Wide differences in condo prices in Waikiki

7 Replies

Has anyone looked at real estate listings for Waikiki? The condo prices consistently range from 80k to 400k. Can anyone tell me why some condos in the same zipcode of waikiki beach are listed for dirt cheap for essentially the same square footage, zipcode, HOA fees....... Maybe the sub $150k condos don't look as nice and don't have an ocean view but to see such a HUGE range in prices tells me there is something else unique to these cheaper priced condo's that causes their prices to remain depressed. Any ideas?

Here is an example:

https://www.redfin.com/HI/Honolulu/417-Nohonani-St...

Thanks,

Scott

Thanks for the heads up.  I was trying to post this on the BP app on my phone and every time I would hit "post" it would cause my app to close out like it had a bug.  I never realized it actually posted as I never got a confirmation or any feeling it went through.  I will close this posting out and thanks for bringing this to my attention.  

Waikiki condos are building by building you should only be comparing units in same building. In some cases if it’s significantly less in the same building it could also mean that the building is not all 100% fee simple and that the very low priced ones are sold leasehold. Some owners never chose to buy the fee interest. Just like the example the Hawaiian king condo unit you posted as an example is leasehold the leasehold rent is $311 month and renegotiates in a couple of years, (was it 2020 or 2021??) and expires in 2036(?) —wow thought by now all would have converted to fee simple—anyway-I wouldn’t buy something that the lease is renegotiating in just a couple of years. Put it this way, 30-40 yrs ago those lease rents were like $15-35 mo, shocking to see that they are $311!! What’s going to happen in two years what if it goes up to $600 or more? I’ve seen it happen with single family homes here. I would stick with fee simple only.
I know a friend who’s family owned their house but on leasehold land when it came to “renegotiation” they couldn’t afford the lease rent increase (big increase) and they certainly couldn’t afford to buy the fee simple interest in the land—so they had to just walk away. Lost all their equity.