Mainland acquaintances, who've spent some time on Oahu over the years and know their own lifestyle preferences, are considering buying a Waikiki condo. They'd probably be spending most of the year overseas yet they're not enamored of landlording-- perhaps a snowbird rental for 3-4 months/year.
They've been working with a Prudential realtor for some time and they're looking at two choices: "The Lofts" at 437 Launiu (http://www.morehawaii.com/Loft_at_Wa...and_prices.htm) or "Allure" at 1837 Kalakaua (http://www.allurewaikiki.com/). They understand that this is upper-crust luxury real estate, not your typical $300K median Oahu condo, and they're willing to pay up for the location & amenities. Rumor is that the Loft places are selling at a 10% discount. The Allure condos may be discounted as much as 20-25% since they're still under construction and may not be ready for occupancy before April. They understand that these condos aren't cheap by any local standards but they're coming from an area with much higher real estate prices, they have the money for the down payment, and they have the credit ratings for the mortgage. They understand that the condo values might continue to slump for a few more years. They're not interested in making money but they'd rather not be locked out of the market by any sudden price jumps.
They're going to take a good hard look at other places before they make any offers, although I suspect the realtor will be putting on heavy sales pressure. I don't spend much time in Waikiki, and I don't know more about these places than I read in the newspapers. Anyone know of any issues with these two condos or their homeowner's associations? Any gossip or other info that isn't being reported in the media? Any problems with neighborhood bars or bus stops or traffic? Any other issues they should watch out for? I doubt they'd be interested in Trump and maybe not the Colony Surf, but are there any other luxury condos that they'd want to take a look at?
They've been working with a Prudential realtor for some time and they're looking at two choices: "The Lofts" at 437 Launiu (http://www.morehawaii.com/Loft_at_Wa...and_prices.htm) or "Allure" at 1837 Kalakaua (http://www.allurewaikiki.com/). They understand that this is upper-crust luxury real estate, not your typical $300K median Oahu condo, and they're willing to pay up for the location & amenities. Rumor is that the Loft places are selling at a 10% discount. The Allure condos may be discounted as much as 20-25% since they're still under construction and may not be ready for occupancy before April. They understand that these condos aren't cheap by any local standards but they're coming from an area with much higher real estate prices, they have the money for the down payment, and they have the credit ratings for the mortgage. They understand that the condo values might continue to slump for a few more years. They're not interested in making money but they'd rather not be locked out of the market by any sudden price jumps.
They're going to take a good hard look at other places before they make any offers, although I suspect the realtor will be putting on heavy sales pressure. I don't spend much time in Waikiki, and I don't know more about these places than I read in the newspapers. Anyone know of any issues with these two condos or their homeowner's associations? Any gossip or other info that isn't being reported in the media? Any problems with neighborhood bars or bus stops or traffic? Any other issues they should watch out for? I doubt they'd be interested in Trump and maybe not the Colony Surf, but are there any other luxury condos that they'd want to take a look at?
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