I've lived on Oahu all my life minus my 4 years on the mainland for college. Returned to buy a small condo that needed fixing every week. But then I ended up renting it at a negative hoping i could live there later. This was in the early 90s. Things changed, and I ended up with renting a condo in Waikiki and loved the setting and proximity to everything. But then we had kids and too many stories of babies falling out of buildings. We bought a fixer upper in Manoa which seemed like a dream, but single wall construction was always in disrepair. But the key to this is that my wife and I did better, we earned more, our investments did better and now we live in a dream home. The lesson is similar to that of minimum wage. Yes, you want a living wage, but if you get too settled, then everything passes you by and things get expensive around you. Without motivation to do better, you are stuck. I know this may sound elitist, but it is human nature to want more and it can happen. I'm sure RUclips income helps as your side gig. BTW, all our housing purchases ended up with seeing an opportunity to rent a bifurcated unit. Rent helps big time. Lastly, if you are in a condo, join the board. I have worked with condos for over 20 years and I find too many board members are retirees that kick the can on maintenance. Increase maintenance fees gradually to avoid special assessments and use the 20 year replacement schedule as a map for savings.
Our house tripled in value. But we like to downsize but it cost us more. Because we are past 75 and we need a place to with maintenance to be taken care of. So we stay and get weekly grass cutting and in winter snow removal . We come out cheaper. Keep our Drs and our neighbour hood.
Exactly. Single family houses decline too if you don't put money into them. What people seem to love to do in some places is to do little maintenance and then dump it on the market when you want to move on and let the next person who could barely afford the fixer upper to do the repairs.
My wife and I bought our first townhome back in 2013. We both thought it would be our "one-and-done" home purchase that we would grow old and die in, and that single-family home ownership would never be within reach. But in the 8 or so years that we owned our place, the value of our townhouse appreciated +$250K over what we originally paid for it, and it just made sense to sell. We ended up moving out west where homes are more affordable, but we finally ended up with a great single-family home.
@@eddenoy321😂. That’s what I was saying 1 million for a home on the west side is not cheap. Everywhere on Oahu is expensive😅. Go to Zillow and you won’t be disappointed or you will😂😂
After 2010 the prices on the west side started to increase. Before 2010 the prices were truly affordable in certain areas as I bought my 2 bedroom 1 bath home for $167.000. Yup you heard that right this is when houses were truly affordable. My house today is worth around $650K.
I live in Florida and after the Surfside condo collapse in Miami, our legislature passed a law where condo reserve funds must be fully funded. Some owners of older condos are now facing assessments of 5 and 6 figures to comply.
Yup make sure you dont buy a home with HOA fees as their is no limit to how much they can raise the price and or all their BS rules with violation fees
In Kona our HOA fees have almost doubled in these last 3 years. Plus due to the management company mismanaged funds, we now gotta pay over $20k in "assessment fees" this year. Totally frustrating.
It’s is extremely hard to live here in Hawaii. My husband and I raised our two boys in our parent’s house living out of just one bedroom. Eventually saved up and upgraded to a 3 bedroom where we all still lived out of one bedroom hahaha. Looking back my husband and I just laugh cause what seemed so shameful at the time is what kept us grounded and always grateful for the things that mean the most to us which are family, good health and our time. Now that are boys are grown and out of the house there’s not a day they don’t come over or call. Now they’re waiting for use to move into their homes just to do it all over again and there’s no shame in that! What a blessing! Keep it simple.
After I bought our two bedroom condo was thinking of moving to mililani as kids getting bigger. However commute was not good. We just kept condo. Kids manage. Space was an issue but also paid private school tuition. Somehow we survived
We raised 4 kids in a 2 bedroom apartment in NYC. How did we do it? We just did . We couldn’t see ourselves in the suburbs and 3 bedrooms in the city were way out of our price range. They had the bigger bedroom and eventually there were 2 bunk beds in there. The 2 bathrooms helped a lot. You cope and you figure it out. Necessity is the mother of invention as the saying goes!
My friend's HOA went from 250 per month to 500 per month, and she lives in an old condo building. Other places are even much worse. Most new communities being built now, especially on the west side, all have HOAs and maintenance fees. Buy land and building on your own is best, but costly here in Hawaii. This is another reason why I chose to move to the mainland, to look for land and build my own home with no HOA or maintenance dues.
Ooo and as Mx fees go up and if there are major building failures that pop up to say the parking area then those special assessments will be a nightmare! Watch out for those old appartment building pop up special assessments fees.
So, a perspective from someone who lived on Oahu in the 70's and now lives in Colorado. Our daughter bought this 1980's modular home set on a concrete foundation on foreclosure a about 15 years ago for $224,000. It is now assessed at $850,000!!! Yes, we have a nice location in the foothills near a lake, but that is crazy - consider the property taxes that doubled this year. Makes no sense. We could sell it, but couldn't buy a comparable property that could house a multi-generational family including retired folks on a fixed income, so yes, we have equity, but what does that really mean? Housing in this country, and many others, is just nonsensical. We don't have a lot of income, but are managing to hang on due to the original price and a refinanced mortgage when the rates were low a few years ago. I don't know how young families without a really healthy income actually get into the market now without sacrificing everything else. We raised our kids in rural NY in a 150 yr. old house with no insulation, one bathroom, ancient heating, no AC, a kitchen with ice-cold floors in the winter. But we managed. In Hawaii, just before kids, we lived in single-walled plantation styled homes with no AC, small rooms and yards, in Waipahu and Wahiawa, my husband working at Pearl and me at the hospital in Wahiawa. But I still miss that so much (Hawaii). Unfortunately, I fear those houses are now ridiculously priced and unaffordable for young families. Sorry, this is so rambling. You really have to do your research these days and consider the value of the home, the community, the schools, the commute and the ohana that you can build where you live. Good luck with your decisions. It is not easy.
My parents purchased their house in San Francisco during the 70’s for $50,000. This year the neighbor across the street sold their home for $2.2 million. That is an insane amount of appreciation.
Owning a home to live in should never be seen as an investment strategy to build wealth but as a means to have the most autonomy one can have within their domestic life. I spoke to my former boss about this and each type of property offers varying levels of autonomy. Anything with an association that charges a fee and imposes certain rules have lower levels of autonomy while owning a house in an association free neighborhood offers you the most autonomy. When rates and prices were low and I could afford my own condo unit I was window shopping around and noticed that newer condos were expensive but had lower HOA fees than older buildings that were cheaper. Sometimes the monthly payments would add up to the same amount between a nice new condo and an old run down one all because of the HOA fee. I spoke to several condo owners and that is one thing they have little to no control over when HOA fees go up.
As old time resident of Hawaii for almost 45 yrs I am reminded how lucky that I live in paradise surrounded by beautiful mountains and loving friends here in Kaneohe . I believe that in 10 yrs the north shore and windward will be so much more populated . Buying a house or oceanfront property in the north shore would be a great investment at this time . I bought my present 5 B/ 4b house as a single newly divorced mom. Good public school and reasonable commute were my main concerns. I sympathize with newcomers who are now looking for affordable housing etc. I appreciate your podcast and wish you the best in your Hawaiian journey . I have survived and thrived on paradise lifestyle By renting out the extra rooms and utilizing my entrepreneur dreams to the max Thanking my good luck and blessings everyday !! Be creative. With the new AI technology the world will see magical and miraculous development to a new level . At this time I am tempted to try living half time in Bali for only 600 a month😢😢😢
Also, if you get an older place, factor in that there will be repairs needed on the regular, and some of those repairs can be very costly. As with a lot of things, you'll either pay on the front end or the back end, but you'll end up paying one way or another.
Yes, and some of the repairs are unexpected. I remember when they had the Marco Polo fire, people were looking at the sprinkler requirements closer and it's expensive to retrofit older buildings.
I hate to tell you this, but the same topic has been discussed over and over again since the 1970s when Honolulu started building high-rises. It's nothing new and that's how we got Mililani, Hawaii kai and Ewa town houses. Somehow you'll survive and figure out your own path. And once the children are out of the house, then you go back to condo life again.
Mahalo for sharing the perspective. I assume that many of the issues we're talking about have been talked about before and will be talked about again. 🤙
At least you made the first move with your condo buy. Gotta start somewhere. After getting married in 1978 and paying $135.00/month rent for a two bedroom walkup in Moiliili, we bought a 1 Bedroom condo near Punahou and paying $900.00/month mortgage. Eventually upgraded to our present home in Village Park where we have lived for the past 40 years.
@wendelld808 I remember those days. I was in the Navy stationed at Pear Harbor. My boss bought a really nice home in Waipio for $115,000. Seemed kind of expensive at the time but looking back now, Wow! Then the housing/real estate market exploded. The Japanese who ruled the world back then came to Hawaii and started buying everything up. Prices skyrocketed. For military members like my boss they made out like a bandit. When they left Hawaii to go back to the mainland, they sold their homes/condos and made a huge profit. Unfortunately for the locals, it was the start of massive home prices and the end of affordable housing in Hawaii. I can't even imagine what homes cost there now.
Thanks for making this video. I moved here 2 years ago and have been renting a Kaka’ako condo ever since. Coming here I was brimming with happiness and optimism on starting a life here. It didn’t take long for me to realize that all of my future goals (starting a family, homeownership or condo ownership) suddenly became so much more difficult to achieve by moving here. High cost of living, high housing prices and costs, private school tuition, distance from any family…and those are just a few hurdles to face. Needless to say I’m now anxious to get back to the mainland where things that mattered are more realistically attainable. 😂
What a lot of young people are not told by their friends or family is that you shouldn’t rush into buying a house or condo. It’s a huge decision and you need to look at all aspects. People are fixated on having their own place but don’t think about the long term effects. When we were ready we saved and got to the point where we could at least think about buying a house but I didn’t want something that only for my needs now but long term. Room for family, entertaining friends or even possibly an out of town guest. It was rough at first going from no mortgage to holy crap huge mortgage but eventually we adjusted. As we’ve become more established things are better. The point is take your time and do your research. Think long term and don’t be short sighted.
