It is not often that a great opportunity presents itself but when it does you had better jump. The property market on Oahu has been very robust to say the least. The March 2018 numbers are out, and the median single family home listing on Oahu is now sitting at $760,000 and the average sales price is $1,002,305. The condo market is also up with a median listing at $435,000 and an average sales price of $485,145. When buyers from the mainland see the actual price of paradise they often are shocked. With that said, Hawaii is paradise with amazing culture, food, weather, beaches, and so much more.
Ohana or Rental Opportunity
As an agent, I get a lot of calls about affordability, rental opportunities, and Ohana living on the island. If you are not familiar, Ohana is family and this can be a place for aging parents, grandparents, children, or any other “family members.” One of the most beautiful, peaceful and serene places on the island is Waianae. This, geographically, is the furthest west on the island you can go. As you drive past the resort area of Ko Olina you continue west along the ocean with the mountains on the horizon. There are very few spots as beautiful as Maili in Waianae. You have the ocean and mountains everywhere you look. You are close to several of the islands best hikes and beaches.
Now for the part about the opportunity. As of now there is a premarket opportunity to buy one or two amazing properties in Maili. This is the perfect opportunity to buy one of the houses as a main residence and use the other for rental income or Ohana living. Each property is being sold individually as they are two separate TMKs, or properties, but as of now the option to buy both is available. As you look back at the first paragraph you will note the median and average prices for the island. The one spot that has been more affordable at least, for the time being, is Waianae. The two homes that are available sit at the end of a dead end street on a cul-de-sac. They are completely separate properties but do share one common wall. Each home has a separate entrance, driveway, garage, and huge private fenced yard space. The properties are minutes from world class beaches, hiking, and just 10 minutes from Ko Olina.
The Single Level Home
The first home is light, bright, open, and is a single level home with all tile and no carpet. This is a 2 bedroom, 2 full bath home that is in amazing condition. The yard is 3829 sqft, and the main house has 954 sqft of interior space. This property will be on the open market in May and listed for $410,000 which is well below the island averages and is VA eligible. There is the possibility to purchase the home fully furnished and turn key for family or rentals.
The Larger Sister Property
The sister house is truly an amazing property. The owner removed the roof and added a fully permitted second level. The winding staircase takes you up to the private master retreat. The space has a huge private master bath, enormous lanai, and open master bedroom. This is not to mention the tons of closet and storage space that is a real luxury for Hawaii. The main level now has a vaulted 22-foot ceiling that makes for a grand first impression. This is a 3 bedroom 3 full bath home with 1513 interior space on an almost 4000 sqft lot. Of course with the added second level and vaulted ceiling, the home feels twice that size. Let’s not forget the 21 owned solar panels that are on the roof to keep any energy bills extremely low. This will be available for $540,000.
So if you are looking for an opportunity to own a home under the island averages, own a rental or Ohana this is certainly a chance of a lifetime. Please do not hesitate to get in touch if you want more information.