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Estimated monthly mortgage is $349, though there are two monthly maintenance fees to factor as well. Regular monthly maintenance fee is $632, while "other" maintenance fee is $680 (my guess to cover a special assessment for some major building maintenance project), for an overall total payment of $1,661, which is very competitive compared to most 1/1 rentals in Waikiki (even in older buildings).
When I look at the link, the $339 is just Principle & Interest. It doesn’t include the lease rent or taxes/insurance either.
P&I: $349
Tax: $65
Lease Rent: $634
HOA 1: $632
HOA 2: $680
Totals a monthly payment of $2,360 plus you’ll have some insurance expense. I’d also guess that mortgage calculator amortized over 30 years … which you’re not likely to get since the lease term doesn’t go out 30.
When I look at the link, the $339 is just Principle & Interest. It doesn’t include the lease rent or taxes/insurance either.
P&I: $349
Tax: $65
Lease Rent: $634
HOA 1: $632
HOA 2: $680
Totals a monthly payment of $2,360 plus you’ll have some insurance expense. I’d also guess that mortgage calculator amortized over 30 years … which you’re not likely to get since the lease term doesn’t go out 30.
Thanks I completely missed the lease rent!
That definitely can change someone's calculus, especially for this building where the only unit for rent I see online goes for $10 less per month (with with a larger living space and more modern layout to boot) Yep, I'd scratch this building off the list personally, though even then it might be worth it to others.
Last edited by prospectheightsresident; 12-26-2023 at 08:05 PM..
Are these just as worthless as they were when this thread was started?
They are worthless as an investment yes. They are transacting for about half of what they were when we last discussed this in 2017. I believe the poster I was debating with was saying LH properties could triple in value based on "history". I think I made my point.
Having said that, if you're going to live in them for the duration of the lease maybe there's value to the security knowing you'll never be evicted by the landlord (before the lease expires). You will just have to take the risk of special assessments and potentially skyrocketing maintenance fees.
The building is in an exceptionally prime real estate location. Arguably the only truly walkable neighborhood in all of Hawaii. Far more walkable than Kakaako. You've got a post office, banks, urgent care, grocery store, coffee shops, nearly unlimited food and restaurant options and the beach/open park space all within a true few minutes stroll. There is no place like this anywhere in Hawaii. ABC store is finally opening a new concept in the old Wailana Coffee shop and Canterbury Place just opened a slew of eateries. Throw in the new Hilton development coming up right across the street and you've got the ultimate urban metro experience for Hawaii.
They are worthless as an investment yes. They are transacting for about half of what they were when we last discussed this in 2017. I believe the poster I was debating with was saying LH properties could triple in value based on "history". I think I made my point.
Having said that, if you're going to live in them for the duration of the lease maybe there's value to the security knowing you'll never be evicted by the landlord (before the lease expires). You will just have to take the risk of special assessments and potentially skyrocketing maintenance fees.
The building is in an exceptionally prime real estate location. Arguably the only truly walkable neighborhood in all of Hawaii. Far more walkable than Kakaako. You've got a post office, banks, urgent care, grocery store, coffee shops, nearly unlimited food and restaurant options and the beach/open park space all within a true few minutes stroll. There is no place like this anywhere in Hawaii. ABC store is finally opening a new concept in the old Wailana Coffee shop and Canterbury Place just opened a slew of eateries. Throw in the new Hilton development coming up right across the street and you've got the ultimate urban metro experience for Hawaii.
It's tempting but it sounds like it definitely has it's risks. Seems like there's the potential for a lot of deferred maintenance in a building like this.
I happened across an add for a 3500sf condo in Honolulu for 350k, waterfront. My heart skipped a beat. Then I saw the 3500\m hoa and over 50k in yearly taxes based on a multimillion dollar assessment. Owner clearly wants out.
I happened across an add for a 3500sf condo in Honolulu for 350k, waterfront. My heart skipped a beat. Then I saw the 3500\m hoa and over 50k in yearly taxes based on a multimillion dollar assessment. Owner clearly wants out.
If it’s the complex I think it is, the units are also leasehold condos with a Lease fee that varies from about $3,00/mnth to $6,000/ mnth depending on size. To make matters worse, the leases expire in 2027 (I believe) and are not going to be renewed.
It’s the same complex where Jack Lord lived for years. But, again, I’m just guessing by your description of price, size and HOA fees that it’s the same complex. But it fits the description.
If it’s the complex I think it is, the units are also leasehold condos with a Lease fee that varies from about $3,00/mnth to $6,000/ mnth depending on size. To make matters worse, the leases expire in 2027 (I believe) and are not going to be renewed.
It’s the same complex where Jack Lord lived for years. But, again, I’m just guessing by your description of price, size and HOA fees that it’s the same complex. But it fits the description.
Yes it's the same Kahala Beach Condominium. That unit's carrying cost is $14,000/mo with all fees and taxes plus insurance and utilities. So about $15,000/mo all in. Lease is good for another 42 months so if you pay $350k that's another ~$8,500/mo. So total ownership cost until you lose the unit in 42 months is about $23,500/mo. Short term rentals (30+ days) might net more than that so maybe that's the target buyer. Or someone rolling the dice that the fee may one day be offered or the lease extended for many years at a fairly reasonable cost. It will be interesting to see what happens to that project. It's the only Kahala condominium project on the beach. Exceptionally rare and prime land.
Yes it's the same Kahala Beach Condominium. That unit's carrying cost is $14,000/mo with all fees and taxes plus insurance and utilities. So about $15,000/mo all in. Lease is good for another 42 months so if you pay $350k that's another ~$8,500/mo. So total ownership cost until you lose the unit in 42 months is about $23,500/mo. Short term rentals (30+ days) might net more than that so maybe that's the target buyer. Or someone rolling the dice that the fee may one day be offered or the lease extended for many years at a fairly reasonable cost. It will be interesting to see what happens to that project. It's the only Kahala condominium project on the beach. Exceptionally rare and prime land.
I've been watching that complex for a few years and am very curious to see how it plays out and what happens if/when the lease is not extended. I heard a rumor once a few years back that the lease was not going to be extended and the property eventually re-developed. I don't know if that was true or not, but it will be interesting to see what happens.
Yes it's the same Kahala Beach Condominium. That unit's carrying cost is $14,000/mo with all fees and taxes plus insurance and utilities. So about $15,000/mo all in. Lease is good for another 42 months so if you pay $350k that's another ~$8,500/mo. So total ownership cost until you lose the unit in 42 months is about $23,500/mo. Short term rentals (30+ days) might net more than that so maybe that's the target buyer. Or someone rolling the dice that the fee may one day be offered or the lease extended for many years at a fairly reasonable cost. It will be interesting to see what happens to that project. It's the only Kahala condominium project on the beach. Exceptionally rare and prime land.
Yes. This is the place. I see on Zillow one sold for 120k in May, ‘22.
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Yep, I'd scratch this building off the list personally, though even then it might be worth it to others.
