Property Q&A in Honolulu>Question Details

Janice M Hook, Home Buyer in 98604

I am intesterested in this property

Asked by Janice M Hook, 98604 Thu Jun 11, 2009

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This question is about this property: http://www.trulia.com/property/1073258470-4999-Kahala-Ave-34…

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1
Hi Janice,

It's leasehold. The average sales price for all units over the last six months has been approx $150,142. There has been one sale of this size unit (1555 SF) @ $350,000 and one is in escrow that was listed at $85,000

The lease expires in 2027, so you can only get financing with a 13 year loan, which does not exist. You have to finance it yourself, get a private loan or get owner financing. The lease rent renegotiates in 2017 (can go up or down).

$958 maintenance fees + $2206 lease rent = $3164/month.

I'm not saying you should buy a different or more expensive property, but the lease rent and maintenance fee in this case could finance 100% of the price. You could buy a property 100% more expensive with the same payments and probably get a better interest rate with the same down.

On the other hand, this is one of the prime spots on the island. I know many people that would love to live here for $$4000-5000/month. That is the going rental rate there from September through March. Some of them go for more or less. It is 1-month minimum rental if you rent it out. You have the Kahala Hotel next door with world class food and a relaxing beach. Try the $18 hamburger. Not twice as good as a $9 Teddy's Bigger Burger, but it sure tastes good with plantation tea sitting on the lanai by the beach.

Aloha,
Frank
808 723 0900
0 votes Thank Flag Link Thu Jun 11, 2009
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