Beachside Apartments 429 Kanekapolei St Honolulu?
I am looking into buying an apartment from the Beachside Condos in 429 Kanekapolei St Waikiki, Hawaii. There are a few for sale at this location for a very low price. Does anyone know why the price is so low and if it is a good place to live?
Here is the one we want:
http://www.realtor.com/realestateandhomes-detail/429-Kanekapolei-St-Unit-34_Honolulu_HI_96815_M77324-34897?source=web
Write or e-mail the Chamber of Commerce, requesting marketing information. Ask if the real market is up or down, right side up or upside down. You will probably discover that the over all real estate market is suffering from an acute recession, that beach front house mortgages are upside down, that is, that the owner owes more than what the house is worth and wants to sell it for what he has in it which for you would be a really bad deal. However, if you discover that he is taking a major loss and just wants to get rid of it so tht his credit will not be ruined for the next seven years, you are in a positive bargaining position. If you wish to perform major due diligence, you must employ a local Realtor, negoiate a low fee and make sure you are not buying a pig in a poke. In other words, employ a good, qualified home inspector to tell you that the sub floor is rotten, that there never has been a termite contract, that the wiring is 25 years old, etc. This is a major investment. Act like it.
Write or e-mail the Chamber of Commerce, requesting marketing information. Ask if the real market is up or down, right side up or upside down. You will probably discover that the over all real estate market is suffering from an acute recession, that beach front house mortgages are upside down, that is, that the owner owes more than what the house is worth and wants to sell it for what he has in it which for you would be a really bad deal. However, if you discover that he is taking a major loss and just wants to get rid of it so tht his credit will not be ruined for the next seven years, you are in a positive bargaining position. If you wish to perform major due diligence, you must employ a local Realtor, negoiate a low fee and make sure you are not buying a pig in a poke. In other words, employ a good, qualified home inspector to tell you that the sub floor is rotten, that there never has been a termite contract, that the wiring is 25 years old, etc. This is a major investment. Act like it.
References :
I have been a Realtor all my life. I have developed residential, warehouse, shopping center and apartment ccommunities. I have built single family homes and high rise apartments. My father was a Realtor all his life and my grand dad was grandfathered into the Realtor Association.
I retired in 1999 because of medical problems.