Honolulu Real Estate, an Island Invitation

Honolulu Real Estate, an Island Invitation

Considering a move to a Pacific island? Tired of long, cold winters and muggy, mosquito-infested hot summers? Enjoy the city life, the vibrancy and culture, the great food and nightlife, the ethnic diversity, and the economic opportunities? The answer to these questions may be found in Honolulu, Hawaii, a vibrant city of over 370,000 people, and home to famous Waikiki Beach, perhaps the most well-known sandy beach in the world, may be just what the doctor ordered.

In contrast to the housing crises on the U.S. Mainland, the real estate market in Hawaii is stable and well regulated, with little evidence of the sub-prime mortgage calamity that now plagues the Mainland.

Property in Hawaii runs the gamut from luxury beachfront and oceanfront homes and condos to small ranch homes on lovely, palm lined neighborhood streets. Much of this appealing real estate diversity is located in Honolulu, the largest city in the Hawaiian Islands, and located on the island of Oahu. Honolulu offers the cultural vibrancy, ethnic diversity, and good, old-fashioned chutzpah that characterizes every major city, worldwide. Well known for good schools, a low crime rate, an excellent public transportation grid, and abundant real estate property, Honolulu could be your next hometown.

Honolulu homes also offer proximity to Waikiki Beach, the Honolulu Zoo, as well as nearby Pearl Harbor, and Diamond Head. In addition, a home in Honolulu offers Kapiolani State Park, 500 acres of palm trees and ocean vistas, while not quite as renowned as Central Park in New York City, certainly has its charms.

The average sales price for a single family home on Oahu in 2008 was $792,520 and $383,418 for a condominium. While this may seem a bit daunting, an important thing to remember is that Honolulu real estate is holding its value; in most cases, increasing in value. This is no mean feat in today's housing crunch.

Then, again, most property available today, especially in the U.S. is not located on the ocean, amid tropical breezes, and gorgeous white sandy beaches. As well, Hawaii, in general, and Honolulu, in particular, resonates with people world-wide. Not to demean the good folks of, for instance Cleveland, Ohio, but they simply cannot say the same thing about their city.

All this is not to say that the Hawaiian real estate market is totally unaffected by the bursting of the housing bubble. Foreclosures have hit the islands, just as they've hit neighborhoods all over the nation. Think about it, a bargain is a bargain, but a bargain in the Honolulu is just a bit more of a bargain.

Honolulu is a Mecca for those looking to rent for a week, a month or a year. Rental unit vacancies in Honolulu are at about 8% right now, far below the figure for many resort communities around the world. This represents, of course, a perfect opportunity for real estate investment. Wouldn't it be refreshing to invest in a metropolitan area where your investment would flourish rather than stagnate?

Homes for sale in Honolulu represent not a housing crisis, but a real opportunity to live, work, raise a family, and take advantage that all this tropical paradise that is Hawaii has to offer.