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$5,000 Luxury Oceanfront Condo!
Old 09-06-2008, 06:12 PM   #1
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$5,000 Luxury Oceanfront Condo!

Here's the views from the new Honobob retirement abode. That's Diamond Head looking over my 500 acre backyard that some people refer to as Kapiolani Park. There's the front yard, the Pacific Ocean and the view from my front door towards the mountains. That's the top of the W Hotel on the right. It was developed with my building, The Colony Surf, and on the left is the New Ontani Hotel.

Fee Simple, high floor, covered parking, vacation rentals allowable, pet friendly (yea honodog and spare dog) and ready to convert from Coop to Condominium which will greatly enhance the value! Did I say it had its own beach? And the famous Michel's restaurant is on the first floor and the Outrigger Canoe Club and the Elks club are next door.

I bought this in July when I was looking for one more investment property before I retire and asked my Realtor if I could take a peek at a unit there as my plan was to eventually buy there but wanted to see if I'd actually like a unit there. A "deal" came up and I recorded yesterday! Thanks to PenFed for a no muss/no fuss 20 year fixed Heloc on my CA home and a new first on one of my Diamond Head rentals and I was able to pay cash. Not usually my route but since it's still a Coop the financing is way more dificult and the rates are much higher.

So why am I in young dreamers promoting $5,000 beachfront property? Oops I'm not! Oh well, Other Topics is cool. Further proof that you don't need too much branes to be successful in real estate! Because that's what I put down on my $86,000 CA home 22 years ago that I could sell for more than my mortgage balance and the cost of this property. Pretty sweet, yes? Was I lucky or got a great deal back in 1986? Nah. Pretty much anyone that bought then and there has the same results. Pretty much got the same results buying in the 70''s, 80's, 90's and twice in the 00's also so anyone could start today. Oh but you say I could have rented for cheaper and not had to deal with maintenance issues. Well, renting would have been cheaper for maybe the first five years but for at least the last eleven years the difference between renting and owning has been over $1,000 a month in favor of owning and the over $500,000 in appreciation is nothing to sneeze at. Maintenance? 1100 sf stucco ranch in a mild climate? Not too much.

Won't be moving in until after the first of the year so here's a website of an owner in a low floor unit that I watch to keep me dreaming.
thesurfpad.com

So Young Dreamers, don't let the naysayers dissuade you. Do the math!

Mai Tai's in February!
Attached Images
File Type: jpg 2807641_4[1].jpg (32.5 KB, 10 views)
File Type: jpg Colony Surf ocean.jpg (29.0 KB, 13 views)
File Type: jpg 2807641_6[1].jpg (25.5 KB, 8 views)
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Old 09-06-2008, 07:21 PM   #2
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The location is of course, choice. We lived at the end of Kalakaua there (now demolished) and have fond memories of the Hau Tree Lanai (in the New Otani) and all the rest that that part of O'ahu offers; Ono Hawaiian Foods, Irifune, Waiola Bakery, and all.

That said, don't you think a bit disingenuous on the 5K condo? Sure you payed cash but you're into a new first mortgage and a HELOC on another property. The equity isn't cash until it's in your hands, no matter what your CA property is worth. Perhaps a better lesson is to stop gloating and emphasize that in RE timing is key. There's plenty of folks on this board that are sweating their bad timing in the RE market over the past couple years.
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Old 09-06-2008, 07:41 PM   #3
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Am I the only one who does not understand the finances on this post?
5K, 500K, 86K?
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Old 09-06-2008, 07:49 PM   #4
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Am I the only one who does not understand the finances on this post?
5K, 500K, 86K?
No , I did not understand it either !
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Old 09-06-2008, 07:52 PM   #5
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Don't get hung up in the petty details, bask in the brilliance of the deal!
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Old 09-06-2008, 07:55 PM   #6
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Am I the only one who does not understand the finances on this post?
5K, 500K, 86K?
5K = down payment 22 years ago
86K = purchase price 22 years ago
500K = minimum appreciation over that time

Just look at the purty pitchers. It's all good.
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Old 09-06-2008, 08:03 PM   #7
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Bob - didn't you have it in mind to convert rentals to primary residences and be able to divest of a unit you had owned for 5 years every couple years and legally avoid capital gains taxes? New rules: Landlords thinking of converting rental to primary: It's biting us in the tail - was planning to sell a 7 unit and 1031 into a nice single family which we would rent for a year and then convert to personal residence. Figure we will get to pay about $75-$80k in taxes that we didn't expect - or have to live in the place a long time to get the tax savings up. Not really jazzed about doing a 1031 into a rental with a bunch more units and a big mortgage to get some depreciation.
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Old 09-06-2008, 08:26 PM   #8
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Calmloki

Yeah that was one plan but I'm still not sure how the new law will affect me. I was trying to take the $250,000 exclusion and 1031 the EXCESS profit into another property. That was one of my first offerings to the Forum. I can still just do the 1031 into a more expensive property hopefully leveraged enough to provide increased cash flow and appreciation. Or just keep the current properties and take the increased rents. Laws change so I'm flexible enough Plan B.
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Old 09-06-2008, 08:59 PM   #9
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[quote=deepc;709696]

[moderator edit]
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Old 09-06-2008, 09:08 PM   #10
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Honobob, you da man. Party till you sprain your back!

