My company recently listed a residential condominium, single-family home in Ha‘iku. I think residential condominiums can be great deals and this incredible value with three bedrooms, two baths, a two-car garage all on one acre of land with a beautiful valley, ocean and Moloka‘i views is one of them. The home has new paint, new carpet, a new roof, and a very private location—all for only $599,000. The home is on a two-acre, agriculturally zoned property. This home also went through thorough county inspection to qualify for condominiumizing. Over one acre of the land is limited, “common element,” and yours to tend. The property is fee simple, so purchasing this home gives you a deed and full ownership.
The first open house was held on Sunday, July 13, and we had an incredible turnout of potential buyers; however, lots of questions popped up when they learned that it is a residential condominium. Here are some of the questions that came up during the open house along with my answers:
“What if your neighbor does something that is not to your liking?” This could be the case no matter where you live.
“Can I put a cottage on the property?” Usually not. The Ha‘iku home is over 1,300 square feet and the county will not allow a cottage. But you still have an acre of land that is yours. Always check with zoning regardless of what type of property you are buying in regards to additions and detached structures.
“Can I get a loan on it?” Yes. Lenders consider it to be a single-family home—because that is what it is.
“Do you share utilities?” Usually the water meter is shared and sometimes the driveway, but that is usually it.
“Would you, Chris Bakeman, buy a residential condominium?” I answered a strong “yes.” I have researched them and do not see a negative side.
At the time of this writing there are over 100 residential condominium, single-family homes for sale on Maui. They are located on all different parts of the island, at all different price ranges, home and land sizes. They can be excellent deals, so check them out.
Chris Bakeman, broker, has been a realtor since 1997, selling in both buyers’ and sellers’ markets. Now with her own company, she offers an affordable way to sell your home starting as low as $4,000 full service on the MLS. Contact Chris Bakeman Realty LLC at 283-6126 or www.chrisbakeman.com.