Future of Waianae? (foreclose, rent, mortgage)

[orangecat]

The only thing hindering mass development in Waianae is road access. The current Farrington hwy is the only civilian way in and out (Kolekole pass is only for military, and even then, often washed out from heavy rains). Farrington is a dangerous road because it was never designed for the amount of traffic it already gets and has limited expansion options.

However, one day they will eventually build a bypass road through the mountains. Most likely through the Palehua pass (WW2 Jeep road), which means it would line up with the further expansion of Kapolei and Kunia through H1, which is more favorable than Kolekole which has a terminus at Schofield, much farther up the central plateau. Once the Navy liquidates the land in Lualualei valley, the largest valley on the island, and one of the largest in the state, you will have huge, huge, development options (open up google earth now and take a look at it). Rest assured the politicians will ensure a bypass road gets built, no matter what. It wont be soon of course, as the drawing boards are focused on the Train for now and the next two decades. But once that dries up, watch out.

[kkpat]

I a local girl lived my youger years in Kailua and then kaneohe I purchase my home nearly 8 years ago out here in Waianae and its not what every is saying there is ghetto in downtown Honolulu Waianae coastline is beautiful it just needs people to take care of it .The stores needs updateing a modern look like Waianae mall there dangerous people everywhere and rude people everywhere and stop labelling Waianae as ghetto cause truly the people and the place is a nice place to live and as traffic there is traffic everywhere on oahu there is just to many people and cars here .I love the drive along the coastline everday how many people on oahu can say that.not many. Waianae is a beautiful place the weather is hot the people are nice the beaches are beautiful the drive along the coastline is nice and that's my opinion

[kaimuki]

Originally Posted by Mikala43

It is. That's why so many families send their children to private schools.

What does armyengineer's post (off-topic) have to do with Waianae? Is it okay if I make fun of him for talking straight in a Hawaii forum? Fair is fair, right?

[hapci534]

To return to the original question, do I all feel that Waianae will eventually "blow up" and everything there will be really expensive similar to Waipahu?

One day it might happen. I just don't think it will be a good thing for you and me.

I saw some Waianae residents exclaim, "the home I bought is now worth $100K more, I am rich!" No, you are not, you are in fact poorer. Because now you must pay $1000 more in taxes for the same place. You could be rich for a day if you sold that place, cashing in those imaginary price gains. But then you'd need to buy another place to live in and it would cost all that increased cash. So you made no profit on the price "blow up".

We single home owners don't get rich from increasing home prices, we get poorer. Real estate speculators, realtors, banks and the State tax office gets richer. On our backs, (and our children's backs) because our cost to get a home to live in goes up.

[WaikikiBoy]

I actually hope it doesn't "blow up" and start being over developed. I enjoy the more "small town" feel out there and the area has some beautiful beaches. Keawaula/Yokohama is one of favorite spots to drive to. I could see the area perhaps developed eventually into larger scale destination resorts in the way distant future. But again, I really hope that it does not.


Chinn Ho was mentioned earlier in this thread. He tried the "destination resort" concept in Makaha almost 50 years with the development of the Makaha Valley Resort. But that was closed down nearly 20 years ago.


I have read that the old Makaha Valley Resort has recently been purchased by a developer who plans to invest over $300,000,000 into the property and re-develop it into a luxury resort with hotel, villas, time shares and have the golf course re-designed by Greg Norman.


If it is successful, I'm sure more will follow. I think Chinn Ho understood the beauty of the West side, but was way too far ahead of his time. But perhaps we are now getting closer to the time where it would be more feasible. And again, I think maybe only destination resort type places would work initially and slowly lead the way to rejuvenation of the West side. We'll see what happens with the Makaha Valley resort redevelopment.


But personally, I would like to see the Waianae / Makaha area remain as is, with less development. It would be a shame to one day see it overrun with big resorts and large tract-housing developments.

[whtviper1]

Originally Posted by hapci534

I saw some Waianae residents exclaim, "the home I bought is now worth $100K more, I am rich!" No, you are not, you are in fact poorer. Because now you must pay $1000 more in taxes for the same place. You could be rich for a day if you sold that place, cashing in those imaginary price gains. But then you'd need to buy another place to live in and it would cost all that increased cash. So you made no profit on the price "blow up".