Yep, once you have children you live where it's best for them. If that means mom and dad have a 2 hour commute daily you make the sacrifice. Unless you have tons of money and can live in town, send your kids to private school.
Condo maintenance fees vary with the age of the building and the amenities it has. All elevators need to be eventually replaced which is one of the bigger costs. Great amenities also mean higher fees to maintain all of it. Moved from a house on the west side to a Kakaako condo because the commute was just insane and a quality of life killer.
Maintenance of bldg cost money. We just did our elevators, pipes are coming up, and fire sprinklers. Janitorial wages go up, landscaping,too. Maybe move to Vegas, cheaper houses, bigger lots.
@@HelloFromHawaii Ah, you know about the UH traffic too. The rail NOT going to UH really helped to make the decision to move. Living on the west side is great IF you don’t have to commute but I think the kids suffer the most if they go to private schools in town.
I’ve lived in Honolulu my entire adult life..in my 60s now…never bought property here, always rented. The condo trap is real and prices are insane. And as far as Hawaii actually having enough forethought to PLAN housing around rail..which is at least 30 years late already, good luck with that, lol
Don't buy a single family home. Buy a duplex or even better 3 to 4 units. You live in one and the rent from the other units will cover 80%+ of your mortgage. A single family unit does not put money in your pocket every month.
@@darrylk808 did that work with condos? The new skyrise next to the existing one somehow doesn't nudge that market very far. They aren't building new homes that are not in HOA development. That's a fact. The next bad idea is the ADU and PACE loans.
We are in the process of moving home after being away for a long time. As soon as we sell we’re moving back. Been keeping a close eye on the market in HNL/activity. Ty for making this video, good to hear it from a local.
In San Francisco it takes me an hour to drive 14 miles from home to the office downtown. Then you have to pay $22 to park each day. That is a 2 hour round trip daily commute.
Personally, I would never buy where there is a HOA fee but understand that for so many, it is a viable option. HOA's are out of control and need to be more regulated by the state and counties, but given how far behind the times and the technology our laws are, it will take decades to address though. Where does one go when they is no where for one to go, even if they have a decent paying income?
I think that's why I'd hope there would be a pathway component to affordable housing programs. It's great to build units for first-time buyers, but it makes it hard for previous first-time buyers looking to upgrade.
I know I’ve said this previously, but there’s really no incentive to make Hawaii real estate more affordable. It’s like shopping for a Tacoma. You can’t negotiate because someone else will come along and buy it at full retail.
Good to see you, I tuned into your channel after a long hiatus. Every thing you said about owning a condo in Honolulu is correct. I almost made the mistake of getting one, but just because some of the things you have mentioned, I shied away. It seems that there are really tough choices, living out of town will be a commute and I see how long and slow the traffic is coming into Honolulu. Wishing you the best
I wonder if it is possible to sell bare bones apartments. Structure, electrical, and plumbing is all standard and safe but the new owner needs to put in drywall, floor, sink, cabinets and closets. the plus side is if it costs $100,000, blue collars can afford a roof over their head with a low mortgage. Then they can deal with building up their place as they can afford it rather than buy a place for 1 million and struggle for 20 years to pay off a truck load of just the interest. This will also open a huge labor market for handy people.
Come windward, we’d love to have you. A suggestion, consider renting out your condo and then renting out your next home. Saves you all those closing costs, and you still own, even if you aren’t living in what you own.
That sounds like a great idea. However, several things come to mind. 1) will the rent collected from his current condo cover (or exceed the expenses)? 2) does his current condo allow renting? Finally, it would be pretty awesome if the answer to the first 2 questions are yes ESPECIALLY if the cost of his new rental is the similar. In other words, the income from his current condo pays for the rental of his new house or larger apartment with little “out of pocket” for new rental.
@@estherstephens1858 ez first, condos can’t or just don’t restrict legal long term rentals. Even if on a cash flow basis he loses money every month, there are still many benefits; he owns real estate which is a good investment, everything with rental is tax deductible and depreciation is a huge deduction and the principal part of the payment is profit going into the equity of the property. I lost money for years on my rental investments, but eventually rents rise to where you are making a profit and you have a nice chunk of change in equity!
When we were looking to buy back in 2015....we looked at single family homes and condos/townhomes in Ewa.... And I can truly say, we got way more bang for our buck going with the condo then the single family that was in our price range. On the single fam, the living room downstairs was tiny, the kitchen was tiny, and the yard was tiny. On the condo, yeah there's attached neighbors on either side, but the living space downstairs and kitchen was waaaaay bigger, and the upstairs was comparable, the yard was pretty the same. But it felt better because it was so much bigger downstairs.
Love to see you vlogging around town… we must be neighbors haha ☺️ Also great video and timing as my wife and I are just looking to buy our first home (a condo)!
The only people who say there is a charm to loud mopeds are people who are trying to sell their condo and are trying to convince other people or have no choice but to stay in their condo and are trying to convince themselves.
Owning any vacation property is best justified if you spend in it a minimum of eight weeks (need not be consecutive) per YEAR. However, be careful as to monitor HOA fees, CC&R updates by a potentially despotic HOA board, insurance cost increases (they can be a nightmare in Florida), property taxes (fortunately property taxes are lower in Hawaii), etc. Renting out said vacation properties are good for offsetting costs, just be careful that you have permission from the HOA board to rent if required, screen potential renters so as not to have your property defiled by tenants, and protect it under a trust so as to skirt liability in the event of any potential injuries even if they weren’t sustained in the unit but the tenant claims that they were.
The truth is all homes even the ones abandoned will cost more that 500,000k. I just closed on my home on the west side 4 bedroom 3 full bath for 750,000k. That home was first sold in 1994 for 150k. That’s the reality. But if you own any property on Oahu you’re very fortunate and will aquier equity.
I just looked at some East side condos....the HOA were high but it was the ASSESSMENTS that turned me off bigtime. Never. As for "a clear pipeline" for mobility....yeah. There is one on North Shore!!
Purchased at Park Lane Ala Moana. Love my unit and the location. Depending on the building and its board only speak for myself. Lived in high-rises most of my adult life and never had issues with HOA, dealt with a few Karen’s but that’s about it.
There are 2 condos be built around the 2 rail stations in Waipahu, but they are also taking out two of the larger supermarkets that serve Waipahu. Not really a good trade for the neighborhood. Greater density and fewer grocery stores. They are targeting blue and white collar workers. They will still need cars because plumbers and carpenters need equipment and trucks and they won't be on the rail. Nurses and Pearl Harbor workers need to work as early as 5 or 6 a.m. There is no rail to Pearl Harbor and busses from rural areas don't start early enough especially if you have to wait for transfers. If you work 12 hours or after 11:30 p.m. you would have to wait 2-3 hours for the next available bus. As it is there is never enough on site parking for high density units be it condos or townhouses for their residents an guests. You have to assume that more than one person has to pay the rent and they probably each have a car because the majority of people don't work in the same place or at the same time. So, they spill into the surrounding streets and neighborhoods. They usually are not built near schools or parks so there isn't easy recreation space within walking distance. Once the rail station on Middle street opens It should help, since there is good bus service in town. There is also no park and rides near the rail stations, and in the rural areas, they need more shuttle busses to bring people to the rail especially earlier in the morning, bus service is not as good as in town. It can be a long walk to a bus stop if you don't live on a main road and busses do not go into neighborhood clusters. Connections can be 20-30 minutes apart. Making the bus commute 2-3 times longer than a car. By car people in traffic can take 1-3 hours per day just on the commute with a car. It would be nice to have neighborhood shuttles that service every street. It would be better and more cost effective if people can reserve a pickup time 24 hours in advance or even for a week at a time. That would make the shuttle stops waste less fuel just driving around and pick up passengers at specific sites more efficiently.
- Hawaii is quickly coming up on 50 years since they passed the City Ordinance that requires condos being built from then on to be equipped with fire sprinkler systems. - Also in looking at age, when the Surfside condos in Florida collapsed, they were 40 years old. Yes, there probably were design factors, but the no chances were taken going forward as they tore down the damaged existing r=tower, and the twin tower also. - And unless a condo has a back-up power system, that can sustain the tower for even a short period, residents are going to get stuck in elevators and be without water for the duration of the blackout. - Perhaps residents should invest in 'solar' power generators, in the event of blackouts. That way they can power certain essential items, without the unsafe fumes of carbon dioxide that are produced by gas generators. - City planning: In Singapore, they are building a twin tower modular condo in their city. Another condo is complete with a floor that's a medical center, and shopping on another floor; that way residents don't 'need' to venture out for some of their daily needs. - 'botched' Oahu city planning: I don't like to bash rail, mainly because it's 'low-hanging-fruit'. But they were building a lot of these condos in Kakaako, with the thought that rail would pass by on Ala Moana Blvd., BUT now rail is being stopped at Chinatown/downtown Honolulu (at least for the foreseeable future), stopping short of the intended target riders/customers.
Speaking to your last comment, I wonder how this works now that Rail is projected to stop short of Ala Moana. I'm assuming that there were tax credits for being within a certain distance from a rail station, but if the rail doesn't make it there and the condo is already built, do the developers owe anything to the City/State?
@@HelloFromHawaii My feeling is the City & County of Honolulu is the one who breached the agreement, since they are the ones who mishandled finances and is having to come up short of Ala Moana. Even though those condos will be eventually filled with tenants, the allure of stating that the rail will be within a short walking distance from the condo was to be a selling point, now it's not. So that might have an impact on some buyers, as there are people that are going away from owning a car. As they are looking to move about primarily with city transit. If the City wants to proceed in good faith, they shouldn't confront the developers. If they do so, that would send a ,message that they probably don't intend to proceed to Ala Moana, and have given up that potential for Skyline...which would be a tremendously bad PR move.
