i’ve been in hawaii my whole life just watching condo after condo going up and up. taller, shinier, and more expensive. the new ones vs. old ones? for me, location is key.
i pass by the Yacht Harbor Towers multiple times every day of the year. so probably a thousand times per year. this was once the most sought out luxury condos back in the 1970’s. the good things about it is it’s location. also good that no other building will ever block it’s million dollar view. the bad things? price!
before i get back to price, here it is from the ocean. two tall towers with panorama views from diamond head to waianae. situated right in between ala moana and waikiki.
the view is priceless. you can see the yacht club, magic island, and most importantly, the lineup at bowls.
imagine waking up to this every morning? and not to mention the beautiful sunsets in the evening. want to know the price now?
one bedroom units average $700,000
two bedroom units average $1,2500,000
i went this past sunday to look at a one bedroom open house. selling for $690,000 with maintenance fees of $800/month.
so i wanted to figure out the monthly payments. purchase price at $700,000. you must put a 20% down payment so plan to have $140,000 cash in your bank. then if you have to borrow the rest of the $560,000, expect to pay $2,837/month. no, not for a year, no, not for 5 years, no, not for 10 years. you have to pay that for the next 30 years of your life. then add on the $800/month in maintenance fees, your total per month totals $3,637/month. for you japanese, that’s 426,427.33 yen per month for 30 years.
i looked at my age, and there is no way i’m working till i’m 77 years old so i guess i’m out. haha. 10 years ago, the price was half. i’m scared to see the price 10 years later. hawaii is a very expensive place to live. prices are going up and up so if you think waiting is better, you should think again. i’m not a realtor or anything, but if you want to buy, buy now! and if you can’t buy now, work hard, save money, and someday your dream will come true!
