Big Island Homes for Sale and Home Listings

Many Big Island homes are still in the affordable price range for most people. According to The Board of Realtors of Hawaii, the median price for a single family home on The Big Island of Hawaii during February 2007 was $420,000. This is a price drop of 2.23% from February 2006. Big Island of Hawaii homes also sold less frequently during the same time period. The number of single family homes that sold in February 2007 was 22% less then February 2006.

It is important to know the difference between Fee Simple and Leasehold when buying a home in Hawaii. Fee simple and leasehold are the two types of ownership, or land tenure, common in Hawaii.

Big Island homes that are sold fee simple mean the owner has a deed to the property. The deed shows you are the vested land owner. Most homes in the Big Island are sold fee simple.

However, in Hawaii much of the land is owned by huge estates. For example, one of the largest land owners is the Bernice Pauahi Estate. This estate owns 34,546 acres of Kona, which is 23% of all the land in that area. These estates are left over from the old Hawaiian Monarchy. At one time, the Kingdom of Hawaii owned all of the land. Today many homes are built on these estates, which lease the land these homes are built upon.

Many Big Island homes are built on leasehold land. When a residential property is purchased, and it is on leased land, the State requires the seller to give the buyer all of the leasehold information as well as a copy of the lease. When buying leasehold real estate in Hawaii, it is important to know how much time is left on the lease.

Financing a Big Island home that is on a leasehold property can be tricky. Generally, lenders will only make a loan for ten years less then the remaining time on the lease. Rent will also have to be paid to the lease holder in addition to mortgage payments.

Big Island homes are located in nine districts. Each district offers homes in many price ranges. Some Big Island of Hawaii homes can be purchased for as little as $200,000. Other homes cost several million. Location plays a very important role in the cost of Big Island house.

If you are thinking of purchasing a Big Island home, it is important to remember the difference between fee simple and leasehold.

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