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I was just looking at Waikiki apartments on zillow.com. The HOA Fees run around US$1,000/month.
That kind of kills the idea of buying a condo if the HOA FEES are higher than rent. Or has the rent skyrocketed incredibly high to cover the already super high HOA fees in Waikiki?
The decision to buy vs rent would depend a lot on your goals. HOA fees are high and if you’re buying for investment it can suck away you’re margins pretty fast. Many people just buy hoping rent will cover their costs and still allow occasional use if it’s not a permanent residence.
There are some lower HOA fee properties out there though. A lot depends on the type of building. Pualei Circle area is by Kapiolani Park just outside Waikiki and has a lot of low-rise walk-ups. But it’s a nice little pocket in my opinion and most buildings in there have reasonable HOA’s.
One building I’ve been looking at is Cove Waikiki. Low-rise, 5 story building built in 2015 in a quiet area of Waikiki with low HOA fees. If I were serious about buying another condo in Waikiki, it’s a building I would consider.
Are you looking to buy ? If I remember correctly, last time I saw you post you were living in Asia ... Japan I think.
I own in Maliki and my monthly fees are $770 a month. But while these fees are high, honestly a lot comes down to what they cover. Mine covers water, sewage, cable, amenities to include rooftop pool and bbq areas, 24/7 security and grounds upkeep, etc. If you’re a family and have water and sewage taken care of, that could be a few hundred (I’m actually just throwing that price out as I don’t actually know, though I have heard anecdotes) accounted for right there. Granted, in my case it is a lot as I would not get or use to the same extent the bulk of the services that I have. But that’s me.
If you are seeing HOA fees of $1,000, you are likely looking at 2 bedroom condos. Average rent for 2 bedroom is $3,500. (assuming you want a dishwasher and a washer/dryer in the unit).
Condo’s just don’t appreciate like an actual house does. And the 40+yr old condo’s in Waikiki are only going to have their dues go up and up. It’s a systematic issue of how the condo management and repair business works. You can pretty much always assume a 3% raise in the dues. Add assessments for things the board did not want to budget for, and the real fun begins. If someone is looking to buy/invest in a place to live, I would never recommend anyone buy a condo in Waikiki. If it is a vacation home, and you have no plans to turn a profit, great location, easy to rent out.
Condo’s just don’t appreciate like an actual house does. And the 40+yr old condo’s in Waikiki are only going to have their dues go up and up.
If someone is looking to buy/invest in a place to live, I would never recommend anyone buy a condo in Waikiki.
True - a condo will not appreciate like a single family home.
On the other hand, lots of reasons to consider a condo
Can't afford a single family home - many condos has a lower entry point
The view
Convenience - no need to cut the grass, replace the water heater, paint the exterior, replace the roof - expenses to maintain your single family home add up
Not true. Some condos appreciate more than some houses.
Sure - if one buys a home in Ewa Beach versus a condo in Kakaako - you are bound to have differences.
But apples to apples - especially on Oahu, single family home appreciate faster
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