Hawaii Real Estate and Kona Condos for Sale
Hawaii is the 50th state of the United States of America, located in the Western United States in the Pacific Ocean. Hawaii is known for volcanos and beautiful sandy beaches. Hawaii has beautiful beaches and shores with pink, black, red, and green sand. Hawaii is also famous for hiking, sailing, swimming, kayaking, or just sitting and enjoying. Millions of people come here to spend their holidays and enjoy the beautiful views.
Hawaii is also an ideal place to buy a home. If you frequently visit Hawaii for business, job, or meetings and wants to buy a residence in Hawaii. This article contains a quick overview of Real Estate in Hawaii.
Real Estate in Hawaii
Hawaii typically has two types of property ownerships, Fee Simple and Leasehold. Before buying property in Hawaii, you must understand the two terms.
Fee Simple is the basic type of property ownership. You buy the land and structure on it. You don’t have to pay any monthly lease on it. Whereas, in leasehold, you don’t buy the land but the improvements on that piece of land. You negotiate with the owners of the land. The leasehold typically lasts for about 55 years. After 55 years, you need to renegotiate with the landowners.
There are three types of Real Estate ownerships in Hawaii Single Family Homes, Condominium, and Timeshare. According to some reports, the new house listings fell about 9.8%. The condominium listings fell to 19.2%. The total inventory of houses has plunged about 44%. On the other hand, the condo has fallen 82.3% year over year.
Real Estate in Hawaii is expensive. The real estate prices vary from county to county and island to island in Hawaii. You can get the cheapest real estate on the big island. You can buy some of the best condos on the big island in Kailua Kona town.
Real estate is mainly divided into categories based on the price. The first category is real estate under $200,000. This is the least you can pay for any property in Hawaii. Under this price range, you get under 1,000 square feet of living space. These properties are mainly leasehold properties.
The second type of property falls between $200,000 to $500,000. This is the widest and most popular type of real estate in Hawaii. It includes houses with living space ranging between 600 to 1300 square feet. Most of the condos in Hawaii fall under this price range.
The third option to buy real estate is $500,000 to $700,000. You mainly get single-family homes in this price range. You can get a wide variety of family homes with different designs and different living spaces in this price range. The living space varies according to prices, offering you living space less than 700 square feet to more than 2000 square feet.
The last option for you to buy property in Hawaii is real estate ranging from $700,000 and more. This price range mostly gets you the luxury real estate in Hawaii. You can get homes with more than two bedrooms and more than 1,500 square feet of living space. You can even buy big mansions with millions of dollars.
For luxuary lifestyle or not fan of mansions you can contact Penn Henderson for Kona Condos for Sale he is an established realtor in kona.