Real Estate in Puna Is still over priced

[Guest]

obie, whr ustay wawa? jk

Any fool can make a rule, and Every fool will follow it. -- Henry David Thoreau

[Punatick]

Yes I have a Hawaii real estate brokers license and I'm going to give you some food for thought and you draw your own conclusions:

http://moneywatch.bnet.com/saving-money/...lity/1390/

http://www.housingpredictor.com/hawaii.html

http://www.uhero.hawaii.edu/forecasts/09...tlook.html

If you don't like this reality, then please make something up. My humble opnion.......anyone that tells you the market in Puna is great or will recover in all price ranges and types any time soon needs rehab.

[808blogger]

driving through puna should be enough for for thought.....overbuilt. empty houses, still clearing land, and for sale and REO EVEYWHERE..... meanwhile these goofballs are worrying about some new road into puna LOL... for WHO?

[Guest]

those living in other sub-devisions want to cut through hpp to avoid the I30 mess only they don't realize when they're all done the future population will need something more because all of them will be bumper to bumper as well. IF they were JUST for evac purposes I don't think you would be too upset, unless they wanted half of your lot.

And you build it they will come, eventually, from somewhere, Atlanta?

Any fool can make a rule, and Every fool will follow it. -- Henry David Thoreau

[Punatick]

808Blogger.......you are 100% on target.

[DanielP]

And is this thinking long range? Say, 20 or 50 years forward-thinking?

Ed. to add: I remember when 1/3 of the area between SF and SJ was orchards. Anyone know how many parcels in Puna?

2nd ed. I am refering to the road issue here.

Dan

[tlboyles1]

We paid too much for our property one and a half years ago, but that's OK. For the piece of property we got, I still think what we paid was a steal. And we could probably get it now for 5 - 10 thousand less than what we paid. I don't really care about the property values. I definitely did not buy it as an investment to make me richer later. I plan on living there and whatever the prices do after that, I don't really care. I just hope they don't go up so much that I can't pay the taxes. In Fern Forest, I think that's a ways in the future.

[robguz]

I think it is pretty amazing how far prices have dropped here, and who knows, maybe they will drop further. Prices seemed to have stabilized on Oahu though. And in comparison to Oahu, things are half the price or in some cases much less. Of course, you couldn't pay me to live on Oahu. Given what interest rates are if I had the money I would certainly be buying property now for the long haul. I kind of think it will still be a few years before prices go up substantially, and maybe 10-15 or more until they get back to what they were at the peak. So overall I agree, based on sales and available properties real estate is overpriced, but at the same time Puna is still a bargain compared to the rest of the state and many areas on the mainland.

[Punatick]

I study the numbers at least once a week. We have had a year to year comparative drop this year or 12%. I survey escrow offices to establish the percentage of business that is driven by short sales and foreclosures to confirm the short term trends. It is still the large percentage of their business. That type of business has a track record of driving values down .......soooooo.....at least for the near future you will likely see a continued decline in value, even though the number of residential transactions has shown a nice YTD increase.

Another wake up call is the way the legislature is approaching taxation. Hang on to your wallets in the next few years as the revenue has to come form homeowners that will be needed to keep the State afloat.

DanielP... California comparison is invalid as they had the intelligence to plan the infrastructure that allowed for the expansion and had the revenue to do it. Hawaii does not have either and don't think for a minute that you will get the Puna district to pay triple the property taxes to even start the expansion process and private investors are going to shy away from capital intense projects due to the same lack of infrastructure and the ridiculous Hawaii tax structure for business.

Forget the road as it's not going to happen.

[Guest]

D