We single home owners don't get rich from increasing home prices, we get poorer. Real estate speculators, realtors, banks and the State tax office gets richer. On our backs, (and our children's backs) because our cost to get a home to live in goes up.

Poorer? That's a tad short sighted don't you think?

Long term residents can certainly take the cash equity in their home to upgrade to a new home - while renting out the original place - it certainly helps their heirs and passes equity to the next generation - or, when you are elderly you cash out your paid off house with increased value in case you need to be in assisted living, and on and on.....

[studephan]

I think, doitright1, you're asking the wrong question, which falls into the category of: “Be careful whatyou wish for.” What makes the Waianae Coast a desirable living destination (for those of us who consciously made the decision to locate here) IS it's affordability and the imposed "remoteness" due to the commuting situation. Take away those impediments and Nanakuli, Ma'ili, Wai'anae and Makaha become just another Honolulu suburb. If all Oahu's “affordable” communities had the super-suburban look, feel and traffic flow of Ewa Beach, Kapolei and the many other relatively recent additions to Oahu's west side (you know who you are Mililani and Waipi'o) I certainly wouldn't have considered relocating to the island.
But, what I think you're really asking is: Will purchasing a Waianae Coast property be a good investment somewhere down the road? The short answer is probably no, because Hawaii and Oahu's property values are based upon a limited residential housing supply. But in the next few years that limit will be blown apart by coming mega neighborhoods near Ewa Beach and between Kapolei and Ewa Beach, acting as a pressure-release valve on home values.

[pj737]

Originally Posted by studephan

But, what I think you're really asking is: Will purchasing a Waianae Coast property be a good investment somewhere down the road? The short answer is probably no, because Hawaii and Oahu's property values are based upon a limited residential housing supply. But in the next few years that limit will be blown apart by coming mega neighborhoods near Ewa Beach and between Kapolei and Ewa Beach, acting as a pressure-release valve on home values.

HOOPILI - 11,750 homes (80% are mid-rise condo and multi-family homes)

KOA RIDGE - 3,500 single and multi-family homes

HOONANI - 62 homes

GOLF VILLAS AT LOKAHI GREENS - 43 homes

AWAKEA AT MEHANA - 115 townhomes

KAHIWELO AT MAKAKILO - 472 homes

A minimum of 15,942 homes coming to west and central Oahu in the coming decade. You are correct that these new homes will remove some pricing pressure in those areas. However, it's important to note that the overwhelming majority of the homes being built (over 70%) are not free-standing single family detached homes (the most desirable housing asset anywhere on the island because you own and control the land and HOA dues are little to nothing). Moving to West Oahu to live in a 6-story condo project is ridiculous to most locals. People don't move to the suburbs to... live in a condo.

I think future home values in west Oahu will be highly dependent on the type of housing. While I would personally not buy anything in central or west oahu for price appreciation, those that are looking to buy property and reside there should stay away from suburban condos. Instead, buy land and the single-family structures that sit on it.

[thejackalope]

Originally Posted by whtviper1

Poorer? That's a tad short sighted don't you think?

Long term residents can certainly take the cash equity in their home to upgrade to a new home - while renting out the original place - it certainly helps their heirs and passes equity to the next generation - or, when you are elderly you cash out your paid off house with increased value in case you need to be in assisted living, and on and on.....

Upgrade to a new home where? In the suburbs of Waianae?

Or Nevada?

[hapci534]

Originally Posted by whtviper1

Long term residents can certainly take the cash equity in their home to upgrade to a new home - while renting out the original place

By "take the cash equity in the home" you seem to mean, get a bank loan, risking the loss of the home(s). To me that's a bad gamble. If you got through the 30-year mortgage gambit unforeclosed when the average job duration is now 7 years according to the Dept. Of Labor, that's already a miracle. Trying to do the stunt twice in a row is really courting disaster.

Originally Posted by whtviper1

When you are elderly you cash out your paid off house with increased value in case you need to be in assisted living, and on and on.....

So sell the home, pay assisted living for a while then move to a cardboard box when the funds run out due to inflation? If I get to pick where I'm to be found dead, I'd pick my home, not a cardboard box.