Consider a condo instead!

If the lack of single-family homes on Oahu — especially in the entry-level price range — has got you down, you might want to take another look at a condo or townhome. While there were half the number of single-family homes for sale in March 2021 compared to a year ago, and the median home price is nearing $1 million, there are three times as many condos for sale and the median price is $440,000, less than half the median price of a home. And, competition is lower for condos, too. While one in two single-family homes was the object of a bidding war last month, only one in 4 condos were bid up over the asking price.

Even if owning a single- family home is your ultimate goal, investing in a condo now will set you on the path to building home equity that could be put toward a future home. If you meet certain income thresholds, you may qualify for a reserved or affordable condo unit, too.

In addition to more choices, lower cost and less competition, condos also offer many lifestyle benefits.

Low-maintenance living

One of the biggest perks of condo life is that exterior maintenance, landscaping and general upkeep of common areas are covered by monthly homeowner’s association fees. This means that weekends are yours to enjoy, with no mowing, painting or other tasks that often come with homeownership. And because costs for more expensive maintenance items, such as roof repairs, are budgeted for by the HOA and shared among all owners, condo owners are less likely to have large surprise bills.

“Lock-and-go” convenience

Thanks to features like secure entry points, security cameras and on-site resident managers common in many condo buildings, residents can “lock and go,” knowing their home and property are protected. Some condo communities have a dedicated security team, too.

Top-notch amenities

Another benefit of choosing a condo over a single-family home is the amenities. Most condo buildings and townhouse communities feature pools, BBQ areas and multipurpose rooms, and many offer playgrounds and gyms, too. Several newer condo projects offer unique amenities like dog parks, theater rooms, community gardens and co-working spaces. And when it comes to luxury condo amenities, the sky’s the limit — from tennis courts and putting greens, to lush, resort-like pools and catered dining rooms.

Location, location, location

Whether you’re looking for ocean views, proximity to the beach or the workplace, or to be in the heart of Honolulu’s vibrant dining, shopping and entertainment districts, condos and townhomes can be found in nearly all Oahu neighborhoods. Some areas — like Waikiki and the urban core — have more condos than outlying areas.

Greater variety

From high-rise studios to three- and even four-bedroom townhomes with enclosed yards, there’s a condo for everyone from young professionals to growing families to active retirees. Two-bedroom condos are the most plentiful on Oahu, making up over one-third of for-sale condo stock. One-bedroom units make up another third of for-sale inventory, while studios and three- or more-bedroom units make up remaining inventory. Townhomes, which can be two or even three stories and may have enclosed front or backyards, are more common in suburban markets, like Hawaii Kai, Mililani and Ewa; however, many three-bedroom units with large footprints can be found within the urban core.

To search for condos by amenities, location and bedroom size, download the free Locations app or visit locationshawaii.com