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Old September 10th, 2010, 11:00 PM   #41
tanklv
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Join Date: Mar 2009
Location: Henderson (Las Vegas) Nevada
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Quote:
Originally Posted by ALKUN View Post
DO YOU THINK REAL ESTATE MARKET IN HAWAII IS OVERPRICED ? OR JUST ABOUT RIGHT .

AVERAGE HOMES $650.000
AVERAGE CONDO $500.000
Well - thanks to being way overpriced at the time you wrote your response, I was able to sell my 500 SF condo for just over $269,000! And I paid $69,000 for it in 1982, refinanced for $100,000 a few years later to buy the lease (land) for $26,000. For once in my life I was in the "right" side of the equation!!!

Of course, shortly after, they had an earth quake and then the bush depression started - that put a damper on things...
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Old September 10th, 2010, 11:08 PM   #42
tanklv
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Originally Posted by CBP808 View Post
Anyone know of the Condo Conversions in Honolulu, Lease to Fee Simple?

Also, what about the Hokua? Does anyone have a 2008 update on the units mentioned in this thread?
Depends on when you do it and what kind of Owners there are.

My condo was constructed by a family of 5 brothers & sisters who pooled their land and built a mid rise, and they were getting old, so every now and then they would offer the lease, which is what I did. The first year it was offered, it was around $5,000 (I had a 500 SF condo) - so I thought - no big deal and waited. Five years later, it was $26,000 when I finally did it. Just after I closed, it went to around $52,000.

At the same time, Bishop Estates were screwing everyone out of their homes and many had few hundred thosand dollar homes they just walked away from when their 99 year leases were up. Bishop Estate have always acted like bastards during this whole ordeal. They were actually asking twice as much for just the lease, than what a NEXT DOOR property that was fee simple (houlse and land) were worth! And their idea of "negotiating" was "take it or leave". I had many friends who lost everything.

That's why there are more Hawai'ians living out of state than in state now...
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