I bought my condo in Makiki , in 2011. But it was a lease hold property. So in 2016, as an owner, I was given the opportunity to buy the fee. So I worked really hard on my credit score, worked to pay my bills down, and I was able to get a mortgage in 2017 to buy the fee. Now I own my condo and the lease hold turned to condo status last year. My poor condo needs a full renovation and I never had the money for that. I’ll either sell it soon or try get the money to renovate.
Yeah, it sounds like you fell into both parts of that condo trap. You bought into affordable and are less than 10 years in and HOA fees have gone so high it makes it hard for you to save. I have family that bought into an old condo in Salt Lake 10 years ago and HOA fees have skyrocketed.
Unfortunately, housing prices for single family homes are unreachable for many people even on the mainland especially in the larger cities. I agree that west-side condos should be going up now. I'm sure developers have already thought about it, but I don't know what restrictions are preventing them from starting or red tape needed to get started. I know there is some development going on on the west side between Kapolei and Waipahu. Don't know what those are going to be.
Good points, not much options in Hawaii for home buyers. We moved to mainland to give ourselves more options. We miss home but it's tough all da way around! 🙌
Coming from Texas to Honolulu we knew we’d have to sacrifice having a roomy home. We paid $275k for a ~1600 sqft home (bought in 2018). Last year we bought our condo for ~700 sqft for $580k 😅 We felt insane for doing that but we LOVE the walkability, which is one reason why we moved here. We are thinking about having kids in a year or so and I wonder how we will navigate that in a one bedroom condo. I have friends in the same situation but they have a kid now and they manage well. They love it since they’re a quick 5 min walk to the beach & surf everyday. It’s all about your lifestyle, I guess. We shall see 😅
Always try your best to buy a single family home in Honolulu because the land is what appreciates. It might be a bit of a hassle to fix the house up over the years as you save money but you'll always have the land. There is no limit to how many condos can be built over the decades. But there will not be any more single family homes.
@@HelloFromHawaii Agreed if the buyer is a first time homeowner and looking for a small starter condo in the $300-$500k range. But I'm talking about the people dropping $1-1.5M on 900 SF two bedroom condos and the like. If the goal is to build long term wealth and pass it onto your family or charity there is no value in the long condo game. People buy condos because they're new and pretty and have all these great amenities. Enamored by the slick sales tactics and views that just get blocked with new developments later. For the same money people could buy a small lot in Kaimuki. Maybe $1M with a major fixer upper. Drop another $250k and fix it up. Turnkey beautiful home for $1.25M. This is what many condos cost now. Stick to land. Unless you're a non-resident snowbird that just wants to stay in the home for a few months a year, condos are always a terrible investment.
@@sleepy670Houses and Condos should never be considered a investment as no matter what both costs money to maintain Eg. Upkeep, maintenance taxes, insurance and unforeseen expenses therefore unlike assets make money for you I live and bought my older 37 floor 1 bedroom condo back in the mid 80’s and is completely paid off many years ago but have to put up with the increasing cost of HOA fees I have investment assets that make money for me that pays my HOA every month and with social security and my investment I can live a very comfortable life in my later years so yes you are right HOA fees is crazy and a ripoff but it’s a necessary bad part of living in a condominium,as that’s why no one should consider a house or condo as a investment and by the way the condo I have lived in for the past 38 years is right nearby Alamoana so none of that 2 hour daily commute for me
Well, Lahaina is no different. With the AUGUST fires, there is just no that many housing out there for families. I went from paying (well my family house) a mortgage on my family home of 50+ years $1700.. To a 1 bedroom apartment for $2600... But Thank You for your perspective... Love your channel...
@@HelloFromHawaii yes it is... it's the going rate here... affordable housing opening up soon with $1700 for 3 bedroom that i hope i qualify for.. The cap AMI is $68,000 and we just scooted under that... I hope we qualify!
My ex wife and I bought a condo at the waipuna condominiums on Ena Road in the 70s. It was located on the outskirts of Waikiki and the Kaiser hospital was nearby so it was a good location. It had security and it was nice but the one problem was parking if you only had one assigned parking space but had two cars. Parking on the street sometimes was hard to find.
HOA fees could be much lower with some government intervention. Currently, the main pressure on HOA fees is insurance, and insurance is so high because there are only two companies willing to insure 'older' condominium buildings. More competition would change that, and the government has been for years discussing the possibility of encouraging competition, but doesn't do anything. Also, what is 'old'? In New York or Boston, buildings 100 years old are well-maintained and can be valuable given their historical nature. When it comes to replacing plumbing or an elevator in a 50-year old Honolulu building, there is little competition, little use of new technology, and the process is a year-long multi-million dollar wrecking crew that makes the place unlivable. We need companies that use new and competitive processes found in San Francisco or New York. But in our closed market - just as in the case of insurance - a few companies sit on a very profitable and over-priced market in which the condo-owners are captive. The government talks a good game at town hall meetings, then goes back to protecting their big campaign contributors.
@@HelloFromHawaii Thanks for the reply and for the great work you do on your channel generally. Yes, Civil Beat has run a couple of articles. Older condos are toward the bottom end of the housing market, so do not affect the people who have the most influential voices in the legislature or the governor's office. Not only do insurance companies and contractors profit from the captive market for services to 'old' buildings, but the notion of 'built in obsolescence' for a condo building is a good one for the construction industry.
Unfortunately when my Mom passes away we will have to sell her 7 bdrm 4-1/2 ba 2 story house in Moanalua. Don't want too, but siblings involved and 3 of us live on the mainland and only one will be left in Hawaii. Buying out siblings is impossible.
I want to comment on the choice of caption on the thumbnail image for the video - "THE HAWAII CONDO TRAP." I noticed you didn't touch on how houses (as you said in the video, "a big boy house or a big girl house") in town are mostly *not* located in places that would be walkable to places that people tend to work in town in the same way that many condo buildings are, which you said was an important factor in deciding to buy a condo. You said your condo is in downtown. Yes there are a few houses in town, in places relatively nearby such as in Moiliili and Kapahulu, but lower-priced homes (still highly priced) in town are, for the most part, quite a bit older, and may require significant work (note your comment about condo buildings needing to collect additional money from owners to pay for improvements to the building, such as to elevators that no longer run well; single-family homes require paying for upkeep too, just for different things). Going back to the concept of a "condo trap": it's not some exogenous system of condo buildings in Honolulu trapping people. The trap here is your mindset and indecision on what is more important to you--living in a walkable place (near work, activities, city amenities) to avoid commuting vs wanting more personal space in a newer build structure that isn't going to have immediate costly maintenance, which necessitates you to spend time and money commuting to your job. One question worth asking: if money were no object and you could buy a house in town, where would you buy it *and* would you still walk to work, or would you drive (even if it's a shorter commute than a place on the windward side or the west side)?
We live in a small condo building and our HOA fees are about $900 a month. We have no yard to hangout and no pool. The HOA fees keep climbing every year. It’s terrible how those fees will broke you. 😢
Even buying a house in ewa, the maintenance fee is almost $600. HOA is at $150 quarterly, and the roads in the community are all pot holes and covered with steel plates.
Hawaii is completely out of anything "affordable" with single family homes now costing 1 million plus dollars and condo prices rising, the situation for buyers is pretty grim. Buying a condo is slightly more affordable, but then there is the maintenance fees ( that always go up!). I was lucky I bought my condo in 2005, so for me, I'm better off than anyone looking to buy right now because my mortgage and maintenance fees are still way below market rent. Those newer condos down in the Kakaako area you were in are insanely priced, small as hell and have tiny and undersized parking that in alot of cases isn't even assigned! Yes, there are no property "stepping stones" here in Hawaii anymore, that is why so many are leaving and moving to states where they actually can afford to buy a place without putting every penny into just the mortgage. I guess Hawaii is all out of Aloha now.
I'm sorry, your channel should be Hello from Honolulu since that's where your tops are all based on. Not all people that live on the west are rough; you should rent your condo out and rent a single family house in the west to try it out; your boys will have neighborhood kids to play with out in a nice yard.
Mahalo for the comment. I'd hope that not all of my topics are Honolulu-based. I grew up on the Windward side so I have that perspective as well. And of course not all people that live out west are rough. 😄
I think it is the same situation in a lot of other populous cities on the US Pacific Coast. There is no pipeline of new housing for homeowners to upgrade to. Essentially, no one can afford to move. And no one can afford to buy.
About how much you paid for your condo? I know this question is personal, Chris, but I am curious by nature and want to learn, too. Hope that you do not mind and can at least give me an approximation!
6:38... exactly! I was wondering from afar too why there didn't really seem to be thoughtfully planned neighborhoods being started around the rail stations. There'd be more housing, more people being able to move away from car dependence for everyday commutes, and the rail would be more useful and convenient. Makes too much sense, probably.
I love Oahu, but I love the Big Island More... both Hilo and Kona while sort of opposite climates are great! My favorite area is the Parker Ranch area though... Can your work skills transfer?
The price will NEVER go down in Hawaii, so... If you are "in the market", the price of your property will climb as the price climbs. Next step is to find a townhouse to step up to. Paying rent will never get you ahead. (However, since three and a half years ago, it is nearly impossible)
Condos can be a good starter investment but of course a SFR is always better. BUT now the problem is the skyrocketing insurance costs. Nationwide this is a problem but Hawaii and Florida are being especially hard hit. Monthly fees have gone up 2-4x in some buildings especially the older ones. There's only 3 insurance companies that cover Oahu and they know they have the monopoly; either you pay or your building is exposed without coverage. Buildings without insurance cannot get funding for loans. The market is starting to become a buyers market, at least for those buyers that are willing to take over the same issues that the sellers are moving out from. Dilemma Yes costs of living are expensive. Everybody complains about that. But they don't complain about the beautiful beaches, the weather, and our aloha spirit. Cost of living goes with quality of life. We have the best quality of life in the country, maybe even the world. So yes, paradise is expensive.
i'm not sure what it is that u wish u knew... that u'd outgrow your "affordable" one bedroom? that you'd have to sacrifice space for location? that the prices would continue to go up? that you got a deal so you have to live in it for decent amount of time to deter "investors" from scheming to get these units and selling them three or four years later adding to the high housing prices? i know you said you were grateful you were even able to but, but all the issues you mentioned see pretty forseeable... so i'm at a loss in reconciling the title of this video.
