BY LISA SCONTRAS
When you live in the most expensive real estate market in the country, the homes people talk about are, well, expensive. So today, we decided to focus on the entry-level market, which has always existed, but has never looked so provocative as the list of properties below.
Whether your home-buying budget really tops out at $200,000 or you’re looking to buy your first investment property for as little as possible, these harder-to-find, exceptionally priced, golden nugget properties are sure to pique your penny-pinching preferences.
“There are 15,000 properties on the market right now,” says Carlin Yamashita, Realtor Associate at Prudential Locations. “And first-time homebuyers are making up a big percentage of the buyer pool.”
There were too many properties to feature here. But here are some of the gems:
* Starting with the most astounding is this three-bedroom, one-and-a-half bath leasehold townhome for sale in Pearl City. The largest unit on the list measuring 1,194 square feet, this Waiau Garden Court unit is in good condition and comes with parking for $183,000. MLS# 1201504
* In Waikalani Woodlands, there is a three-bedroom, two-bath fee simple unit with 1,023 square feet for $199,000. This is a corner unit and comes with two parking stalls. For young families who don’t want to stretch themselves too thin, this is a must-see. MLS# 1202747
* If you’re looking for more bling, there is a two-bedroom, two-bath unit at the Kahala Beach apartments with garden views listed at $95,000 leasehold. This is a 1,555-square-foot condo in Kahala with sandy beach access. MLS# 1203627
* On the other side of Diamond Head, but just as sensational on the Gold Coast, is a studio at the Diamond Head Beach Hotel, unit 302. This remodeled condo is furnished, turnkey and pet-friendly. Asking price is $105,000 leasehold. Cash buyers only. MLS# 1203144
* Waikiki offerings include a fully furnished, tastefully updated fee-simple studio at Luana Waikiki for $169,000. The low maintenance fee of $493 includes cable television and electricity. A smart buyer can turn this well-located unit into a winning investment, with vacation usage plus income potential. MLS# 1202543
* A perfect bachelor pad, this desirable, cool and cozy ground floor one-bedroom, one-bath Makiki Apartments unit with one parking stall is listed for sale at $199,000 fee simple or leasehold for $154,000. Maintenance fee is $250 per month and includes hot water. This unit is in a great town location. MLS# 1200168
* On the beautiful Waianae Coast is a fee-simple condo listing in a beachfront location at the Makaha Surfside. With ocean views from this third-floor unit measuring 412 square feet, this one-bedroom unit (with one parking stall) is the perfect weekend getaway or rental unit, with an unbelievable purchase price of $74,000 fee simple. MLS# 1114226
* A handyman’s special, this two-bedroom, one-and-a-half-bath Pearl City townhome with 782 square feet is listed at $199,000 fee simple. Bring your TLC because this small unit has big income-producing potential. MLS# 1203683
* Two blocks from Punahou School is a charming garden apartment at Punahou Gardens on Wilder Avenue for $89,000, lease-hold. This studio is in a building that is 90 percent fee simple. MLS# 1200634
While leasehold listings have restrictions, buyers are encouraged to look into lease terms thoroughly as low prices can often make these properties favorable purchases. Your Prudential Locations Realtor will be happy to crunch the numbers and talk with you about current leases.
“Don’t just automatically assume that your dreams don’t match your budget,” says Yamashita. “Find out what you can qualify for and then put the parameters into a search. With today’s low mortgage rates, you might be surprised to find that you qualify. A good percentage of people became homeowners last year, who thought they couldn’t afford to buy.”