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I was looking at the Harry pritikin report this AM, and it looks like total # of residential home sales are up in Puna 12%, median (not average!) sales price is down 16% from Jan 2010, but sales $$ volume is up 16%.
https://mail.google.com/mail/?ui=2&ik=7b14022deb&view=lg&msg=12dfefd39846d254
Just interesting info on this rainy Monday morning!
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My purely unscientific sampling from conversations with realtors and residents trying to sell houses in HPP has me hearing tales of cut-throat negotiating on the part of buyers. They are out there, and they are buying, but they are still demanding price cuts and/or other concessions of a major sort. In one case, the buyer demanded all the furniture and furnishings other than personal photos and family memorabilia on top of a recent price drop. If the buyers don't get what they see as a good deal, they just move on until someone gives it to them. But like I said, this is just what I hear from friends and neighbors. Glad I don't need to be selling, and don't intend to.
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I've been in our Hilo and North Kona offices within the last week and I keep hearing the same thing in both--there is a lot of competition for what buyers perceive to be well-priced properties. Multiple offers are not uncommon, especially if the properties are showing well. Another interesting development our agents are reporting right now is a significant increase in buyer interest from New York...Hawaii is looking really good after all that snow!
One of the new features we've added to our clarkhawaii.com website in our recent redesign is a Market Trends section. There's a Big Island Market Trends page where you can see stats from the last five years, or take a look at the Puna District Market Trends for only Puna info. The slider at the bottom of each section allows you to look at different time frames.
(Note that the dates shouldn't have the "01" in them...we're working on removing that. "January 01 2011" is actually for the month of January 2011.)
Cynthia Hoskins, R(S)
Clark Realty Corporation
www.clarkhawaii.com
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It is a great time to be a buyer in Puna. The inventory is HUGE and the prices are continuing to drop. Many houses have been sitting vacant waiting for a buyer.
Lots of sellers haven't caught up with the fact that if you are going to sell in a market where there is a ton of inventory you have to price low to get it to move. Either that, or let it sit for months and then lower the price and sit for more months and lower the price again, then the buyers figure something is wrong with the property.
We sold our house in this market. Yes, you sell low, but you can also buy low. And there are great houses in Puna for really good deals now. [  ]
hawaiideborah
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Well, we are one of those buyers who are out there. We've been working with a realtor since Sept. 2010, and made an offer on a house in HPP in October, but lost to competition. There were 5 offers for that house, we came in 3rd.
Since then I saw many houses disapper from the market, and only few show up in our desirable price range, condition, size, location, etc. In January, when we came to the island to look at properties in person, there were very few to look at, quite frankly. I think Hawaii market is bottoming out.
We did make an offer on a house in HPP about 3 weeks ago for the full listed price. There was a competing offer on a table as well. Ours got accepted by the seller, however this is a short sale, so we are waiting for an answer from the lender.
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quote:
Originally posted by dinulya
Well, we are one of those buyers who are out there. We've been working with a realtor since Sept. 2010, and made an offer on a house in HPP in October, but lost to competition. There were 5 offers for that house, we came in 3rd.
Since then I saw many houses disapper from the market, and only few show up in our desirable price range, condition, size, location, etc. In January, when we came to the island to look at properties in person, there were very few to look at, quite frankly. I think Hawaii market is bottoming out.
We did make an offer on a house in HPP about 3 weeks ago for the full listed price. There was a competing offer on a table as well. Ours got accepted by the seller, however this is a short sale, so we are waiting for an answer from the lender.
interesting. that has not been our experience at all. We first looked last January 2010 and then again in September 2010. We spent 4 months renting here looking in this area and mainly it was our fulltime job. It really paid off for us. We looked at over 100 houses and found our dream house that fit all our criteria.
It may be you are looking for different things than we were and maybe in a different price range. I did notice the low end HPP houses go very quickly and have competition. Everyone seems to want the cheapest ones. Have you gone to the alohaliving.com site? We checked it daily.
Good luck with your short sale house. We decided not to go for the short sales. Not worth the time it takes for us.
hawaiideborah
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It does depend on the criteria a lot. Alohaliving.com/MLS is the source of information we've used (we worked with a realtor). In our case we wanted a house in lava zone 3, not too high in elevation, relatively good roads, close to Hilo/Pahoa, min. 3 bedrooms/2 bath, min. 1500-1700 sq.f, min 0.5 acres of land, somewhat landscaped, in good condition, private, no neighbors with rooster farms and multiple loud dogs, no junk yard next door. Price range up to 400,000. Believe me, there are very few properties that fit these criteria.
Waiting is fine with us. We are still selling our house in Chicago.
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Deborah,
We like the house we made an offer on, otherwise we would not have done it. Technically we are still looking, until the sale is approved, and I have been monitoring alohaliving daily, but have not seen a large influx of inventory, and those houses that showed up in recent weeks don't strike my fancy.
My point is, even though on paper there might be a lot of houses for sale, when it comes down to your criteria, there are not that many. A large number of properties that we wanted to see went into a contingent status literally days, and in some cases even hours before we had an opportunity to look at them. Good propeties for right price are flying off the shelf quickly, and the ones that get stuck on the market for long time usually have good reasons for not selling.
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