There are now 33 brand new homes for sale in HPP.

[Obie]

Here is the property that's been on the market longest.
I've been scratching my head about this one since it was 1st built.
Got a nice chandelier to keep you busy cleaning it.

https://www.realtor.com/realestateandhom...5866-58002

Developer is in Seattle,Wa.

[terracore]

the only thing that I really know, is that I really don't know.

Yes, that’s for sure.
I probably should have said it’s not a crash yet, or not at crash at this time.  But anything can happen.  I follow the markets, and if I had to take a guess at the future it looks generally positive.  (Not last Friday or today though!)

A 2007 style crash is unlikely.  That isn't to say that the real estate market can't crash and look very similar from the outside, but the mechanisms that cause it would likely be different.  On March 26, 2020, the federal reserve eliminated the reserve requirement for all depository institutions to prevent banks from foreclosing on properties during the COVID crisis. They never reinstituted the reserve requirement.  They created a situation where the banks don't have a requirement to claw back assets from non-performing loans, but it also means that your bank isn't required to have any of the money you have deposited with them.  We saw what that looked like last year when a couple of banks failed- the government stepped in and gave everybody all the money their bank lost regardless if it was covered by FDIC insurance or not.

[Kiana]

"Here is the property that's been on the market longest. I've been scratching my head about this one . . . 
Developer is in Seattle,Wa."

I know that house. Flat roof. A Seattle developer should know about lots of rain and flat roofs. Interesting that they don't show the exterior and this flat roof in any of their long series of great photos.

[kalianna]

Kiana, you have my deepest sympathy. Someone moving nearby with roosters is my long-running nightmare. Maybe the house that's been for sale for so long is next to a rooster farm. Here's another "contemporary gem", only on the market for a couple weeks. So far.

https://www.zillow.com/homedetails/15-18...1668_zpid/

[Kiana]

Thanks so much Kalianna, much appreciated.

That (longest on the market) flat roof house Obie referred to has no roosters nearby. This one that you just referenced via the Zillow link is by the same Seattle developer, I think. Crazy with the flat roofs!

[HiloJulie]

Let's not forget "Nice House, Wrong Lot - I sue you" guy.

As that story said:

"What’s undisputed is that PJ’s Construction was hired by developer Keaau Development Partnership, LLC to build about a dozen homes on properties that the developers bought in the subdivision — where the lots are identified by telephone poles."

Plus, as most of you all have pointed out, there are other developers out there as well.

Just hope they all built on the correct lots!

[leilanidude]

The interest alone at 6% on that $800k house is $4000 a month. It is less expensive to drop the price than to keep carrying it for long, hoping to get a full price offer. To be fair, the builder probably has less than $600k in it though which would be $3k a month in interest.

---

I know that house. Flat roof. A Seattle developer should know about lots of rain and flat roofs. Interesting that they don't show the exterior and this flat roof in any of their long series of great photos.
----------
Pic 50 of 50 is a drone shot and you can see the flat roof.

[Punatang]

Today's Headline: https://www.investopedia.com/us-economy-...ch-8634124

Housing Starts and Permits Nosedived in March

1 HR 12 MIN AGO
Homebuilders sharply pulled back on applying for building permits and breaking ground on new projects in March, data from the Census Bureau showed Tuesday.

If builders continued starting homes at the rate they did in March, they’d break ground on 1.32 million in one year, the slowest rate since August. That was a 14.7% drop from a seasonally adjusted annual rate of 1.52 million in February, and below the 1.48 million that forecasters had expected according to a survey of economists by Dow Jones Newswires and the Wall Street Journal.
2


Building permits, which indicate future activity, also slowed significantly, dropping to a seasonally adjusted annual rate of 1.46 million from 1.52 million in February, also falling short of expectations.

[Punatang]

....and then there were 27.

One of the cheapest ones went under contract yesterday on 19th Street.  It has a twin sister next door still on the market.  They were both at $519,000.  Herr Chunkster, that does seem to lend itself to your qualified buyer theory as it is at the bottom of the price range.

Still yet...Two more came on the market today for $510k and $529K.

[ChunksterK]

Only one of the two reports I get mentioned the "local affordability" aspect which Punatang mentions above. The author had gone through the sales records and found that a large majority of homes under $450K went local buyers, while those over that amount went predominantly to off island buyers, but not to the same degree as the lower price point. As for that "days on the market to sale" number, upon closer examination, it was only for the month of March. The far more reliable quarterly number was 67. It will be interesting to see if the March number holds up going forward.