Thank for this informative video - I’m still trying to get on the buying a condo level 😭😭 but I think we get spoiled living HI - the “commute” is maybe an hour at most during rush hour… so it’s really not bad compared to mainland - my dad lives in WA and his commute into Seattle area was like 3-4 hours ONE WAY - so imo it’s worth it to put up with the “commute” for cheaper housing - but again I’m not a homeowner so wtf do I know 😅
@ Chris thanks for this perspective. I knew didn’t want to buy in high-rise condo in Kaka’ako. Don’t care for city living like. So I bought a condo/townhouse in Kapolei. The maintenance fees are killer.
Yeah, I dont want to pay HOA fees for a condo/apt here on the Big Island, but luckily some here have an amount of $200-$0 at some places and a few places dont have an HOA, so I will have to see what is available when the time and savings are right..
Gives me anxiety listening to what I would still be going through had I not made the tough decision to move to the mainland. I miss my family, but it was the best decision I ever made.
i think they are really really overdoing it in kakaako with regards to number of units. also the hoa fees are impacted by insurance premiums skyrocketing due to construction defects.
HOAs can really suck. I now live in FL and looking around and it's really difficult to find something not within a controlled environment where besides your purchase price you will have additional monthly feed.
Sell it bring your family in the Philippines,at BGC, Makati or Cebu. A condominium in those places has it all , place for your children to play and go to school, especially in Cebu area . Check it out
It might seem like a trap at first, but the game is staking your place and staying ahead of inflation. When you buy your condo or house, inflation is your friend and you will likely sell your first place for a lot more than what you bought it. Inflation will do nothing but go up. So will your equity. I bought my first house for less than 100K. That was a huge amount of money for my young self. Today, that house is worth multiples of that.
There is a transport system in China under development that is a bus/rail hybrid, a large flexibus that will ride on rails, and can easily transfer to steet use.
Thing about China is they can cut out all the red tape, environmental restrictions, legal challenges, NIMBYism, etc and get things done way easier in their system.
used to have a condo in sf.. sold it and moved to hi... found a great rental... for me, "buying property" is overrated... unless you have the cash to buy property outright, you'll be paying interest for years in the beginning... and then the total you'll be paying for it is way more than the price you bought it for... not to mention, if you get a property with hoa fees, it's sometimes as high as paying rent elsewhere... less stress than "owning" for me... lol sidenote: check out ramit sethi's "i will teach you to be rich" book...
Same in California. Things are crazy expensive since minimum covid & wage triple in a very short time. Now houses rent for 4k & up a month. We have more working class homeless families that just can’t pay what the property owners want for the same houses built in 50’s that rented for $1200.00 Five years ago. Most people cannot afford to buy a house. Like you if we were to sell we would have to sell high to buy something else. Even the government is in your pocket if you sell your residence on the first $250 k to $500,000 in capital gains tax. It’s crazy you have to make 300k a year to even look at buying a house.
The new Honolulu condo area is primarily for two types: 1) Young professionals with no kids who can afford it and want the convenience and lifestyle of the area, and 2) retired folks who can afford it and want the convenience and lifestyle as well. Growing young families will need more space to grow and a quieter area for the kids that cannot be found in a Ward Village or Kakaako. I plan to retire in a place like Ward Village because I no longer want to do yard work, worry about fixing this and that around the house, want to drive less for simple conveniences like food & entertainment, desire to be around similar people with similar lifestyles, etc. And as I get older, money becomes less valuable while time becomes more precious…so the rising HOA fees will simply be the cost of having a life that maximizes my time. My vision of a typical day is to work out at the condo gym in the morning, get some bfast at home or a nearby restaurant, go play at the beach or pickleball or whatever nearby, grab lunch, spend the afternoon doing relaxing things nearby, grab dinner in the area, watch a movie or other entertainment, then go back to relax and sleep at home. Driving will become rare and chores to fix the house a forgotten nightmare…
Too bad condo buildings can't have commercial space on the first three floors, if they could, the rent from those businesses could offset the HOA, and what fun it would be to have an inhouse restaurant!
It seems like each passing year, buying single family house becomes more unreachable in Hawaii. We have it harder than our parents and our parents had it harder than their parents. Have you thought about the fact that your 2 boys may have a harder time buying a house in Hawaii than you and that they might move to the mainland? Have you thought that if you move to the mainland now, it will be easier for your 2 boys to buy a house in the future because you are positioning them to early enough? These are thoughts that I have for myself as well.
I know it will be hard for my boys to buy a place in Hawaii unless they inherit it or somehow get an executive level job. Moving away now hasn't really been an option. If they do move away as adults, I'd be sad, but totally supportive because I get it.
Everyday, I receive an email from a local realtor, my request is for a 2 bed & 2 bath house or condo in Honolulu or the windward side and almost everyday I'm shaking my head in disbelief! Today, it seems as if only the rich can live in Honolulu or the windward side of the island. Much Mahalo for this upload!!!
Your ideals are great to hear in thus day and age. However, you need to prioritize what your family needs are now and in the future. When you decide to sell your condo, it may not be to the most deserving people. You can't control who buys it.
The housing market everywhere is wonky for locals. Especially when you have people moving from a higher cost of living to a lower cost of living market. For example: people from Los Angeles and San Francisco moving to San Diego, CA. It drives up cost and decreases the afordable inventory.
we bought a 3bd 2ba thinking that would work even as we have kids but then we started working from home and my folks aka grandparents started visiting more... if it werent for the market rates we'd move asap
The biggest problem wasn’t spoken about in this video. Outsider buying up property in Hawaii. Out bidding natives and locals, increasing the markets values and leaving more and more native Hawaiians and locals without options to buy. That’s the real problem. Homes that were purchased for $25k 40-50 years ago now cost $1 million for a house that’s been run down. So now you have to renovate and then the price of your home goes from $1M to $1.3M real quick.
SAME problem here in hillsboro, oregon (suburb of portland) u're NOT gonna' find a single family house now for under $500k, rents for a 1 bedroom is around $1500/month now. almost as expensive as hawaii. the only solution now is to probably move out of the country. wife already has a condoe in guang-zhou, china - she got it a long time ago. (real estate in china has gone up expnentially also)
I remember Hillsboro when I was in Tigard. My rent wasn't too bad back then. Sorry to hear that it's getting more expensive in places that far out from Portland.
High rise condos are a trap in every city in America as it relates to increasing HOA fees. High rise buildings are expensive to maintain.
I've lived on Oahu all my life minus my 4 years on the mainland for college. Returned to buy a small condo that needed fixing every week. But then I ended up renting it at a negative hoping i could live there later. This was in the early 90s. Things changed, and I ended up with renting a condo in Waikiki and loved the setting and proximity to everything. But then we had kids and too many stories of babies falling out of buildings. We bought a fixer upper in Manoa which seemed like a dream, but single wall construction was always in disrepair. But the key to this is that my wife and I did better, we earned more, our investments did better and now we live in a dream home. The lesson is similar to that of minimum wage. Yes, you want a living wage, but if you get too settled, then everything passes you by and things get expensive around you. Without motivation to do better, you are stuck. I know this may sound elitist, but it is human nature to want more and it can happen. I'm sure RUclips income helps as your side gig. BTW, all our housing purchases ended up with seeing an opportunity to rent a bifurcated unit. Rent helps big time. Lastly, if you are in a condo, join the board. I have worked with condos for over 20 years and I find too many board members are retirees that kick the can on maintenance. Increase maintenance fees gradually to avoid special assessments and use the 20 year replacement schedule as a map for savings.
Yeah you're right, that does sound elitist. Early 90s? Dude, your way of life is what killed the future
this "condo trap" doesn't only apply to Condos, it applies to Townhome, and houses as well, the market overall is just too expensive
Our house tripled in value. But we like to downsize but it cost us more. Because we are past 75 and we need a place to with maintenance to be taken care of. So we stay and get weekly grass cutting and in winter snow removal . We come out cheaper.
Keep our Drs and our neighbour hood.
Exactly. Single family houses decline too if you don't put money into them. What people seem to love to do in some places is to do little maintenance and then dump it on the market when you want to move on and let the next person who could barely afford the fixer upper to do the repairs.
@@EvelinHolmesso not Hawaii?
My wife and I bought our first townhome back in 2013. We both thought it would be our "one-and-done" home purchase that we would grow old and die in, and that single-family home ownership would never be within reach. But in the 8 or so years that we owned our place, the value of our townhouse appreciated +$250K over what we originally paid for it, and it just made sense to sell. We ended up moving out west where homes are more affordable, but we finally ended up with a great single-family home.
I'm in the same situation. Bought a 2 bed townhouse in Pearl City. It more than doubled. Now upgrading to a new 2 bedroom condo being built in town.
You moved 'Out west where the homes are more affordable' ? Please share where out west this is 🤣🤣🤣🤣🤣
@@eddenoy321😂. That’s what I was saying 1 million for a home on the west side is not cheap. Everywhere on Oahu is expensive😅. Go to Zillow and you won’t be disappointed or you will😂😂
After 2010 the prices on the west side started to increase. Before 2010 the prices were truly affordable in certain areas as I bought my 2 bedroom 1 bath home for $167.000. Yup you heard that right this is when houses were truly affordable. My house today is worth around $650K.
@@eddenoy321 West west, but not like Ma'ili west 🤪
Biggest problem is the HOA fees.
I live in Florida and after the Surfside condo collapse in Miami, our legislature passed a law where condo reserve funds must be fully funded. Some owners of older condos are now facing assessments of 5 and 6 figures to comply.
Yup make sure you dont buy a home with HOA fees as their is no limit to how much they can raise the price and or all their BS rules with violation fees
My HOA in maili Kai 70 dollars a month. I was looking in ewa but all the HOA 2,000. Was out of my budget.
