When Hawaii's housing market turns downward, the outlying locations seem to get hurt the worst. Why is this? Probably because areas like Waianae have less good jobs compared to Honolulu neighborhoods. Also, when the market begins to recover, people look to the future and where there's room for growth - West Oahu!
Now we're back in one of those painful slumps, where some owners are getting hurt. Buyers with good credit and/or cash are preparing to make their moves on properties. It's great to make a purchase, knowing that it would have cost more had you bought it a year or two earlier.
Where are the deals? Here are a few:
Makaha Shores MLS 2819098 - a short sale listed for $150,000. This is a fee simple studio at the famous Makaha surfing beach. Interior area is 323 square feet with a 82 square foot lanai. Comparable units sell for over $200,000.
View the listing by inputting the MLS number here: Search Hawaii listings by MLS number.
Here's a picture of the building.
Makaha Valley Plantation. There are three short sales listed for less than $100,000 each. MLS numbers 2819626, 2819621 and 2819627.
View the listings here: Makaha Valley Plantation.
Note: Short sales are usually slow processes because of the owners' banks. The banks are taking a loss because the properties are being sold for less than the owners' loan balance. Buyers must be patient. In addition, a buyer should have good credit and cash for a downpayment. Forget about 100% financing. That's the reason many of these sellers got in trouble in the first place!
Visit our website or call Mike Bates (808) 548-1220 for more info about Hawaii real estate investments.