GREAT VALUE OAHU NAPALI HAWEO SEMI-LUXURY HOME & WAIKIKI PARK HEIGHTS SEMI-LUXURY CONDO IN WAIKIKI
Welcome to the January 2018 edition of our Great Value Hawaii Luxury Real Estate!
We feature both Homes & Condos which we think offer especially great value for potential Buyers. Presently most of the luxury home neighborhoods on Oahu are experiencing Buyers’ Markets (defined as having more than 5 months of inventory currently on the market) with average inventory levels at 13.9 months for homes over $1.9M in Oahu luxury home neighborhoods (see Latest Oahu Hawaii Real Estate Statistics). Prices are decreasing (final sales prices for luxury homes are on average approximately 8% less than the last listed MLS asking prices*) making it a great time for Buyers to find good value properties in these neighborhoods. This month’s two properties are in the semi-luxury category with the emphasis on great value.
The first property we showcase is a semi-luxury home in Napali Haweo. As of this writing there are approximately 9 months of inventory on this particular luxury home ridge putting it in Buyers’ Market territory (neutral is about 5 to 6 months, below that would be Sellers’ Market). Of the 5 homes currently on the market there, 2 – including the home showcased here – are under tax assessed value (tax assessed values tend to be a year or more behind fair market values). The other property 120 Hanohano was covered in the Feb 2017 Great Value Luxury Properties edition. It is now on the market for $500K less than originally reported in Feb 2017!
The second property showcased here is the conveniently located and semi-luxury Waikiki Park Heights building in Waikiki. The building allows short term vacation rentals making it a lucrative buy as an investment property. Recently unit #1107 which was remodeled for resale sold for $457K (co-listed by me, Damon Rhys, Sachi Hawaii). Unit #1802 in mostly original condition (not remodeled) just came on the market for $400K making this a good value proposition property for a remodel and investment.
- Price $1,550,000 (tax assessed value is $1,792,000), down from original listing price of $1,750,000
- Ocean views of both Diamond & Koko Heads
- Built in 1997 and in very good condition.
- 3 Bedrooms but also has an extra area that could easily be enclosed to form a Den or Office.
- Approximately 3000 SQF Living incl. Lanai & 13,507 SQF Land on a flag lot
- Home is near Kamiloiki Elementary which now has – along with all Hawaii Kai Public Schools – implemented the “IB” (International Baccalaureate) Program (same as many of the well known private schools in town)
- Just minutes drive to Hawaii Kai shopping centers and 30 minutes drive to town.
- Low maintenance yard
This unpolished gem of a home and at this price represents a good opportunity for an entry level home in the prestigious Napali Haweo luxury home neighborhood. With some moderate work this home could be transformed into the gem it is destined to become!
- Corridor ocean views from many of the units, watch the surf action at renown Queen’s surf spot from your lanai.
- Building allows short term vacation rentals making it a good investment property for investors.
- Within about 2 minutes walking distance of Waikiki Beach.
- Conveniently located in the heart of Waikiki nearby a plethora of dining and entertainment venues.
- Waikiki Park Heights is where the surf meets the urban dynamic lifestyle
- Includes one covered parking stall
With some manageable upgrades this unit could be transformed into an awesome semi-luxury condo for urban-beach living or a great investment for the savvy investor.
If you would like to know more about these properties please contact me (Damon Rhys) for more information. Disclosure: Some properties in this section may be listed by the brokerage firm I work with, Sachi Hawaii. My goal is to give my unbiased opinion on great value Hawaii Real Estate for all brokerage firms on Oahu. In this month the two featured properties here are not listed by Sachi Hawaii.
Please check out this site’s easy to use Search Tool to find current listings of Hawaii Real Estate now on the market. Homes for sale in Oahu and Condos for sale in Honolulu (Waikiki, Ala Moana, Kakaako, Hawaii Kai etc.) can all be found here using the Hawaii Condo Search or Hawaii Home Search tools.