Ha
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Old 09-06-2008, 09:31 PM   #11
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Honobob, you da man. Party till you sprain your back!

Ha
Uh OK, as long as you're not thinking "grumpy old"...

"hey, you kids get off my beach!"
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Possible HI real estate spam
Old 09-06-2008, 09:33 PM   #12
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Possible HI real estate spam

Honobob, congratulation on your purchase. I have a friend who has rented at Colony Surf and currently lives in LA. It is a great building and location. He continually looks at [link deleted] site for oppurtunities. Last week I saw a 1 bedroom in Colony Surf for under $900k. It seemed to good to be true and was as the price was a mistake and is now listed at just under $1 million.
I have been lurking on this site for a long time and have just registered, this evening.
I need to to go on the Hi I'm new forum and introduce myself.
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Old 09-06-2008, 09:43 PM   #13
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Uh OK, as long as you're not thinking "grumpy old"...

"hey, you kids get off my beach!"
No man, I am thinking what a fabulous social asset you have acquired.
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Old 09-06-2008, 10:09 PM   #14
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Honobob, I know the building you mean, we stayed at the W in July. Good location, didn't actually realise they were for sale as such, for some reason I thought it was a hotel. So is yours a 1 or 2 bedroom?
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Old 09-06-2008, 10:26 PM   #15
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No man, I am thinking what a fabulous social asset you have acquired.
Yeah, I'm kinda anxious to see how that will play out. I was talking to a guy on one of my condo boards who has 10 years on me and he has an eye for the younger. Up to now he's been doing alright but has reached a dry spell that he doesn't see getting any wetter. We were talking about how much and at what age a man needs to start throwing above and beyond assets into play. But that's probably a whole new thread.

Well I've already got a single lady in the building offering her design expertise. Will it be sad if I just end up with a great looking apartment?
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Old 09-06-2008, 10:36 PM   #16
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Honobob, I know the building you mean, we stayed at the W in July. Good location, didn't actually realise they were for sale as such, for some reason I thought it was a hotel. So is yours a 1 or 2 bedroom?
DangerMouse
The whole story is at ColonySurf.net . The Colony Surf, the W and the Colony Beach were all developed together. The Surf was a hotel.
All the units are one bedroom, 500sf and 900sf. The 01 & 04 units were allowed to close off some of the walkway so they are larger. I was planning on a big unit 5 years from now but all I can afford at this time is the smaller unit and may still sell off property at a later date to get a big unit. Some of the properties have been combined to make multiple bedrooms. I believe there is a three unit one listed at $3,999,000.

When you were at the W did you go to the Kaimana Beach or the Colony Surf Beach?
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Old 09-06-2008, 11:57 PM   #17
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I'm assuming we went to the Colony Surf Beach - it's only a small strip right there in front of the restaurant - there is a walkway down the side to provide access from the W.

We have been thinking about an apt nearby, at the Ambassador, has been on for nearly a year and also has good views, but likely needs some updating.
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Old 09-07-2008, 12:30 AM   #18
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I'm assuming we went to the Colony Surf Beach - it's only a small strip right there in front of the restaurant - there is a walkway down the side to provide access from the W.

We have been thinking about an apt nearby, at the Ambassador, has been on for nearly a year and also has good views, but likely needs some updating.
Here's a great link for Gold Coast properties.
Diamond Head Condo Map, Honolulu, Oahu, Hawaii

The lack of parking at the Ambassador is a definite negative. Parking around the park used to be pretty easy but it is metered and filled up most of the time. I looked at one a while back but it lacked privacy. I think maybe only the very front units are not looking into each other. I needed pet friendly also. It's a great looking building though.

Are you still considering Honolulu or are you going to Australia?
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Old 09-07-2008, 04:05 AM   #19
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Honobob... The view is great.

So... when should we all show up for the barbecue?
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Old 09-07-2008, 05:01 AM   #20
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Actually Honobob we did buy and sell in Hawaii.

Didn't see where asking if you were telling the whole story (disingenuous) was name calling. It was confusing enough that at least one other person didn't know what you were talking about.

Since you count posts and look up old messages, perhaps you'd see when I joined this forum. Folks like you who can't take the most minor bit of criticism make participation in this sort of activity futile. Aloha indeed.

Hey enjoy Waikiki and get a little aloha yourself bruddah.
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