In Kona our HOA fees have almost doubled in these last 3 years. Plus due to the management company mismanaged funds, we now gotta pay over $20k in "assessment fees" this year. Totally frustrating.
@@little5bee 3 stories and above only have to be fully funded.
It’s is extremely hard to live here in Hawaii. My husband and I raised our two boys in our parent’s house living out of just one bedroom. Eventually saved up and upgraded to a 3 bedroom where we all still lived out of one bedroom hahaha. Looking back my husband and I just laugh cause what seemed so shameful at the time is what kept us grounded and always grateful for the things that mean the most to us which are family, good health and our time. Now that are boys are grown and out of the house there’s not a day they don’t come over or call. Now they’re waiting for use to move into their homes just to do it all over again and there’s no shame in that! What a blessing!
Keep it simple.
After I bought our two bedroom condo was thinking of moving to mililani as kids getting bigger. However commute was not good. We just kept condo. Kids manage. Space was an issue but also paid private school tuition. Somehow we survived
Seems tight, but glad things worked out.
We raised 4 kids in a 2 bedroom apartment in NYC. How did we do it? We just did . We couldn’t see ourselves in the suburbs and 3 bedrooms in the city were way out of our price range. They had the bigger bedroom and eventually there were 2 bunk beds in there. The 2 bathrooms helped a lot. You cope and you figure it out. Necessity is the mother of invention as the saying goes!
My friend's HOA went from 250 per month to 500 per month, and she lives in an old condo building. Other places are even much worse. Most new communities being built now, especially on the west side, all have HOAs and maintenance fees. Buy land and building on your own is best, but costly here in Hawaii. This is another reason why I chose to move to the mainland, to look for land and build my own home with no HOA or maintenance dues.
It's tough. There are some nice places out west, but that seems to be the only place being built out.
Ooo and as Mx fees go up and if there are major building failures that pop up to say the parking area then those special assessments will be a nightmare! Watch out for those old appartment building pop up special assessments fees.
So, a perspective from someone who lived on Oahu in the 70's and now lives in Colorado. Our daughter bought this 1980's modular home set on a concrete foundation on foreclosure a about 15 years ago for $224,000. It is now assessed at $850,000!!! Yes, we have a nice location in the foothills near a lake, but that is crazy - consider the property taxes that doubled this year. Makes no sense. We could sell it, but couldn't buy a comparable property that could house a multi-generational family including retired folks on a fixed income, so yes, we have equity, but what does that really mean? Housing in this country, and many others, is just nonsensical. We don't have a lot of income, but are managing to hang on due to the original price and a refinanced mortgage when the rates were low a few years ago. I don't know how young families without a really healthy income actually get into the market now without sacrificing everything else. We raised our kids in rural NY in a 150 yr. old house with no insulation, one bathroom, ancient heating, no AC, a kitchen with ice-cold floors in the winter. But we managed. In Hawaii, just before kids, we lived in single-walled plantation styled homes with no AC, small rooms and yards, in Waipahu and Wahiawa, my husband working at Pearl and me at the hospital in Wahiawa. But I still miss that so much (Hawaii). Unfortunately, I fear those houses are now ridiculously priced and unaffordable for young families. Sorry, this is so rambling. You really have to do your research these days and consider the value of the home, the community, the schools, the commute and the ohana that you can build where you live. Good luck with your decisions. It is not easy.
Mahalo for sharing. I'm not sure how much your former homes in Waipahu and Wahiawa would be now, but I'm sure very expensive.
My parents purchased their house in San Francisco during the 70’s for $50,000. This year the neighbor across the street sold their home for $2.2 million. That is an insane amount of appreciation.
Owning a home to live in should never be seen as an investment strategy to build wealth but as a means to have the most autonomy one can have within their domestic life. I spoke to my former boss about this and each type of property offers varying levels of autonomy. Anything with an association that charges a fee and imposes certain rules have lower levels of autonomy while owning a house in an association free neighborhood offers you the most autonomy. When rates and prices were low and I could afford my own condo unit I was window shopping around and noticed that newer condos were expensive but had lower HOA fees than older buildings that were cheaper. Sometimes the monthly payments would add up to the same amount between a nice new condo and an old run down one all because of the HOA fee. I spoke to several condo owners and that is one thing they have little to no control over when HOA fees go up.
I'd say that owners do have some say in the fees going up, but that's usually by being involved in the HOA board. Tough to find time for that, though.
As old time resident of Hawaii for almost 45 yrs I am reminded how lucky that I live in paradise surrounded by beautiful mountains and loving friends here in Kaneohe . I believe that in 10 yrs the north shore and windward will be so much more populated . Buying a house or oceanfront property in the north shore would be a great investment at this time . I bought my present 5 B/ 4b house as a single newly divorced mom. Good public school and reasonable commute were my main concerns. I sympathize with newcomers who are now looking for affordable housing etc. I appreciate your podcast and wish you the best in your Hawaiian journey . I have survived and thrived on paradise lifestyle By renting out the extra rooms and utilizing my entrepreneur dreams to the max Thanking my good luck and blessings everyday !! Be creative. With the new AI technology the world will see magical and miraculous development to a new level . At this time I am tempted to try living half time in Bali for only 600 a month😢😢😢
Also, if you get an older place, factor in that there will be repairs needed on the regular, and some of those repairs can be very costly. As with a lot of things, you'll either pay on the front end or the back end, but you'll end up paying one way or another.
Yes, and some of the repairs are unexpected. I remember when they had the Marco Polo fire, people were looking at the sprinkler requirements closer and it's expensive to retrofit older buildings.
I hate to tell you this, but the same topic has been discussed over and over again since the 1970s when Honolulu started building high-rises. It's nothing new and that's how we got Mililani, Hawaii kai and Ewa town houses. Somehow you'll survive and figure out your own path. And once the children are out of the house, then you go back to condo life again.
Mahalo for sharing the perspective. I assume that many of the issues we're talking about have been talked about before and will be talked about again. 🤙
Facts.
At least you made the first move with your condo buy. Gotta start somewhere. After getting married in 1978 and paying $135.00/month rent for a two bedroom walkup in Moiliili, we bought a 1 Bedroom condo near Punahou and paying $900.00/month mortgage. Eventually upgraded to our present home in Village Park where we have lived for the past 40 years.
Mahalo for sharing. How were those prices relative to back then? $900 a month sounds pretty good for a one-bedroom.
@@HelloFromHawaii Purchase price for the condo back in the early 80s was $75,000.00. Can’t remember what the interest rate was at the time.
@@wendelld808ours was 21% in 1983. I’m paying 2.50% now.
Good old days when you can actually get a Mortgage with one job in Hawaii
@wendelld808 I remember those days. I was in the Navy stationed at Pear Harbor. My boss bought a really nice home in Waipio for $115,000. Seemed kind of expensive at the time but looking back now, Wow! Then the housing/real estate market exploded. The Japanese who ruled the world back then came to Hawaii and started buying everything up. Prices skyrocketed. For military members like my boss they made out like a bandit. When they left Hawaii to go back to the mainland, they sold their homes/condos and made a huge profit. Unfortunately for the locals, it was the start of massive home prices and the end of affordable housing in Hawaii. I can't even imagine what homes cost there now.
Thanks for making this video. I moved here 2 years ago and have been renting a Kaka’ako condo ever since. Coming here I was brimming with happiness and optimism on starting a life here. It didn’t take long for me to realize that all of my future goals (starting a family, homeownership or condo ownership) suddenly became so much more difficult to achieve by moving here. High cost of living, high housing prices and costs, private school tuition, distance from any family…and those are just a few hurdles to face. Needless to say I’m now anxious to get back to the mainland where things that mattered are more realistically attainable. 😂
What a lot of young people are not told by their friends or family is that you shouldn’t rush into buying a house or condo. It’s a huge decision and you need to look at all aspects. People are fixated on having their own place but don’t think about the long term effects.
When we were ready we saved and got to the point where we could at least think about buying a house but I didn’t want something that only for my needs now but long term. Room for family, entertaining friends or even possibly an out of town guest. It was rough at first going from no mortgage to holy crap huge mortgage but eventually we adjusted. As we’ve become more established things are better.
The point is take your time and do your research. Think long term and don’t be short sighted.
Great advice 🤙
With starting a family in mind, my main priority was to find a house where there were good schools. I did have 2 hrs of daily commute.
Yep, once you have children you live where it's best for them. If that means mom and dad have a 2 hour commute daily you make the sacrifice. Unless you have tons of money and can live in town, send your kids to private school.
That 2-hour commute sounds tough, but awesome you did it for the family.
@@HelloFromHawaii You don't even think about it when it was part of your daily routine, you just do it.
Condo maintenance fees vary with the age of the building and the amenities it has. All elevators need to be eventually replaced which is one of the bigger costs. Great amenities also mean higher fees to maintain all of it. Moved from a house on the west side to a Kakaako condo because the commute was just insane and a quality of life killer.
Maintenance of bldg cost money. We just did our elevators, pipes are coming up, and fire sprinklers. Janitorial wages go up, landscaping,too. Maybe move to Vegas, cheaper houses, bigger lots.
I'm sure the quality of life change is great. Can't imagine that commute, especially during UH classes.
@@HelloFromHawaii Ah, you know about the UH traffic too. The rail NOT going to UH really helped to make the decision to move. Living on the west side is great IF you don’t have to commute but I think the kids suffer the most if they go to private schools in town.
Thanks Chris I’m planning on buying there next year so this was great info
I’ve lived in Honolulu my entire adult life..in my 60s now…never bought property here, always rented. The condo trap is real and prices are insane. And as far as Hawaii actually having enough forethought to PLAN housing around rail..which is at least 30 years late already, good luck with that, lol
Renting is tough, though. Hard to save up to buy a place.
Don't buy a single family home. Buy a duplex or even better 3 to 4 units. You live in one and the rent from the other units will cover 80%+ of your mortgage. A single family unit does not put money in your pocket every month.
