Is buying a condo in Waikiki a good idea? Which realtor or website is best?
With buying a condo in Waikiki, there are many things to consider. First, the buyer will have to decide if they wish to purchase a “leasehold” or “fee simple” condo. With “leasehold,” the buyer buys the condo for a period of time (lease). The lease may be renewed after it expires. With “fee simple,” the buyer owns the condo until the buyer wishes to sell the condo. Leasehold is significantly less expensive than fee-simple, but fee-simple allows the buyer to own the condo and not have to worry about paying the lease rent each month.
Real estate in Waikiki is similar to real estate all over Oahu Island (Honolulu county); the price usually increases each year. There have been two exceptions though, the Japanese Bubble Bursting in 1990 and the 2008 Financial Crisis. However, since 2008, the price has recovered and gone up considerably.
When it comes to deciding which realtor or website is the best, often the buyer will choose the relator the buyer feels most comfortable with. Since real estate is a major industry, there are many realtors in Honolulu. I have heard many realtors started working for one of the larger firms such as Coldwell Banker, before branching out to work either independently or start their own firm. In addition, Redfin, which often has lower fees, has started to expand into Honolulu.
If you are interested in acquiring more knowledge about the topic, there is a book called “Buying Paradise Real Estate in Hawaii.” The book is written by George Krischke, who is also a realtor. It is an extremely good book for anyone interested in buying real estate in Hawaii. The book can be found on Amazon.