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Monday, January 3, 2011

North Shore Home Under $600K

North Shore Home Under $600K

The beach is just across the street from this three-bedroom, three-bathroom home in Waialua.

It’s an all-too-common story these days: House hunters buy at the peak of the market, the home loses much of its value in the declining economy and the owners are stuck with a home that’s worth less than what they originally paid. This Waialua, North Shore home is another one of those sad tales: A friend of mine purchased it new in June 2004 for $497,000. He turned around and sold it for $900,000 in late 2005, a pretty nice, though obviously inflated, profit. The current owners have recently listed it again for $599,000—a nearly $300,000 loss.

It’s hard to wrap your head around such a significant price decrease, especially when you consider that the home is literally across the street from the beach. That said, it’s not directly on the beach, this part of Waialua tends to be lower-priced than other North Shore neighborhoods and the market on the whole has been on the decline: According to the Honolulu Board of Realtors’ November Local Market Update (the most recently available data), in 2009, the average sales price of single-family homes on North Shore was $921,957. As of November 2010, the average sales price was $735,730, a decrease of about 20 percent.

But, as the listing says, “sellers’ loss, buyers’ gain!” The three-bedroom, three-bath house has direct ocean views, though when the owner of the vacant land across the street finally builds on it, those vistas will be significantly limited. The house, which is part of a CPR (fees are $125 per month), is on a corner lot and has two ocean-facing lanai. There’s just over 1,700-sq.-ft. of livable area, which is a comfortable size, though there’s virtually no yard space. Inside, the light-filled spaces are nice and neutral, with the exception of the master bath, which was painted a bright blue. The home has a large carport in lieu of an enclosed garage.

The home is subject to “HAP approval,” meaning it’s being sold through the Homeowners Assistance Program (HAP), which is administered by the U.S. Army Corps. of Engineers, and helps eligible service members and federal civilian employees sell homes with upside-down mortgages.

Contact: Mary Tess Edu, Prudential Locations. 488-7700,

Posted on Monday, January 3, 2011 in Permalink

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About This Page

Honolulu Real Estate focuses on the Hawaii housing market, condos and homes for sale, Hawaii rentals and general news about real estate in Hawaii. It also includes stories on apartment living, home decor and profiles.

Melissa Chang graduated from the University of Hawaii with a degree in journalism and has been blogging since 2007, mostly on food and travel. She works primarily in social media, so you can find her online @Melissa808 on Twitter and Instagram.


Jaymes Song is a real estate agent at Prudential Advantage Realty in Kahala. Jaymes is in the top 7 percent of Prudential agents nationwide. Previously, Jaymes was at The Orange County Register, Honolulu Star-Bulletin and rose through the ranks to overseeing news and operations for AP in Hawaii and the Pacific Rim. Jaymes lives in the Portlock area and loves his real full-time job of being dad to two curious kids.

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