HONOLULU (HawaiiNewsNow) – Living on the ocean is the topic of today's Real Estate of Mind. It is the dream of many, but there are some things you need to consider before making oceanfront living your reality. Coldwell Banker Realtor Associate Debbie Schatz joined us on Sunrise with some valuable insight. Take a look at the video of her interview and her bullet points below.
1. Oceanfront property is limited. Out of about 840 single family homes for sale, only about 10% are oceanfront. Prices range from $499,000 to $23 million. The range is because of location and the type of frontage. On Oahu you'll find sandy beach, sea wall, lava rock, mud flats and fishpond frontage. Think about what attracts you to the ocean. Is it swimming, fishing, or simply the view?
2. Meet right away with a contractor or architect if you're planning to build or remodel. Understanding of zoning, building area and choice of materials is important. Salt air and wind can be hard on a house, but with the right choice of materials you can reduce maintenance needs.
3. Property Surveys are important. You need to include a shoreline survey so you know where shoreline setbacks are. This will take more time than a typical survey and carry an additional cost. If you're planning to build a home above ground level (raised or on poles) your insurance company will also require an elevation survey. Check out the property at both high and low tides.
4. Insurance is unique for oceanfront properties. You would expect to be in a flood zone, but surprisingly, not all oceanfront properties are.
Example property: 68-133 Au Street, Waialua, $1,995,000 FS
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