Gold Coast Real Estate
If you are one of the privileged few who own Gold Coast real estate, there is little reason to wander far from home. The Gold Coast refers to 837 apartments in 17 different buildings that occupy a narrow quarter mile stretch of coastline that extends from the New Otani Kaimana Beach Hotel to the Kainalu, at the base of Diamond Head and next to Waikiki.
Sans Souci Beach (French for “carefree”) is the hub of the Gold Coast beach activities. It invites surfing, paddle boarding, kayaking, sunbathing, and snorkeling. Stroll the beach at sunrise and take in the peacefulness while everything comes to life. Step out your back door to world famous Diamond Head and Kapiolani Park which is Oahu’s #1 park and forever buzzing with activity. This magnificent park is enjoyed for jogging, dog-walking, yoga, and more.
End your day with breathtaking sunsets sitting on your lanai as the Waikiki city lights invite you to join the fun just a short walk away. Friday night fireworks fill the sky. Stroll to the Waikiki Shell for concerts under a moon lit sky. Enjoy an afternoon or special event at the Aquarium or Honolulu Zoo! Take the beachfront path to Waikiki – it’s right next door.
Dine at some of Honolulu’s finest restaurants where celebrity sighting is common. For those who prefer private club settings, there’s the Elks Club as well as the Outrigger Canoe Club.
This is definitely the Hawaii people dream about!
Built in the 1950 & 1960’s these oceanfront buildings don’t have the amenities of newer buildings. Only 3 buildings have a pool, but the Colony Surf and Kainalu both have sandy beaches in front of their buildings. Colony Surf has valet service as well as fine dining at Michel’s.
There are both condominium and co-op units. Co-op is a form of joint ownership of a property. Because it is unusual, it can be difficult to get financing for a coop building.
If you are looking to generate income from your Gold Coast real estate when you’re not using it, there are some additional considerations. City law limits rentals to a minimum of 30 days. And many Gold Coast condos will only allow rentals twice a year; co-op buildings will often require Board approval. However, the Diamond Head Beach Hotel allows hotel rentals as well as long term rentals.
It is also important to understand the difference between Fee Simple and Leasehold ownership. There are 2 leasehold buildings – Sans Souci (leasehold Co-op, lease expires 2024) and Diamond Head Beach Hotel (leasehold Condo/Hotel, lease expires 2032). With leasehold, you must pay a monthly lease fee to the owner of the land underneath the building, and at the expiration of the lease term, your ownership ends and the condo itself is turned over to the land owner. Leasehold units will ultimately be worth nothing, but with leasehold you can enjoy a Gold Coast condo for a very reasonable price for 10 or 20 years. Leasehold Diamond Head Beach Hotel units are popular with investors who generate income as a vacation rental.
Another important consideration is parking, a luxury in Gold Coast condos. Some buildings have ample parking and some you are put on a 10+ year waiting list to get a parking stall. It isn’t uncommon to purchase a million dollar condo that comes with no parking.
Gold Coast condos range in price from leasehold units as low as $100,000 to the latest high end condo listed at $5 million.