I know this is a tourism-related forum not a real estate one but for some of you, you might consider buying a place in HI.
I was shocked to read that the Lord condo at Kahala Beach fetched so little, partly due to a need for renovations but mainly because it is leasehold which is not only high cost but is due to expire (permanently?) in ~20yrs.
Still, isn't this place a bit of a bargain?
Surely in its time it must have been special for this esteemed couple to want to live there.
I have to admit I love the houses used as locations for many of the stories in the Hawaii Five O series.
'Five-0' star Jack Lord's Kahala condo sold
The beachfront condominium in Kahala that belonged to "Hawaii Five-O" star Jack Lord and his wife sold this week for less than a third of the original listing price.
The 3,440-square-foot, three-bedroom condominium at the Kahala Beach complex sold for $800,000, according to Patricia Choi of Choi International of Honolulu.
Choi first listed the unit for just under $2.8 million in April 2006, about six months after the late actor's wife, Marie, died. The sale recorded on Thursday, she said.
I recall previous stories yeas ago that refer to the condo and I figured it was something a little special.
I suppose it needs a LOT of work!
Leasehold story
Kahala Beach, with only about 20 years remaining on its lease, has become a marketplace anomaly -- an only-in-Hawaii real estate tale. The property, which is easily one of the most prestigious oceanfront addresses in Honolulu, also has become one of the least expensive to acquire, due to its firmly entrenched leasehold status.
"Kahala Beach has become unique in the marketplace because it has been in a condemnation action for years," said Mike Pang, principal broker of Monarch Properties Inc., who has specialized in representing condominium associations in fee negotiations.
The land under the Kahala Beach complex, which was built in 1967 at a cost of $4 million, will return to lease owner Kamehameha Schools in 2027. That precludes buyers from getting a 30-year mortgage and investors from completing Section 1031 tax-deferred exchanges, which has cut values drastically.
Lord's tranquil oasis across from the Waialae Country Club and next to the Kahala Hotel & Resort would likely have been listed for three times the amount if the property owners had been granted the right to buy the fee, said luxury real estate broker Pat Choi, the president and principal broker of Choi International Realty.
The day Elvis visited Hawaii and the Lords, in their condo