond Head subdivisions such as Kaimuki, Hawaii Loa Ridge or even in the nearby neighborhood to the east, Hawaii Kai.

The Benefits of Renting in Diamond Head

Of course everyone worldwide is familiar with Honolulu on the island of Oahu, but when they think of this major hub of Hawaiian activity they tend to think of beaches like Waikiki. Unfortunately, that drives the prices of vacation rentals up in those trendy areas because of the basic laws of supply and demand. While Diamond Head is also a neighborhood in Honolulu, it is not quite as well publicized as Waikiki so rates tend to stay a bit lower and it is just minutes away from Waikiki. Vacation rentals can be found which are actually quite reasonable if you know which areas to look in and remember book well enough in advance.

Not only can you enjoy all the same amazing locations that you would in more touristy areas of Honolulu, but you can find vacation rentals in Diamond Head which are more affordable most of the time. In fact, tourist attractions like the Diamond Head State Monument (Diamond Head Crater) with the historic WWII tunnel are popular spots visited by those vacationing in Waikiki after having their fill of beaches. Even so, Diamond Head also sports a fabulous beach, which means that if you’ve come for a little R&R in the sun, you’ll find it here as well. If you are looking for a vacation rental in paradise, you’ve come to the right place.

Although there is plenty to do and see in Diamond Head, from a history buff’s perspective, this is truly the heart of an island paradise. From amazing geological formations to historical sites, this is a prime location to visit a few days while touring Hawaii.

Diamond Head Crater – Diamond Head State Monument

You don’t need to be a history buff to totally enjoy the incredible scenery on Diamond Head which includes the world famous natural wonder, Diamond Head Crater. The geological formation is what remains of a now extinct volcano. In 1968, Diamond Head State Monument was made into a National Natural Landmark and it draws thousands of visitors each year.

Diamond Head Volcanic Trail

The volcano itself is extinct, but it left behind a crater that has a diameter of 3520 feet and there are two sets of steps leading up to it, 76 and 99 respectively. Once at the top of the crater you can walk around for a panoramic 360° view of both the crater and the island itself. Visitors staying in Diamond Head have said that of all the sights and attractions they visited, the Diamond Head volcanic trail was the most thrilling adventure. Although you don’t need to be in great physical shape to hike the trail, it is suggested that you begin early in the day since it will be much cooler and less crowded.

Historic WWII Tunnel

Near the 760 foot summit is a 580 foot tunnel which was dug in 1910 to provide access from the observation deck, built the same year, to Fort Ruger. This is thrilling to history buffs because Hawaii was annexed by the United States in 1898 and it then became necessary to protect the territory. The observation deck held cannons that were in place to protect both the island and the four level fort that was actually built underground within the crater. 

Tours of Nearby Pearl Harbor

Diamond Head has been officially classified as a WWII site which is why it is especially appealing to visitors who are into American History. Either before or after hiking the volcanic trail and exploring the historic tunnel within the volcano, many tourists also stop at nearby Pearl Harbor that marked the United States’ entry into the war. Also, you might want to pay a respectful visit to the Punchbowl on Diamond Head where there are graves from Pearl Harbor, WWII and even from the Korean War and Viet Nam.

The amazing thing about traveling to Diamond Head isn’t just its proximity to the famed Waikiki beach or its beautiful tropical scenery, but what is truly remarkable is the fact that there is just so much history here on this one little piece of real estate. Many people choose to rent a vacation home on Diamond Head just to give them time to drink it all in. There isn’t tourist who doesn’t come away awed by just how much history there is to learn about and experience while staying here on Diamond Head.

Unless you have travelled to Honolulu in the past, you may not be familiar with the fact that Diamond Head is one of the prime locations for buying real estate in greater Honolulu. Even though it is not one of the busiest tourist destinations in Honolulu, it sees its fair share of visitors and is centrally located along the Honolulu coastline. Whether you are looking for residential or investment property in close proximity to metropolitan Honolulu, Diamond Head would be an area to explore.

Diamond Head Perfectly Located

The neighborhood of Diamond Head is directly adjacent to Waikiki Beach and located midway between Hawaii Kai and downtown Honolulu. It is home to year round residents and also boasts a great number of vacation rentals which are booked throughout the year. Single family residences as well as condominiums and apartments are listed for sale, usually at prices which are much more reasonable than many areas of Honolulu. However, as prime real estate in the state of Hawaii, most properties in Diamond Head are by no means cheap; they are just cheaper than other areas of the city. 

 Why Investment Property in Diamond Head Is So Attractive

As mentioned, Diamond Head is located midway between the busy downtown shopping/business district of Honolulu and Hawaii Kai. In other words, to the south of Diamond Head lie the more chic neighborhoods and to the north are the busy metro areas. Visitors come from around the world to see the historic Diamond Head Crater and view the tunnels which were dug to provide access to Fort Ruger. The tunnels were actually built on four levels underground inside the extinct volcano. Unless you are looking for an investment property in the upscale Kahala area in the southern reaches of Diamond Head, prices are likely to be quite attractive.

