North Shore Home Under $600K


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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, mary.edu@pruhawaii.com.

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