Living in Hawaii is expensive, and probably one of the most expensive ventures any investor would ever undertake. Hawaii’s distance from the mainland US make it difficult for its real estate business to ever shed its costly character. Maui Island is a popular tourist destination, recently housing world-class shopping, dining, and entertainment contemporary to the more prominent island of Oahu. While being substantially inferior, the rich and wealthy still are significantly drawn to relocate to this combination of the luxurious and the exotic. This demand for a piece of paradise regardless of cost, pull prices of Wailea real estate properties up in an expensive fashion.

The upper yet reasonably doubtful class, however, need not worry about making major financial commitments on investing on real estate properties in such high-end localities. Bargain real estate finds are realities in Wailea; though laden with luxurious resort communities and glamorous golf courses, the keen investor or homeowner will find a property that is beaming with potential when equipped with a discerning eye.

Where to look and what to look for

The large number of properties and the equally large number of players in the Wailea real estate business could very well scare off potential buyers. At the same time, first time players in the real estate industry are yet to find out how to go about with the Wailea market. This means that investors are expected to find real estates that would warrant maximum profits at reasonable costs.

• Foreclosures

A foreclosed property can be a very good bargain, in terms that the real estate property had great potential which the previous investor tried to harness and recover but was financially limited to do so. Foreclosures mean that the debtor has been unable to keep up with his mortgage debt and whose rights to the property have been terminated. When considering buying foreclosed properties, make sure to be knowledgeable of local laws, and team up with people who know the inventory and the properties well.

• Location

A good real estate bargain naturally would be in a location where it is not too close to the area of the more expensive properties, and not too far flung into the islands where it is almost inaccessible. If the investor would like to put up a resort, considerations for the competition with the nearby, more established resorts should always be a factor, as well as if guests could actually go to the location within a reasonable period of time and expense. A good location would also be one that is within the proximity of main highways, airports and modes of public transport, hospitals and community centers.

• Views and exterior potential

It is a factor considerably important for people who look for Wailea real estate because of its lush environment, and for hoteliers and resort owners who seek to have their guests enjoy the best views of the natural beauty of Hawaii. Bargain real estate may not have an extensive view compared to other more expensive properties, so simple yet tasteful detail is any property’s edge over the other. Properties furnished with top of the line appliances, granite, marble, oak and mahogany interiors, pools and Jacuzzi tubs, and landscaped gardens offer extra value to the property.

• General condition

Bargain real estates are mostly old foreclosed properties and have been neglected over a period a time. Some may still be quite brand new but has been made decrepit by the previous owners. Some properties may have a vintage or natural touch that may be of an advantageous charm to future construction and design, while some properties are just well beyond repair. Investors should always look carefully; a wash of paint can cover a whole lot of defects.

• Price and Resale value

It may be that the property seem simple but exorbitantly priced, and has very good market value. It may also be grandiose and unbelievably low priced, but with very little resale value. Taking into consideration the price and resale value of any real estate property is important, especially in a slow and unpredictable market where there may be a point when keeping the property is unreasonable, and selling it instead would be a wise measure to avoid foreclosures.

• Property Tax

Some properties may seem a bargain, while hiding brutal annual property taxes. This factor negatively affects rookie real estate players, low to moderate income earners, and fixed income earners. It makes homeowners flee to other areas to break away from high property taxes and therefore spell a very bad business for the real estate owner. Studying market statistics and arming one’s self with proper knowledge of the rates of taxes is advantageous for any investor.

 

Bargain properties for sale on Wailea

1. 40 Hale Alii Place

Value was assessed in 2010 to be 2.1 million dollars and is now being offered at approximately 1.5 million. The only residential bank-owned home in Wailea and houses three rooms, three and a half baths in 3,670 square feet of space. It also features an ohana, or guest house with its own bath and kitchen. The beach is right across the street, while The Shops at Wailea and numerous resorts are nearby. The lot is also within proximity of the Old Wailea Blue Golf course, which makes it a perfect location for a vacation rental or a family home for golf enthusiasts.

 

2. 3300 Wailea Alanui

A condominium unit with one bedroom and two baths located on the Wailea Ekahi II. While being sold unfurnished, this property comes with an office area and walk-in closet in the bedroom, a lanai and top of the line stainless appliances. It is being offered at $378,000 and is perfect for a vacation rental.

 

3. 155 Wailea Ike Place – Grand Champions

When something is rare, as is this three bedroom unit condo, the price of $725,000 is actually a great bargain. The Wailea Blue Golf course can be easily seen from the large lanai. A tennis club, restaurants and shops are close by. The unit has two baths and the kitchen has already been refurbished with granite countertops a new range and microwave, and new carpets have been put in place. A very suitable location for daily, weekly or monthly rentals, and worth the price for this prime piece of Wailea real estate.