High HOA Condo Flip

[Kwok Wong]

Hey BP community,

Looking for experienced input on a condo flip I’m currently wrapping up in Honolulu.

• Condo flip is 100% insured
• Our initial Estimated ARV: ~$600k
• HML appraisal came in at $725k 
• Monthly holding cost: ~$7,680
  
• HOA/MF alone is ~$2,400 (highest in the area)
• Project is entering month 5 due to HOA approval delays + contractor scheduling
• No clean, recent comps in the building
• Not planning to rent — resale only

Given the high MF and lack of comps, I’m leaning toward a speed-focused exit (fire sell), even though the appraisal suggests much higher value.

My questions for those who’ve dealt with similar situations:

1. How much weight do you realistically give to appraisals vs. buyer psychology in high-HOA buildings?
2. Have you used seller credits (e.g., HOA credits) effectively instead of price reductions?
3. Would you prioritize a fast exit around ~$580k–$590k, or test higher pricing first given the appraisal?
4. Any specific strategies you’ve used to neutralize high HOA fees during resale?

Appreciate any insight from folks who’ve navigated condo flips with heavy carrying costs or high HOA.

Mahalo in advance.