OK, so maybe we like to grumble a little bit about the cost of everything being so high in Hawaii, real estate included. With the median priced single-family home setting you back a cool $600,000 (condos about half that amount at $300,000), Honolulu was tagged as the most expensive housing market in the country for the first quarter of 2011.
Of course, this isn’t big news to us. Real estate prices here have always been up there. And while so many friends and family have simply given up on home ownership and run off to the mainland, here are 5 great reasons why we say Hawaii real estate is worth every penny.

With mild temperatures all year long, there are very few homes in Hawaii that have heaters (other than for water). All we need to stay comfortable are the tradewinds with a little help from ceiling fans on those Kona-wind days. Although some homes do have air conditioning, Hawaii is one of two states (Alaska is the other) that have never recorded temperatures over 100 degrees.
Board shorts, t-shirts, rubbah slippas — year round good weather means big savings on clothes too.

With a finite amount of space, there’s not much land to develop for housing, so supply is low and likely to remain that way. And its even harder to find a place if you want to live on the beach — there’s is only so much oceanfront property in the world, and some of the finest right here in our islands. Coupled with the international popularity of the 50th state and the never-ending influx of people, it is pretty safe to say that future demand will out-weigh supply, keeping home values up on the island.

Except for these two captured in July

 

It’s the culture here. We merge onto the highway easily, honk the horn only if there is a life-threatening reason, and respect our kupuna. It’s just the way we are —smiles, goodwill and humility — traits that maybe less common on the Mainland. That intangible quality is what makes life so relaxing and enjoyable.

 

 

It’s hard to believe that anything could actually cost less here, but if you’re talking property taxes, Hawaii homeowners pay less — approximately $3.50 per $1,000 of assessed value.
On a $750,000 home, the math works out to $2,625 a year. But purchase a home for $750,000 in California, (in San Jose, the second most expensive housing market in the U.S.), and in most cases, your tax bill for the year is a whopping $9,375. That’s a significant difference of $6,750 every year. We’re not just talking the Silicon Valley. Buy in San Diego, Marina Del Rey, San Francisco or anywhere in the Golden State and your bill will be the same. And if you’re thinking New York or New Jersey, those homeowners pay the highest property taxes in the United States.

 

Before you start packing your bags, take a good look around you. This place is beautiful. That’s why you can’t buy a honking big house with a 3-car garage and a ginormous yard for $200,000 here like you can on the mainland.

So yes, there’s always plenty to grumble about. But look on the bright side: home prices are down, the weather is great, setting is beautiful and there is more to a great life than a big house. Buy and live Hawaii, it’s worth every penny.

Contact me for more information.

Melvin Leon Guerrero (RA)

Prudential Locations

Direct: (808) 343-3398

Email: melvin.leonguerrero@pruhawaii.com