Do any of these condos/studios provide a healthy return? Trulia doesn't distinguish between FS and LH, and doesn't mention HOAs in many.

Asked by SB Buyer, Lahaina, HI Fri Feb 28, 2014

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Audrey Ren-w…, Home Buyer, Kailua, HI
Thu Mar 20, 2014
Aloha, SB Buyer!
I am neither agent nor broker, and have nothing to sell you. but I have spent the past 2 years diligently and obsessively researching, searching, visiting, etc. every nook and cranny of Waikiki before finally purchasing, so i like to think that I've a plethora of information from every angle that I think could help you! I've navigated my way round FS, LH, who has the highest HOA, where you can take pets, families/children, shoppers vs beachgoers, walkability...I'd love to answer any questions that you have, weigh pros & cons, etc.
Blessings and good luck on your search!
Aloha and mahalo..
2 votes
Audrey I was sad not to get a response from you. You must be very busy. I am not making a lot of head ground. On the face of it Waikiki condos look a very mixed bag. I'm not convinced vacation rentals work, unless you can find one with clear accounting records proving the numbers work. For many other type of properties, prices are so high, I just don't see how you can get a good return. If you do find the time to respond, I would be so happy :) :)
Flag Mon Apr 14, 2014
That's great Audrey. I'd love to know what your research has thrown up. So you bought somewhere? It was obviously a good investment. One problem is very few brokers will go the distance with you, either because they're not familiar with investing, or get tired of being asked questions about HOAs etc. What kind of investment did you go for? Which area, budget, size, beds, rental income. Do you manage it yourself? Were you able to haggle in price?
Flag Thu Mar 20, 2014
Ken.chen, Home Buyer,
Sun Apr 20, 2014
For investment properties perhaps look into condo-hotels. Full turnkey management, get a check each month. Note: you can't take out a mortgage on many of them because they don't have kitchens.

One example is the Aqua Palms (1850 Ala Moana Blvd).
0 votes
, ,
Mon Mar 3, 2014
Condos/Studios can provide a healthy return. It all depends on the area you purchase in. Most condo's now are fee simple as many have purchase the fee interest in the property. Rule of thumb if the unit is far below (in sales price) then others in the same building then chances are it is leasehold. Some times being sold in Leasehold and you can purchase the fee at the same time.
HOA's information is available on line via the City and County web sites. Very helpful information when searching for condo's.
0 votes
Thanks for those tips Keith. Do you know how much it costs to buy the freehold, and whether there are any legal rights that enable lessees to buy the freehold?
Flag Mon Mar 3, 2014
Jerry Banger…, Agent, Kailua, HI
Sat Mar 1, 2014
Hello Mr. Buyer, These are questions the answers of which might be dubious if you rely on getting them from Trulia. You need a buyer's agent if you are buying or a seller's representative if you are selling. Having been a property manager for about a million years, whether or not a property gives you a healthy return, it will require a unit by unit analysis. You might need the services of a professional and licensed property manager. Very few agents brokering properties understand the rental market. Aloha, jerry
0 votes
Jerry, you look as if you have the kind of experience I am looking for. if you send me a link to your website, I'll pick put out a few properties and we'll tale it from there. Are you a PM as well as a broker?
Flag Sun Mar 2, 2014
Robin Glass, Agent, Honolulu, HI
Sat Mar 1, 2014
each property has to be evaluated individually: collect the detail and create P&L, Cash Flow and Cap Rate. our website shows all fields of data from MLS including sold, rented, HOA. If the agent posted it to MLS, we have the info.
0 votes
Sue Connelly, Agent, Honolulu, HI
Sat Mar 1, 2014
Aloha SB Buyer,

You can get healthy returns on investment property in Waikiki. Waikiki Marina is a good location if you want to be located near the Ala Moana Shopping Center. In regards to the HOA - it is listed as a Maintenance Fee and this unit (based on the listing and it's square footage) is listed as $595/mo. The Lease Rent amount is currently $309/mo until the 4/1/2033 and then it goes up to $2,033/mo and expires in 3/31/2048. There are also other units in Waikiki that are leasehold with lower lease rent and known to have a very good ROI closer to the beach.

If you would like any additional information please feel free to contact me.

Sue Connelly, Realtor, Broker

Exit Real Estate Associates
2463 Kuhio Ave #C-1
Honolulu, HI 96815
Office: (808) 735-2221
Cell: (808) 754-5495
0 votes
KEIKO Okazak…, Agent, honolulu, HI
Fri Feb 28, 2014
I have one unit for my own investment in this building. It's mix of Lh and FS in the building.
And return is upto how you like to manage it too, but I'm happy what I get and use for this prosperity. Feel free to contact me for any question. Keiko Okazaki (R) 809-426-3522
0 votes
Mike Gallagh…, Agent, Honolulu,, HI
Fri Feb 28, 2014
My name is Mike Gallagher. I own and operate my own Company. You should first visit my website: to see an overview of what is happening in Oahu Real Estate and its projection forward for this year.

Secondly: If you are going to invest in this building, only invest in the Studios and only the studios with views on the upper floors.

Thirdly: Between the years 2011 and 2013 the Studios sold as follows:

2011: Average Sold Price $103,636. Eleven sold for the year. Avg sq. ft. interior: 374 Avg D.O.M: 95 Percentage Sold to List Price: 85.75%

2012: Average Sold Price $175,955. Eleven sold for the year. Avg sq. ft. interior: 380 Avg D.O.M: 105 Percentage Sold to List Price: 90.47%

2013: Average Sold Price $189,533. Fifteen sold for the year. Avg sq. ft. interior: 380 Avg D.O.M: 112 Percentage Sold to List Price: 96.30%

If you need anything else. Let me know.

Much Aloha, Mike Gallagher
0 votes
Mike, I'm very much a numbers man so thanks for that. I'll check out your website
Flag Sun Mar 2, 2014
Aloha Mike!
Flag Sat Mar 1, 2014
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