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+--- Thread: Real Estate in Puna Is still over priced (/showthread.php?tid=7017)
Real Estate in Puna Is still over priced - 808blogger - 03-15-2010
I am amazed at how over priced houses still are in puna. In my area there is at least 1 REO house per street most are BRAND NEW, and atl east 2 or 3 homes also for sale. YET, somehow it is still more economical to clear and build on empty lots. there are 2 such builds going on in my general area now. I asked these guys why they were building than just buying up something else? "cause its cheaper"! Its amazing some of these older homes that are now REO are litterally not even worth the land they are on, since they are now a liability to the land itself, and cost more to demo than just to buy and clear land.
This is clear evidence that capital is still being miss allocated. the market has a long way to go before clearing. I really wonder what it will look like down at the bottom? and what will become of all of these massive amounts of vacant, abandoned houses.
RE: Real Estate in Puna Is still over priced - Carey - 03-15-2010
Gee, I thought you were going to rant about the tax assessment....
Did anyone notice that your 2010 tax "market value" on your building went down, but your tax assessed value on your building went UP??? (for us, our land value went down on both)
RE: Real Estate in Puna Is still over priced - JerryCarr - 03-15-2010
Carey, I'm sure one of our real estate professionals could articulate this better than I can, but here goes. During the real estate price run-up to the bubble, the County was limited in the percentage it could annually raise the assessed value for tax purposes on owner occupied homes. Thus, in some cases, it is possible that the decline in fair market value has not yet fallen below the "ceiling" at which previous assessments were limited when prices were going up. Does that make sense? I hope so, because I don't think I can manage explaining that convoluted County logic again. LOL.
RE: Real Estate in Puna Is still over priced - Obie - 03-15-2010
There is an ordinance that limits increases to 3 % a year.
RE: Real Estate in Puna Is still over priced - Obie - 03-15-2010
The mortgages are much higher than they are worth.
On the mainland it is much worse.In Cleveland Ohio alone there are 12,400 abandoned houses.
RE: Real Estate in Puna Is still over priced - mdd7000 - 03-15-2010
People that already own their lots may be willing to build what they want, despite being able to buy an existing house for much less. At least in doing so, they are helping to keep the economy going by employing construction workers and contractors.
RE: Real Estate in Puna Is still over priced - bystander - 03-16-2010
quote:
Originally posted by JerryCarr
...I'm sure one of our real estate professionals could articulate this better than I can, but here goes. During the real estate price run-up to the bubble...
According to one of the real estate professionals who frequents this forum, there was no bubble. Of course you know who I'm talking about.
RE: Real Estate in Puna Is still over priced - 808blogger - 03-16-2010
Good luck selling to those mainlanders...
RE: Real Estate in Puna Is still over priced - Radiopeg - 03-16-2010
Am I stepping in a red ant nest to ask what does that mean? Probably.
We shall not cease from exploration, and the end of all our
exploring will be to arrive where we started and know the
place for the first time.
-T.S. Eliot
RE: Real Estate in Puna Is still over priced - Guest - 03-29-2010
this means if you have vacant houses on your street you'll be seeing squatters move into the houses and strip them. Just finally got one on our street arrested. They towed his brown ford mid sized pick up lic. FZC 953. This guy printed up some paper posting it on strings around a house FC on and was claiming Hawaiian Sacred Lands?....huh? guy's accent is thicker than okie mud, his pasty white beer belly hanging over his belt. Brown hair parted on the left side, grey beard, or not after he got out of jail. The officer who brought me the photo line up said he's doing this in a few houses in the park and they "know about him". Yet, he's out free to continue.
He has a buddy in a silver mid size pick up with a HUSKY diamond plate tool box in back, no tail gate , lic. HKD 049. This yo yo, said the other guy said he could stay there. Yea to dismantle what they could before the cops came again. Which they never would have had I not called them.
Four years that mess that has plagued our street, and that's only one of the twelve they built on half the block in the past 5 years, and just on this ONE block. The story is repeated on every street I'm sure.
Getting your hands dirty means getting involved and not sticking your head in the sand and saying it's none of my business so you don't get involved. Then they move from house to house business as usual, then you're in kona and they visit you. They think they're slick, but that's only the grime from living in a filthy pig stie after thry've torn out and sold the copper pipes and can't shower, oh no power anyway so no shower, toilet, dish washing, you get the picture.
Any fool can make a rule, and Every fool will follow it. -- Henry David Thoreau