That's exactly why the rent is so damn high
@@shwnshts9469 ? It's supply and demand. Build more homes than people looking and prices will drop.
@@darrylk808 did that work with condos? The new skyrise next to the existing one somehow doesn't nudge that market very far. They aren't building new homes that are not in HOA development. That's a fact. The next bad idea is the ADU and PACE loans.
Thanks for the video. This is a real situation everywhere.
It's especially tough in Hawaii.
We are in the process of moving home after being away for a long time. As soon as we sell we’re moving back. Been keeping a close eye on the market in HNL/activity. Ty for making this video, good to hear it from a local.
Glad the video helped. The market seems tight. Low stock and prices are still climbing. We'll see how interest rates do after the election.
I go to Hawaii to visit family each year. I am in San Francisco and plan to retire and settle in Hawaii Kai in the next 6 years.
In San Francisco it takes me an hour to drive 14 miles from home to the office downtown. Then you have to pay $22 to park each day. That is a 2 hour round trip daily commute.
BART, bro!
But carry a piece.
Personally, I would never buy where there is a HOA fee but understand that for so many, it is a viable option. HOA's are out of control and need to be more regulated by the state and counties, but given how far behind the times and the technology our laws are, it will take decades to address though. Where does one go when they is no where for one to go, even if they have a decent paying income?
I think that's why I'd hope there would be a pathway component to affordable housing programs. It's great to build units for first-time buyers, but it makes it hard for previous first-time buyers looking to upgrade.
@@HelloFromHawaii So you want another govt social program created to fix your predicament.
I rented out my downtown condo for $2900 and now I live in a three bedroom house on Windward oahu for less.
As someone that used to live in Hawaii and now living in CA, I always enjoy watching your videos. You should start a podcast 🤙🏽
I know I’ve said this previously, but there’s really no incentive to make Hawaii real estate more affordable. It’s like shopping for a Tacoma. You can’t negotiate because someone else will come along and buy it at full retail.
We live on islands with limited space to build.
lol. So many things in Hawaii can be compared to a Tacoma 😆 That should be a video topic
@@HelloFromHawaiiyou can do Tacoma Analogy Tuesdays.
Tacoma is the new short bus
Good to see you, I tuned into your channel after a long hiatus. Every thing you said about owning a condo in Honolulu is correct. I almost made the mistake of getting one, but just because some of the things you have mentioned, I shied away. It seems that there are really tough choices, living out of town will be a commute and I see how long and slow the traffic is coming into Honolulu.
Wishing you the best
I wonder if it is possible to sell bare bones apartments. Structure, electrical, and plumbing is all standard and safe but the new owner needs to put in drywall, floor, sink, cabinets and closets. the plus side is if it costs $100,000, blue collars can afford a roof over their head with a low mortgage. Then they can deal with building up their place as they can afford it rather than buy a place for 1 million and struggle for 20 years to pay off a truck load of just the interest. This will also open a huge labor market for handy people.
That's an interesting idea. Maybe it could work for office buildings in downtown that can be converted to mixed-use.
Come windward, we’d love to have you. A suggestion, consider renting out your condo and then renting out your next home. Saves you all those closing costs, and you still own, even if you aren’t living in what you own.
That sounds like a great idea. However, several things come to mind. 1) will the rent collected from his current condo cover (or exceed the expenses)? 2) does his current condo allow renting? Finally, it would be pretty awesome if the answer to the first 2 questions are yes ESPECIALLY if the cost of his new rental is the similar. In other words, the income from his current condo pays for the rental of his new house or larger apartment with little “out of pocket” for new rental.
@@estherstephens1858 ez first, condos can’t or just don’t restrict legal long term rentals. Even if on a cash flow basis he loses money every month, there are still many benefits; he owns real estate which is a good investment, everything with rental is tax deductible and depreciation is a huge deduction and the principal part of the payment is profit going into the equity of the property. I lost money for years on my rental investments, but eventually rents rise to where you are making a profit and you have a nice chunk of change in equity!
And once again you're so on point great review and so true
Mahalo 🤙
When we were looking to buy back in 2015....we looked at single family homes and condos/townhomes in Ewa.... And I can truly say, we got way more bang for our buck going with the condo then the single family that was in our price range. On the single fam, the living room downstairs was tiny, the kitchen was tiny, and the yard was tiny. On the condo, yeah there's attached neighbors on either side, but the living space downstairs and kitchen was waaaaay bigger, and the upstairs was comparable, the yard was pretty the same. But it felt better because it was so much bigger downstairs.
Mahalo for sharing. Glad things worked out with the condo. 🤙
Love to see you vlogging around town… we must be neighbors haha ☺️
Also great video and timing as my wife and I are just looking to buy our first home (a condo)!
The only people who say there is a charm to loud mopeds are people who are trying to sell their condo and are trying to convince other people or have no choice but to stay in their condo and are trying to convince themselves.
100%. i hate loud mopeds
Owning any vacation property is best justified if you spend in it a minimum of eight weeks (need not be consecutive) per YEAR. However, be careful as to monitor HOA fees, CC&R updates by a potentially despotic HOA board, insurance cost increases (they can be a nightmare in Florida), property taxes (fortunately property taxes are lower in Hawaii), etc. Renting out said vacation properties are good for offsetting costs, just be careful that you have permission from the HOA board to rent if required, screen potential renters so as not to have your property defiled by tenants, and protect it under a trust so as to skirt liability in the event of any potential injuries even if they weren’t sustained in the unit but the tenant claims that they were.
The truth is all homes even the ones abandoned will cost more that 500,000k. I just closed on my home on the west side 4 bedroom 3 full bath for 750,000k. That home was first sold in 1994 for 150k. That’s the reality. But if you own any property on Oahu you’re very fortunate and will aquier equity.
Congratulations on the purchase. Hard to imagine that the homes went for $150,000 back then.
I just looked at some East side condos....the HOA were high but it was the ASSESSMENTS that turned me off bigtime.
Never.
As for "a clear pipeline" for mobility....yeah. There is one on North Shore!!
Actually, the westside is quiet now. There's still fireworks but its rare and there's no mopeds it's all electric bikes.
Purchased at Park Lane Ala Moana. Love my unit and the location. Depending on the building and its board only speak for myself. Lived in high-rises most of my adult life and never had issues with HOA, dealt with a few Karen’s but that’s about it.
There are 2 condos be built around the 2 rail stations in Waipahu, but they are also taking out two of the larger supermarkets that serve Waipahu. Not really a good trade for the neighborhood. Greater density and fewer grocery stores. They are targeting blue and white collar workers. They will still need cars because plumbers and carpenters need equipment and trucks and they won't be on the rail. Nurses and Pearl Harbor workers need to work as early as 5 or 6 a.m. There is no rail to Pearl Harbor and busses from rural areas don't start early enough especially if you have to wait for transfers. If you work 12 hours or after 11:30 p.m. you would have to wait 2-3 hours for the next available bus. As it is there is never enough on site parking for high density units be it condos or townhouses for their residents an guests. You have to assume that more than one person has to pay the rent and they probably each have a car because the majority of people don't work in the same place or at the same time. So, they spill into the surrounding streets and neighborhoods. They usually are not built near schools or parks so there isn't easy recreation space within walking distance. Once the rail station on Middle street opens It should help, since there is good bus service in town. There is also no park and rides near the rail stations, and in the rural areas, they need more shuttle busses to bring people to the rail especially earlier in the morning, bus service is not as good as in town. It can be a long walk to a bus stop if you don't live on a main road and busses do not go into neighborhood clusters. Connections can be 20-30 minutes apart. Making the bus commute 2-3 times longer than a car. By car people in traffic can take 1-3 hours per day just on the commute with a car. It would be nice to have neighborhood shuttles that service every street. It would be better and more cost effective if people can reserve a pickup time 24 hours in advance or even for a week at a time. That would make the shuttle stops waste less fuel just driving around and pick up passengers at specific sites more efficiently.
- Hawaii is quickly coming up on 50 years since they passed the City Ordinance that requires condos being built from then on to be equipped with fire sprinkler systems.
- Also in looking at age, when the Surfside condos in Florida collapsed, they were 40 years old. Yes, there probably were design factors, but the no chances were taken going forward as they tore down the damaged existing r=tower, and the twin tower also.
- And unless a condo has a back-up power system, that can sustain the tower for even a short period, residents are going to get stuck in elevators and be without water for the duration of the blackout.
- Perhaps residents should invest in 'solar' power generators, in the event of blackouts. That way they can power certain essential items, without the unsafe fumes of carbon dioxide that are produced by gas generators.
- City planning: In Singapore, they are building a twin tower modular condo in their city. Another condo is complete with a floor that's a medical center, and shopping on another floor; that way residents don't 'need' to venture out for some of their daily needs.
- 'botched' Oahu city planning: I don't like to bash rail, mainly because it's 'low-hanging-fruit'. But they were building a lot of these condos in Kakaako, with the thought that rail would pass by on Ala Moana Blvd., BUT now rail is being stopped at Chinatown/downtown Honolulu (at least for the foreseeable future), stopping short of the intended target riders/customers.
Speaking to your last comment, I wonder how this works now that Rail is projected to stop short of Ala Moana. I'm assuming that there were tax credits for being within a certain distance from a rail station, but if the rail doesn't make it there and the condo is already built, do the developers owe anything to the City/State?
@@HelloFromHawaii My feeling is the City & County of Honolulu is the one who breached the agreement, since they are the ones who mishandled finances and is having to come up short of Ala Moana. Even though those condos will be eventually filled with tenants, the allure of stating that the rail will be within a short walking distance from the condo was to be a selling point, now it's not. So that might have an impact on some buyers, as there are people that are going away from owning a car. As they are looking to move about primarily with city transit.
If the City wants to proceed in good faith, they shouldn't confront the developers. If they do so, that would send a ,message that they probably don't intend to proceed to Ala Moana, and have given up that potential for Skyline...which would be a tremendously bad PR move.
