A Vacation Home in Waikiki

Many people dream of owning a vacation home in Hawaii.  My clients, Don and Dorothy Hobbs did just that - 27 years ago.  Don retired from his job with Pacific Bell in Seattle back in 1986 when he turned 60 and they came to Hawaii to purchase a condo in Waikiki.  Every year since then they have come for 6 months during the winter months and enjoyed staying in their small but comfortable 1-bdrm unit in Waikiki in a building called 444 Nahua.

Enjoying Retired Life

They have truly enjoyed living here on the island.  In the early years they were really active, playing golf, scuba diving and enjoying all that Hawaii has to offer.  In the last few years they have slowed down a bit and don't do all those activities as often as they used to but they still enjoy their regular walk along the Ala Wai Canal and cooking gourmet meals in their unit.

As a real estate agent I am often asked, "Can you find a property at a bargain price that we can turnaround quickly to make money?"

To answer this question, here is my most recent experience with flipping properties. The phone rang: a neighbor is calling about a "For Sale" sign they have seen at a property in Maili Point on the Leeward side of Oahu.

If you think just living in Hawaii is fun, you should try being a real estate agent in Hawaii. Wow, talk about your diverse types of transactions, ways to hold title, even the different ways to develop your land. It all changes here in Hawaii. Let's begin with one of my favorite ways to increase the value in your property, and that is to develop a CPR.

What is a CPR?

A Condominium Property Regime (CPR) in its simplest form is a condo. It is a way of owning a home or unit while sharing the use or access to a parcel of land. A CPR property can be a typical high-rise with lots of units or a beach-front home with only two detached units. The full definition can be found under Hawaii State Law HRS 514B.