With affordability being one of the driving forces in deciding to make the big move from renting to owning, one of my favorite developments remains Ka Makana at Hoakalei. Buying a home on Oahu is no simple feat for most people with median prices surpassing the half million price point.
As part of our profession and desire to help our clients, we strive to find a home that they not only love, but can afford. This continues to be our biggest and most important factor in the search for a home.
It seems that many first time home buyers would like just the most basic of dreams – a 3 bed/2 bath, 2 car garage home with a yard for entertaining or a play area. This seemingly simple home can cost upwards of $700,000 near downtown Honolulu. With the median income in 2009 of $57,601, the math is simple and sometimes disappointing.
Take home pay (approx.) per month: $2,215.42
What should be spent on housing (30% of income): $1,550.79
This is about where you would be as a single person making the median salary:
Home value: $275,000
10% down: $27,500
Mortgage at 4.5%: $247,500
Monthly payment: $1,540.50
Well, there is not much to choose from in that price range, but it is a start. Once married, median joint income becomes $115,202 per year and sales price moves up to $550,000, and the hope for that basic dream of a 3 bed/2 bath, 2 parking home with a yard is finally obtainable. However, in order to have that type of house in good condition, it is likely West Oahu is the best option.
Ka Makana at Hoakalei can actually provide that dream at a relatively affordable price. It has the whole package for prices that the average family can afford – well worth going West.
For added bonus, Ka Makana at Hoakalei has:
- Neighborhood country club
- Swim club
- Tennis courts
- A tropical community lined with greenery
- The relaxing feel of a world class resort community
Here are some photos of a listing currently available in this resort community. These photos are of a 3 bed/2 bath home (MLS# 1110529) listed at $669,000.
For more information on this property, or any other Oahu property, contact me at firstname.lastname@example.org.
Kelly A. Lee, (R) e-PRO, CHMS
Hawaii Life Real Estate