Glen, Other/Just Looking in Honolulu, HI

Is the condo leasehold and how much is maintenance fee?

Asked by Glen, Honolulu, HI Thu Mar 19, 2009

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This question is about this property: http://www.trulia.com/property/1067366987-965-Prospect-St-40…

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3
Cindy Siok, Agent, Honolulu, HI
Thu Mar 19, 2009
BEST ANSWER
Hi,
The reason buyers shy away from leasehold properties is because not only does the lease eventually expire, but the lease rent (which you pay on top of maintenance charges & mortgage payments) can be subject to renogtiation. In this case, the renegotiation date is in 2018. So, even if you factor in your mortgage payment + maintenance + current lease rent; you still won't know for sure what the new lease rent will be in nine years. There have been examples in the past where single family home owners went from paying $15/month to over $1,000 per month and the homeowners could not absorb that kind of an increase. True, that they were underpaying since the lease rent was locked in for decades previously, but still. Those examples have sworn off a lot of people from buying leasehold properties. Although sometimes you can buy the property and the fee simple interest at the same time - then you end up after closing owning a fee simple property. Another factor to consider if the fee is not available to purchase is that it is much harder to sell leasehold property, if you want to sell it in the future and the less time left on the lease, the harder it is to sell. All the best in your house hunting! - Cindy
1 vote
Frank Diaz, Agent, Honolulu, HI
Thu Mar 19, 2009
Hi Glen,

Curr Mon Lease Rent: $453 / 2018
Lse Expires: 10/31/2043

Total Mon Fees: $492

Maintenance Fee Includes
Cable TV
Hot Water
Sewer
Water

Please call me at 808.723.0900 if you have further questions.

Frank
1 vote
Chris Bodden, Agent, Honolulu, HI
Thu Mar 19, 2009
HI Glen,

This property is a leasehold property, with a monthly payment of $453 till 2018. The lease itself expires 10/31/2043. The maintanence fee is $492 and covers cable, hot water, sewer and water. Also FYI there are 4 other units for sale in the same building.

Please let me know if you have any further questions and if you would like to see this unit or any other.

Mahalo

Chris M.T. Bodden
http://www.BoddenRealEstate.com
1 vote
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