Examples of 2011 MLS Prices in Diamond Head

It only takes browsing through a sampling of MLS listings in order to see how reasonable the prices are in many areas of Diamond Head. In mid 2011, a 1/1 with an oceanfront view and a wrap-around lanai is listed for $399k in Diamond Head. In the same building there is a 2/1 listed with an enclosed lanai for only $539k which would almost be unheard of elsewhere in a beachfront condo with a magnificent view of the ocean. Consider the fact that a studio in Waikiki can cost upwards of $800k (if not more!) which is double a 1/1 in Diamond Head and you will see why the prices are considered reasonable in this beachside area of Honolulu.

Whether you are looking for a greater Honolulu area investment property or seeking a year round residence, Diamond Head is prime real estate and worthy of your consideration. Located on the coast of Hawaii’s most visited island, Diamond Head properties are set to increase in value relative to surrounding regions. Don’t miss out on what could be the deal of a lifetime. 

Some people have the luxury of owning property in Waikiki while others have a favorite vacation rental which they visit year after year. As one of the fastest growing areas in all of Hawaii, it is easy to see why so many tourists who visit this amazing beachside resort find it hard to stay away. With one of the cleanest beaches and crystal blue Pacific Ocean waters, there is always something to do and see on Waikiki beach.

Watersports on Waikiki Beach

As one of the world’s leading tourist destinations, Waikiki beach tends to be a bit crowded year round. However, don’t let that deter you as there is always room for a few more sunbathers as there is plenty of sunshine to go around. Actually, if you are feeling a bit adventurous there are a number of watersports which you can participate in. Surf the waves on Waikiki or try your hand at stand up paddle boarding. If you don’t want to brave the waves alone you could go on an outrigger canoe ride or perhaps try the Beach Boy Valet Tour. From body boarding to surf boarding, Waikiki is always listed among the top travel destinations for watersports.

Moments Away from World Class Restaurants and Nightlife

After a day of fun in the sun there is plenty to do just moments away from the sandy beaches. Although parking isn’t available on Waikiki beach, that usually doesn’t present a problem if you are staying at one of the amazing hotels or vacation rentals along the shore. Waikiki is home to some of the best restaurants not only in Hawaii but anywhere in the world. Then there are the clubs which are also within walking distance of the beach. Waikiki comes alive after dark with a number of trendy dance clubs and live shows and dinner theaters. Don’t forget to check Waikiki’s calendar of events to see when the next outdoor concert will be held at the Waikiki Shell, an amazing outdoor theater where up to 2,400 people can be seated with room for at least 6,000 more on the grounds.

Shopping in Waikiki

Scattered along the beach you will find a number of touristy shops but the one attraction which draws visitors from all over the world is the International Market Place with more than 130 shops and cart vendors. The market is actually in an open-air setting, complete with a cascading waterfall. The Market is located adjacent to the Waikiki Town Center and when your legs give out from shopping and hunger settles in, take a break at the international food court where you’ll find tasty treats from all over the world, and of course some traditional Hawaiian cuisine as well.

If you are planning a visit to Waikiki, make sure to book accommodations on a vacation rental well in advance since this is one of the most visited travel destinations in the world. Remember, there are beaches and then there is Waikiki!

Let’s face it. Real estate in Waikiki is anything but cheap however if you know where to look and what to look for, you can find just the right property for an unbelievable deal. Of course you can spend upwards of $10 million dollars for a luxury apartment at the famed Trump Towers in Waikiki, but there are also apartments in the six figure bracket that you might be able to snatch up on a short sale.

Foreclosures in Waikiki

Unless you are a real estate mogul you might not want to venture into the auction venue in Waikiki foreclosures. At the best of times a foreclosure auction takes a bit of expertise but for Waikiki foreclosures it’s better to place an offer through a Buyer’s Broker on a bank owned property. While it is true that you might get a better price at an auction if you know what you are doing, you would also need the cash in hand or financing lined up before you place your bid. A Buyer’s Brokerage can show you foreclosure properties where the bank is simply trying to get their investment back which means that you can still get a great deal on a Waikiki property, sometimes for a price that is below market comps.

Waikiki Short Sales

There appears to be a good amount of confusion as to just what a ‘short sale’ is all about. It is true that many property owners list their home as a short sale trying to avoid foreclosure, but sometimes they just want to sell quickly to relocate or to expedite an estate sale after a divorce or the passing of a spouse or family member. Just because a property is listed as a Hawaii short sale doesn’t mean the owner is soon to lose title however it may mean that the owner would be open to negotiating. Again, this is where a Buyer’s agent comes in handy because of his or her expertise in negotiating terms of a sales offer/contract.

Waikiki Owner Financing

Another area to explore when looking for property in Waikiki is owner financing. In fact, many short sales listed are open to owner financing as a second mortgage which can save you tons of money on interest if the contract is drawn up correctly. It may be possible to find owner financing as a first mortgage, but this isn’t the norm. Sometimes an owner will hold a second mortgage in the event you can’t qualify for the total selling price or simply because they view this as an investment property. In any case, talk to your real estate agent about the possibility of finding owner financing on Waikiki properties.

As the most visited location in Hawaii and among the favorite tourist locations worldwide, Waikiki real estate does come with a price tag. However, there are deals to be found with a little patience and a good broker. Take the time to sit with your broker to discuss all the possibilities. It is still possible to find real deals on Waikiki real estate if you know how and where to look.