Open House Pick of the Week: Relax in This Affordable Condo in Nu‘uanu
The lease on this condo goes through 2070.
Photo: courtesy of Better Homes and Gardens Real Estate Advantage Realty
Leasehold properties tend to be more affordable than fee simple, at least up front, but, as we've discussed before, there can be some disadvantages to such a purchase, as well. Most real estate agents will tell you to avoid buying a leasehold property unless the fee is available or it fits your stage in life.
This week’s open-house pick is a different kind of leasehold property, as the lease goes through 2070. If you’re reading this and thinking about buying property, it’s likely the lease will outlive you, which makes it a very good buy. (Disclosure: This is fellow blogger Jaymes Song’s listing.)
Brookside is a 36-year-old building and was one of the “hot” condos to live in the 1980s. I know, because I used to live in the area and wished for a unit there.
There are nice amenities, including a pool, a Jacuzzi, a barbecue, a gym, a sauna and 24-hour security; it’s close to downtown (a 20-minute walk to Bishop Square, which I timed); and in the lush Nu‘uanu area.
It’s located on the preferred treetop level of the “06” stack, which is the Diamond Head/ocean tower. With the treetop view, it's high enough to see over the trees, but low enough that you don't see any of the traffic or the highways.
The listing itself is a one-bedroom, one-bath corner unit with 787-square-feet of living area. The original unit had an open lānai, but it was enclosed to offer extra square footage. It features an open floor plan with designer touches like granite countertops, marble floors and a custom closet. Of course, it has a washer/dryer in the unit and comes with one covered parking stall.
You can hear the stream from the unit (thus why it’s called Brookside), which is very calming for sleep—take it from a former Nu‘uanu resident.
Now, about that lease rent: it’s $60.51 per month, which is paid to the landowner, Honolulu Myohoji Mission. The fixed increase is about $10 at years 2020, 2030, 2040, 2050 and 2060. By comparison, other leasehold condos have higher lease rents, some as high as $1,200 per month.
This unit will have its first open house on Sunday, Sept. 20, from 2 to 5 p.m. Click here for details.
Happy house hunting!
Money talk: $359,000 leasehold
Contact: Jaymes Song, Better Homes and Gardens Real Estate Advantage Realty, 228-3332, firstname.lastname@example.org
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