Living the Dream: Buying and Selling a Vacation Home in Waikiki

A Vacation Home in Waikiki

Many people dream of owning a vacation home in Hawaii.  My clients, Don and Dorothy Hobbs did just that - 27 years ago.  Don retired from his job with Pacific Bell in Seattle back in 1986 when he turned 60 and they came to Hawaii to purchase a condo in Waikiki.  Every year since then they have come for 6 months during the winter months and enjoyed staying in their small but comfortable 1-bdrm unit in Waikiki in a building called 444 Nahua.

Enjoying Retired Life

They have truly enjoyed living here on the island.  In the early years they were really active, playing golf, scuba diving and enjoying all that Hawaii has to offer.  In the last few years they have slowed down a bit and don't do all those activities as often as they used to but they still enjoy their regular walk along the Ala Wai Canal and cooking gourmet meals in their unit.

Their condo is set up just the way they like it with a bright and functional kitchen and lots of storage closets to keep everything organized.  On the roof top they have a nice swimming pool, a work out room, two sauna rooms and lot's of space to have a BBQ.

Moving On

Now at 85 and 82 the time has come when they have decided that they cannot keep up this lifestyle so they are going to give up their vacation home in Waikiki. They hired me to sell it for them and when this was written we were just a few days from closing the sale.

A Great Investment

In addition to really enhancing their quality of life and escaping the cold winter months in Washington State for all these years they actually did pretty well with their investment.  They purchased their unit in 1986 for $63,500 leasehold, then purchased the fee in 2002 for $24,907 (total: $88,407) and now they are about to close on a sale at $315,000.  That is an appreciation of 256% over 27 years or an average annual appreciation of 9.48%.  To be fair, it should be mentioned that they probably spent about $50,000 on upgrades over the years and the lucky buyer is going to take possession of a fully turnkey unit with great furniture and all household items included.

Good Luck Don and Dorothy!

I wish all the best to Don and Dorothy, who have become dear friends during the time that I worked with them on marketing and selling their unit.  I can’t wait to visit them in their other home in Bellevue, WA later this year.

Don and Dorothy Hobbs in Waikiki

If you have any Real Estate questions about buying a retirement home, or any question about the real estate market anywhere on Oahu, I would love to help!  Contact me today using my contact information below.

Helgi Thorhallsson (R), ABR

Direct: (808) 732-5061
Mobile: (808) 542-6232
email: helgi.thorhallsson@pruhawaii.com 

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