Hawaii Foreclosure Homes for More Affordable Island Living

By: philip smith

There are not a lot of affordable family living options in Hawaii foreclosure homes. With a filings rate of 1 in every 5,777 households in July, foreclosures may be well up on last year in percentage terms, but this scarcely causes a ripple in that close, gloriously blue ocean. The decline in home sales in recent months does get more attention and gives the buyer a slight edge.

Residential property on the island state of Hawaii seems expensive to most buyers coming from the mainland. Of course, if you hail from Southern California then the sales prices probably have little impact, but if you come from Illinois or Tennessee, you will be overwhelmed! The median price of a single family home is three times that of the national average, and not surprisingly the average foreclosure sale price reflects that same ratio. During recent months this year average foreclosure sales have been an amazing $450,000-$530,000.

Construction materials brought from the mainland and land expensive because that available for residential use is very limited, are the main reasons for the startling prices, and of course a view of the sea, or properties on the waterfront command very high prices indeed.

Most single family homes are one storey, wooden framed, wood or composition exterior siding, on concrete foundations. Sizes tend to be smaller, homes have limited storage space (no basements and carports not garages), and sit on lots of 5000 to 7000 sq ft. Hardly comparable with your average new Californian custom built.

All the more reason to include a search for homes in foreclosure when buying your tropical paradise home in Hawaii. Foreclosures may be more of a rarity here but good discounts are still sought and won. Honolulu, Hawaii and Maui Counties report the higher numbers of foreclosure filings currently, and that's where the majority of condominiums with superb amenities and golf course chalets are found. Expect savings between 20 to 30%; what better way to make your investment funds stretch further.

Foreclosures
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