I bought my condo in Makiki , in 2011. But it was a lease hold property. So in 2016, as an owner, I was given the opportunity to buy the fee. So I worked really hard on my credit score, worked to pay my bills down, and I was able to get a mortgage in 2017 to buy the fee. Now I own my condo and the lease hold turned to condo status last year. My poor condo needs a full renovation and I never had the money for that. I’ll either sell it soon or try get the money to renovate.
Yeah, it sounds like you fell into both parts of that condo trap. You bought into affordable and are less than 10 years in and HOA fees have gone so high it makes it hard for you to save. I have family that bought into an old condo in Salt Lake 10 years ago and HOA fees have skyrocketed.
It's a tough spot to be in. Again, thankful we have a place, but without a clear pathway to upgrade, it's a hard spot to be in.
Unfortunately, housing prices for single family homes are unreachable for many people even on the mainland especially in the larger cities. I agree that west-side condos should be going up now. I'm sure developers have already thought about it, but I don't know what restrictions are preventing them from starting or red tape needed to get started. I know there is some development going on on the west side between Kapolei and Waipahu. Don't know what those are going to be.
Maybe there is no rush to build those now, as there is more money to be made if they just wait a little.
Good points, not much options in Hawaii for home buyers. We moved to mainland to give ourselves more options. We miss home but it's tough all da way around! 🙌
Coming from Texas to Honolulu we knew we’d have to sacrifice having a roomy home. We paid $275k for a ~1600 sqft home (bought in 2018). Last year we bought our condo for ~700 sqft for $580k 😅 We felt insane for doing that but we LOVE the walkability, which is one reason why we moved here. We are thinking about having kids in a year or so and I wonder how we will navigate that in a one bedroom condo. I have friends in the same situation but they have a kid now and they manage well. They love it since they’re a quick 5 min walk to the beach & surf everyday. It’s all about your lifestyle, I guess. We shall see 😅
Why do you live in Hawaii Hawaii isn’t for mainlanders unless you have an actual reason to be there
Mahalo for sharing. Quite the price difference, but you're paying for the lifestyle. Things should be interesting with a kid 😆
Always try your best to buy a single family home in Honolulu because the land is what appreciates. It might be a bit of a hassle to fix the house up over the years as you save money but you'll always have the land. There is no limit to how many condos can be built over the decades. But there will not be any more single family homes.
That's a great strategy, but the cost is often out of reach for many just getting into the market.
@@HelloFromHawaii Agreed if the buyer is a first time homeowner and looking for a small starter condo in the $300-$500k range. But I'm talking about the people dropping $1-1.5M on 900 SF two bedroom condos and the like. If the goal is to build long term wealth and pass it onto your family or charity there is no value in the long condo game. People buy condos because they're new and pretty and have all these great amenities. Enamored by the slick sales tactics and views that just get blocked with new developments later. For the same money people could buy a small lot in Kaimuki. Maybe $1M with a major fixer upper. Drop another $250k and fix it up. Turnkey beautiful home for $1.25M. This is what many condos cost now. Stick to land. Unless you're a non-resident snowbird that just wants to stay in the home for a few months a year, condos are always a terrible investment.
@@sleepy670Houses and Condos should never be considered a investment as no matter what both costs money to maintain Eg. Upkeep, maintenance taxes, insurance and unforeseen expenses therefore unlike assets make money for you I live and bought my older 37 floor 1 bedroom condo back in the mid 80’s and is completely paid off many years ago but have to put up with the increasing cost of HOA fees I have investment assets that make money for me that pays my HOA every month and with social security and my investment I can live a very comfortable life in my later years so yes you are right HOA fees is crazy and a ripoff but it’s a necessary bad part of living in a condominium,as that’s why no one should consider a house or condo as a investment and by the way the condo I have lived in for the past 38 years is right nearby Alamoana so none of that 2 hour daily commute for me
Well, Lahaina is no different. With the AUGUST fires, there is just no that many housing out there for families. I went from paying (well my family house) a mortgage on my family home of 50+ years $1700.. To a 1 bedroom apartment for $2600... But Thank You for your perspective... Love your channel...
Mahalo for the comment. That $2600 a month for a one-bedroom is tough.
@@HelloFromHawaii yes it is... it's the going rate here... affordable housing opening up soon with $1700 for 3 bedroom that i hope i qualify for.. The cap AMI is $68,000 and we just scooted under that... I hope we qualify!
My ex wife and I bought a condo at the waipuna condominiums on Ena Road in the 70s. It was located on the outskirts of Waikiki and the Kaiser hospital was nearby so it was a good location. It had security and it was nice but the one problem was parking if you only had one assigned parking space but had two cars. Parking on the street sometimes was hard to find.
I appreciate you sharing your experience- I have often fantasized about owning a condo in HI
🤙
Thanks for this! Very informative.
I hope yall are able to get a house Chris. For the family sake! 👍🤙💯🙏
Me too. We'll see 🤙
Good luck man. As grandpa used to say, "das y haad".
😆
HOA fees could be much lower with some government intervention. Currently, the main pressure on HOA fees is insurance, and insurance is so high because there are only two companies willing to insure 'older' condominium buildings. More competition would change that, and the government has been for years discussing the possibility of encouraging competition, but doesn't do anything.
Also, what is 'old'? In New York or Boston, buildings 100 years old are well-maintained and can be valuable given their historical nature. When it comes to replacing plumbing or an elevator in a 50-year old Honolulu building, there is little competition, little use of new technology, and the process is a year-long multi-million dollar wrecking crew that makes the place unlivable. We need companies that use new and competitive processes found in San Francisco or New York. But in our closed market - just as in the case of insurance - a few companies sit on a very profitable and over-priced market in which the condo-owners are captive. The government talks a good game at town hall meetings, then goes back to protecting their big campaign contributors.
We'll see what happens this year, as I think the news reported big changes with condos and insurance. I'm sure it's affecting everyone.
@@HelloFromHawaii
Thanks for the reply and for the great work you do on your channel generally. Yes, Civil Beat has run a couple of articles. Older condos are toward the bottom end of the housing market, so do not affect the people who have the most influential voices in the legislature or the governor's office. Not only do insurance companies and contractors profit from the captive market for services to 'old' buildings, but the notion of 'built in obsolescence' for a condo building is a good one for the construction industry.
Unfortunately when my Mom passes away we will have to sell her 7 bdrm 4-1/2 ba 2 story house in Moanalua. Don't want too, but siblings involved and 3 of us live on the mainland and only one will be left in Hawaii. Buying out siblings is impossible.
Mahalo for sharing. I'm sure this is common. Another great topic for a future video.
I want to comment on the choice of caption on the thumbnail image for the video - "THE HAWAII CONDO TRAP." I noticed you didn't touch on how houses (as you said in the video, "a big boy house or a big girl house") in town are mostly *not* located in places that would be walkable to places that people tend to work in town in the same way that many condo buildings are, which you said was an important factor in deciding to buy a condo. You said your condo is in downtown. Yes there are a few houses in town, in places relatively nearby such as in Moiliili and Kapahulu, but lower-priced homes (still highly priced) in town are, for the most part, quite a bit older, and may require significant work (note your comment about condo buildings needing to collect additional money from owners to pay for improvements to the building, such as to elevators that no longer run well; single-family homes require paying for upkeep too, just for different things). Going back to the concept of a "condo trap": it's not some exogenous system of condo buildings in Honolulu trapping people. The trap here is your mindset and indecision on what is more important to you--living in a walkable place (near work, activities, city amenities) to avoid commuting vs wanting more personal space in a newer build structure that isn't going to have immediate costly maintenance, which necessitates you to spend time and money commuting to your job.
One question worth asking: if money were no object and you could buy a house in town, where would you buy it *and* would you still walk to work, or would you drive (even if it's a shorter commute than a place on the windward side or the west side)?
We live in a small condo building and our HOA fees are about $900 a month. We have no yard to hangout and no pool. The HOA fees keep climbing every year. It’s terrible how those fees will broke you. 😢
Does Hawaii have rail? I feel like they should have dedicated bus roads/lanes. It's a more flexible system than rail.
Condos in Hawaii and other American cities: Biggest expense is HOA fees.
Even buying a house in ewa, the maintenance fee is almost $600. HOA is at $150 quarterly, and the roads in the community are all pot holes and covered with steel plates.
Hawaii is completely out of anything "affordable" with single family homes now costing 1 million plus dollars and condo prices rising, the situation for buyers is pretty grim. Buying a condo is slightly more affordable, but then there is the maintenance fees ( that always go up!). I was lucky I bought my condo in 2005, so for me, I'm better off than anyone looking to buy right now because my mortgage and maintenance fees are still way below market rent. Those newer condos down in the Kakaako area you were in are insanely priced, small as hell and have tiny and undersized parking that in alot of cases isn't even assigned!
Yes, there are no property "stepping stones" here in Hawaii anymore, that is why so many are leaving and moving to states where they actually can afford to buy a place without putting every penny into just the mortgage.
I guess Hawaii is all out of Aloha now.
"Stepping stones" is a good term. 🤙
I'm sorry, your channel should be Hello from Honolulu since that's where your tops are all based on. Not all people that live on the west are rough; you should rent your condo out and rent a single family house in the west to try it out; your boys will have neighborhood kids to play with out in a nice yard.
But the commute is brutal, that's 2-4 hours a day in traffic and away from family.
@@laidbacktraveler2580life is about choices. Unless you have the funds, you can’t have it both ways.
Born and raised here in Hawaii... I love it here and will never complain.
Mahalo for the comment. I'd hope that not all of my topics are Honolulu-based. I grew up on the Windward side so I have that perspective as well. And of course not all people that live out west are rough. 😄
We were at 801 south for 3 years, and we just bought a house in Wahiawa. Can’t say we’re sad about it.
I think it is the same situation in a lot of other populous cities on the US Pacific Coast. There is no pipeline of new housing for homeowners to upgrade to. Essentially, no one can afford to move. And no one can afford to buy.
