How much saving do I need to retire in Oahu?

[Otafuku]

Thank you so much for your advice and helpful information.
I know that my first post was too vague. I was not really sure where to start.

What I would like:
1. Large Japanese community
2. Warm climate
3. Close to ocean
4. Good public transportation system. I rather not own/drive a car.
5. Medical facilities that offer both primary and specialized care services
6. OK with a small living space. 600 ~ 700 sq feet is good enogh. I do not need luxury, just safety.

I have used Zillow/Redfin to try to get an idea for housing...I like Ala Moana-Kakaako & Makiki areas.
Other Hawaii islands are very nice too, but because of 4 & 5, I like to stay in Oahu.
Do you know any other blog/website that would be helpful?

[galaxyhi]

Originally Posted by Otafuku

Thank you so much for your advice and helpful information.
I know that my first post was too vague. I was not really sure where to start.

What I would like:
1. Large Japanese community
2. Warm climate
3. Close to ocean
4. Good public transportation system. I rather not own/drive a car.
5. Medical facilities that offer both primary and specialized care services
6. OK with a small living space. 600 ~ 700 sq feet is good enogh. I do not need luxury, just safety.

I have used Zillow/Redfin to try to get an idea for housing...I like Ala Moana-Kakaako & Makiki areas.
Other Hawaii islands are very nice too, but because of 4 & 5, I like to stay in Oahu.
Do you know any other blog/website that would be helpful?

You will find # 1 there, any particular reason that is "must"? I understand it may be your heritage.
2 is there for sure...that is what Hawaii is all about!
3 gets expensive, depending on how close is "close to the ocean" for you. I mean O'ahu is only 30 miles across, so 'close' is relative. DO you Mean ON the ocean? that could increase your housing cost.
4-consult TheBus for more specific info on public transportation
5- your better option for health care IS O'ahu, but are you in poor health? Or just being proactive? Expect trips to the mainland for specialists not available on O'ahu, then. UNLESS one lives near a MAJOR medical center or University Hospital ANYWHERE in the USA, one MAY have to travel for a certain specialist! Its just "easier" on the mainland to drive a couple of hours to get to one. FLying to one in Anytown, USA is going to cost you regardless of where you live. If you NEED a particular specialty {EX: cardiologist or pulmonologist}, CHECK to see if there is one available BEFORE you move!
6- yeah 600 sqft is doable on O'ahu, but again, it will cost you if that 600 sqft is on the ocean. I mean Waianae is cheap, but you might not want to live there. Look for builidngs with onsite security if you want "safety", but that too will drive up the cost to live there. Zillow is a good idea, but may not tell all the story. Be sure to "lock in" the housing costs, but then allow for increases and 'emergency' spikes in HOA fees to maintain or upgrade the properties, especialy with security on duty. Your first listed choice will get you close to the ocean. Remember, the listings are form a 'sales pitch high lighting' stance, not a "tell all the bad stuff" stance. To get that "bad stuff", you have to visit, ask the neighbors, both day and night to see if a potential New home is a"fit"! The big island can offer cheaper housing, but comes with risks as far as closeness to the medical you desire. Flying Island to island or island to mainland for medical care can get expensive in a hurry!

GOod luck!

[WaikikiBoy]

Originally Posted by Otafuku

Thank you so much for your advice and helpful information.
I know that my first post was too vague. I was not really sure where to start.

What I would like:
1. Large Japanese community
2. Warm climate
3. Close to ocean
4. Good public transportation system. I rather not own/drive a car.
5. Medical facilities that offer both primary and specialized care services
6. OK with a small living space. 600 ~ 700 sq feet is good enogh. I do not need luxury, just safety.

I have used Zillow/Redfin to try to get an idea for housing...I like Ala Moana-Kakaako & Makiki areas.
Other Hawaii islands are very nice too, but because of 4 & 5, I like to stay in Oahu.
Do you know any other blog/website that would be helpful?

I use this site: Oahu Real Estate

It brings up all properties on the MLS and provides information other sites don't provide.

I would suggest selecting property search and then select the "advanced search" option under condominiums. From there you can choose your price range and location.

One thing to consider is the difference between "leasehold" properties and "fee simple" properties. Fee simple you own the condo unit completely. "Leasehold" you own the unit but lease the ground from someone else. They are cheaper to buy but you need to pay a land lease on top of the hoa fee and you can lose your condo when the lease term is up.

You'll want to research that a bit and fully understand it. Personally, I would not consider a leasehold property and recommend you select the "Fee Simple" button in your search criteria to remove those listings. But they are less expensive to buy so they look enticing at first glance.

[WaikikiBoy]

As examples for those thinking about buying a small part-time ( or full time) retirement condo, Here are a couple samples of active listings in The West end of Waikiki and in two different buildings that both front the water. These give an idea what you might be able to find in the area.

These are two listings for ocean facing units in my building. The units are only 500 sqft plus 120 ft lanai for a total of 620 sq ft. They are expensive given the size, but very few condo buildings fronting the water. Pricing drops down around $400,000 for a unit facing the City instead of the ocean.

Ilikai Apt Bldg 1777 Ala Moana Boulevard Unit 1704 Honolulu HI 96815 - Condo listed on 01-28-2015

Ilikai Apt Bldg 1777 Ala Moana Boulevard Unit 2233 Honolulu HI 96815 - Condo listed on 01-20-2015

And this is a larger unit in the building next door ... It's city view but larger. And the HOA is higher as well.

http://www.oahure.com/SearchMLS_Deta...opertyType=CND

I think these are decent examples in Waikiki close to the ocean. Go into Kakaako or go down to the condos at the base of Diamond Head that are also fronting the ocean and pricing is another step up.

[Green_Mountain]

How much saving do I need to retire in Oahu?

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[chrisF01]

Originally Posted by bruddah

Check out the article below.

[URL="http://www.civilbeat.com/2015/01/living-hawaii-who-can-afford-to-retire-in-hawaii/"]Living Hawaii: Who Can Afford to Retire in the Islands? - Civil Beat[/URL]

very nice article .........i read this article.