Looking for a house in Hawaii with a sandy beach? Don't want to pay millions? This could be the place for you.

Located in Punalu'u on the windward side of Oahu, this 3/4 acre lot has a small house that's owner occupied. The house is a fixer upper - a buyer might want to finish up the work or maybe tear it down and build from scratch.

List price is $99,000. Why the low price? It's a leasehold property, owned by Kamehameha Schools. Buying this property means you'll be a lessee, with the right to use it until September 30, 2027 (that's 18 years). Monthly lease rent is $3,000. When the lease terminates, it's time to surrender the property back to the lessor.

This listing could be the right fit for people wanting to live in the country on a sandy beach and satisfied with using the property for 18 years. Many buyers will shy away from this, but compare it with buying fee simple: A comparable property will cost over $1 million - how much downpayment will that take, and then there's the mortgage...

Update - This property sold for $87,000 on September 19, 2009. For information about other beachfront properties e-mail or call Mike at (808) 548-1220.

Michael Bates (RA)
Coldwell Banker Pacific Properties
1909 Ala Wai Blvd C-2
Honolulu, HI 96815
(808) 548-1220

www.hawaiihomes1.com