How's the noise in those condos?
I don't like the idea of sharing walls above, below, or sides.
The noise isn't too bad. You get the occasional ambulance from outside, but I haven't found it to be noisy from other residents.
About how much you paid for your condo?
I know this question is personal, Chris, but I am curious by nature and want to learn, too.
Hope that you do not mind and can at least give me an approximation!
In the $300s.
6:38... exactly! I was wondering from afar too why there didn't really seem to be thoughtfully planned neighborhoods being started around the rail stations. There'd be more housing, more people being able to move away from car dependence for everyday commutes, and the rail would be more useful and convenient. Makes too much sense, probably.
That's because the rail project was never meant for the people ... but just another gov money laundering project.
Yes, makes too much sense. lol 😆
I love Oahu, but I love the Big Island More... both Hilo and Kona while sort of opposite climates are great! My favorite area is the Parker Ranch area though... Can your work skills transfer?
The price will NEVER go down in Hawaii, so...
If you are "in the market", the price of your property will climb as the price climbs.
Next step is to find a townhouse to step up to.
Paying rent will never get you ahead.
(However, since three and a half years ago, it is nearly impossible)
Condos can be a good starter investment but of course a SFR is always better.
BUT now the problem is the skyrocketing insurance costs. Nationwide this is a problem but Hawaii and Florida are being especially hard hit. Monthly fees have gone up 2-4x in some buildings especially the older ones. There's only 3 insurance companies that cover Oahu and they know they have the monopoly; either you pay or your building is exposed without coverage. Buildings without insurance cannot get funding for loans.
The market is starting to become a buyers market, at least for those buyers that are willing to take over the same issues that the sellers are moving out from. Dilemma
Yes costs of living are expensive. Everybody complains about that. But they don't complain about the beautiful beaches, the weather, and our aloha spirit. Cost of living goes with quality of life. We have the best quality of life in the country, maybe even the world. So yes, paradise is expensive.
i'm not sure what it is that u wish u knew... that u'd outgrow your "affordable" one bedroom? that you'd have to sacrifice space for location? that the prices would continue to go up? that you got a deal so you have to live in it for decent amount of time to deter "investors" from scheming to get these units and selling them three or four years later adding to the high housing prices? i know you said you were grateful you were even able to but, but all the issues you mentioned see pretty forseeable... so i'm at a loss in reconciling the title of this video.
Thank for this informative video - I’m still trying to get on the buying a condo level 😭😭 but I think we get spoiled living HI - the “commute” is maybe an hour at most during rush hour… so it’s really not bad compared to mainland - my dad lives in WA and his commute into Seattle area was like 3-4 hours ONE WAY - so imo it’s worth it to put up with the “commute” for cheaper housing - but again I’m not a homeowner so wtf do I know 😅
@ Chris thanks for this perspective. I knew didn’t want to buy in high-rise condo in Kaka’ako. Don’t care for city living like. So I bought a condo/townhouse in Kapolei. The maintenance fees are killer.
Yeah, I dont want to pay HOA fees for a condo/apt here on the Big Island, but luckily some here have an amount of $200-$0 at some places and a few places dont have an HOA, so I will have to see what is available when the time and savings are right..
Such a good video topic ! More people need to talk about this
Altough a condo sounds nice. nice views.. cheaper than a house. but some places have really high HOA fees. some or over $1,500 a month. crazy.
I know a couple that live across from Kam 3 on Maui and their HOA is over a grand
Gives me anxiety listening to what I would still be going through had I not made the tough decision to move to the mainland. I miss my family, but it was the best decision I ever made.
i think they are really really overdoing it in kakaako with regards to number of units. also the hoa fees are impacted by insurance premiums skyrocketing due to construction defects.
Not much room left in Kakaako, although I said that five years ago and the buildings keep coming up 😆
Braddah! Maintenance fees will kill you. Aloha!!!!
Then there is always the "9th Island" Las Vegas. Were else can you find an ABC store on the mainland?
HOAs can really suck. I now live in FL and looking around and it's really difficult to find something not within a controlled environment where besides your purchase price you will have additional monthly feed.
Sell it bring your family in the Philippines,at BGC, Makati or Cebu. A condominium in those places has it all , place for your children to play and go to school, especially in Cebu area . Check it out
It might seem like a trap at first, but the game is staking your place and staying ahead of inflation. When you buy your condo or house, inflation is your friend and you will likely sell your first place for a lot more than what you bought it. Inflation will do nothing but go up. So will your equity. I bought my first house for less than 100K. That was a huge amount of money for my young self. Today, that house is worth multiples of that.
There is a transport system in China under development that is a bus/rail hybrid, a large flexibus that will ride on rails, and can easily transfer to steet use.
You mean this defunct project?
ruclips.net/video/2PY02JGQW9w/видео.htmlsi=m90rXq5GK4qDR3ON
Hawaii has an above-ground rail. We'll see how that goes as it moves toward Town.
Thing about China is they can cut out all the red tape, environmental restrictions, legal challenges, NIMBYism, etc and get things done way easier in their system.
used to have a condo in sf.. sold it and moved to hi... found a great rental... for me, "buying property" is overrated... unless you have the cash to buy property outright, you'll be paying interest for years in the beginning... and then the total you'll be paying for it is way more than the price you bought it for... not to mention, if you get a property with hoa fees, it's sometimes as high as paying rent elsewhere... less stress than "owning" for me... lol sidenote: check out ramit sethi's "i will teach you to be rich" book...
Same in California. Things are crazy expensive since minimum covid & wage triple in a very short time. Now houses rent for 4k & up a month. We have more working class homeless families that just can’t pay what the property owners want for the same houses built in 50’s that rented for $1200.00 Five years ago. Most people cannot afford to buy a house. Like you if we were to sell we would have to sell high to buy something else. Even the government is in your pocket if you sell your residence on the first $250 k to $500,000 in capital gains tax.
It’s crazy you have to make 300k a year to even look at buying a house.
Wow, that's a lot.
The new Honolulu condo area is primarily for two types: 1) Young professionals with no kids who can afford it and want the convenience and lifestyle of the area, and 2) retired folks who can afford it and want the convenience and lifestyle as well.
Growing young families will need more space to grow and a quieter area for the kids that cannot be found in a Ward Village or Kakaako.
I plan to retire in a place like Ward Village because I no longer want to do yard work, worry about fixing this and that around the house, want to drive less for simple conveniences like food & entertainment, desire to be around similar people with similar lifestyles, etc.
And as I get older, money becomes less valuable while time becomes more precious…so the rising HOA fees will simply be the cost of having a life that maximizes my time.
My vision of a typical day is to work out at the condo gym in the morning, get some bfast at home or a nearby restaurant, go play at the beach or pickleball or whatever nearby, grab lunch, spend the afternoon doing relaxing things nearby, grab dinner in the area, watch a movie or other entertainment, then go back to relax and sleep at home.
Driving will become rare and chores to fix the house a forgotten nightmare…
Underrated comment
This person has got it figured out!!
Same here . Don’t like to spend too much time on fixing the house, rather go to the beach 😊
Too bad condo buildings can't have commercial space on the first three floors, if they could, the rent from those businesses could offset the HOA, and what fun it would be to have an inhouse restaurant!
what are you thoughts onto moving to the mainland
It seems like each passing year, buying single family house becomes more unreachable in Hawaii. We have it harder than our parents and our parents had it harder than their parents.
Have you thought about the fact that your 2 boys may have a harder time buying a house in Hawaii than you and that they might move to the mainland?
Have you thought that if you move to the mainland now, it will be easier for your 2 boys to buy a house in the future because you are positioning them to early enough?
These are thoughts that I have for myself as well.
I know it will be hard for my boys to buy a place in Hawaii unless they inherit it or somehow get an executive level job. Moving away now hasn't really been an option. If they do move away as adults, I'd be sad, but totally supportive because I get it.
Everyday, I receive an email from a local realtor, my request is for a 2 bed & 2 bath house or condo in Honolulu or the windward side and almost everyday I'm shaking my head in disbelief! Today, it seems as if only the rich can live in Honolulu or the windward side of the island. Much Mahalo for this upload!!!
I get those emails too. 😆
Your ideals are great to hear in thus day and age. However, you need to prioritize what your family needs are now and in the future. When you decide to sell your condo, it may not be to the most deserving people. You can't control who buys it.
I think we do have some say on who buys it. We'll read the letters with the bids and talk about.
The housing market everywhere is wonky for locals. Especially when you have people moving from a higher cost of living to a lower cost of living market. For example: people from Los Angeles and San Francisco moving to San Diego, CA. It drives up cost and decreases the afordable inventory.
I can imagine it being tough on places like Texas too.
What is the new tower going up in the background?
we bought a 3bd 2ba thinking that would work even as we have kids but then we started working from home and my folks aka grandparents started visiting more... if it werent for the market rates we'd move asap
The biggest problem wasn’t spoken about in this video. Outsider buying up property in Hawaii. Out bidding natives and locals, increasing the markets values and leaving more and more native Hawaiians and locals without options to buy. That’s the real problem. Homes that were purchased for $25k 40-50 years ago now cost $1 million for a house that’s been run down. So now you have to renovate and then the price of your home goes from $1M to $1.3M real quick.
I love this video. It's so sad. I'm having to contemplate moving away.
Your videos are so great mahalo 🤙🏽
SAME problem here in hillsboro, oregon (suburb of portland) u're NOT gonna' find a single family house now for under $500k, rents for a 1 bedroom is around $1500/month now. almost as expensive as hawaii. the only solution now is to probably move out of the country. wife already has a condoe in guang-zhou, china - she got it a long time ago. (real estate in china has gone up expnentially also)
I remember Hillsboro when I was in Tigard. My rent wasn't too bad back then. Sorry to hear that it's getting more expensive in places that far out from Portland.
Some years back many Hawaiians moved to Las Vegas. I am curious if most of them are still living in Las Vegas now. Mahalo.
Yes. I know several of them.