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The Profit of Real Estate in Hawaii
“To live in Paradise.” What is not attractive about having a personalized home to relax in Hawaii, instead of having to worry about hotel reservations. This investment could not only be a home to relax in, but a place to enjoy retirement in the future. Having a place in Hawaii could open doors to new opportunities to even a new place of schooling for you and your family.
The age of the building does not affect the selling price of the condo, or the value of the property. Whether it was built 30 years ago or yesterday, the quality of the property is determined by the environment, location conditions, and indoor maintenance.In Hawaii, age does not affect the selling price of condos, as aforementioned, the value of a property does not age intrinsically. Among the Hawaiian islands, Oahu has the strongest economy as a global resort area. The island is an investment property, and there are growing restrictions on where new housing can be developed as a local residential property. Insufficient supply to demand is a factor in maintaining stability where prices do not fluctuate significantly.
Kakaako Area
The Ward Village Project covers an area of approximately 60 acres (73,450 tsubo), and over 15 years, approximately 16 buildings and approximately 4,300 units are planned to be built. At the same time, the development of commercial facilities such as famous shops, restaurants and entertainment will progress.
Ala Moana Area
There are various projects that are ongoing. There is a High-rise building along Kapiolani street, as well as along Kapiolani Boulevard where new hotel operations have become possible.
Honolulu Rail Transit Project
Ala Moana area will be the station of origin for the Honolulu rail transit project. Movement of people will increase, and with the new commute comes also new opportunities for convenient housing.
House prices and the global financial crisis across the United States have been rising and falling due to a variety of factors. However, Hawaii's real estate was largely unaffected by the 2001 terrorist attacks on the United States, and even during the 2008 Lehman Brothers crisis, Oahu's real estate only fell by 7%,
Therefore, real estate in Hawaii is continuing to be a..
1). Global, diverse resort area.
2). Limited supplied with always high demands.
3). A real estate system ensuring high transparency and fairness
The amount of tourists that traveled to Hawaii was over 9,300,000 in the past recent years and is continuously increasing. In recent years, the number of vacation rental travelers who can afford to use expensive hotels has increased rapidly.
*Currently, tourists are not seen due to the influence of the new Coronavirus, but the number of infected people on Oahu is relatively small compared globally, and the damage should be repaired once the vaccine is released in due time. Even with travel restrictions, tourism has not completely stopped
Sample balance when recruiting accommodation at vacation rental sites such as Airbnb and HomeAway
RENT:
GE Tax:
Ta Tax:
OTHER:
NET:
$2,550.00
$101.86
$286.43
$1,000.00
( $85/day × 30days )
＊UP to $2,700/month
＊ 4.5％
＊ 10.25%
＊Maintenance/lease/electric
(Varies depending on electricity bill)
$1,161.71
On vacation rental sites such as Airbnb and HomeAway (only while COVID restrictions continue) parking is $165 (tax excluded) monthly and tenants can be recruited.
When asking management companies to get a reservation or deal with customers, a 20% commission will be charged separately from the accommodation sales while the customers are obligated to pay each form of taxes.
* Excludes application fees, property taxes, and other expenses.
** The property can be rented for 30 days or more.
*** Washing machine and dryer (charged) are located on the 7th floor of the common area.