There are now 20 brand new homes for sale in HPP.

[HereOnThePrimalEdge]

 I wonder how long the builders can let the homes sit? 

My recollection from 2008 is, the homes at that time sat empty for years then finally became rentals.  I was renting out an older home for a friend around 2010 and couldn’t find any takers.  Finally I asked one couple what else was on the market that they were considering and the young wife cast her gaze heavenward with an expression of complete bliss on her face as she described another property they had looked at “… it has an all NEW kitchen!  AND bathroom!”  



Some 2024 mortgage rate predictions:
"Mortgage rates are famously difficult to predict, but I'd be surprised if we ended the year with rates below 6%."

Many housing experts and financial institutions upward-revised their rate forecasts. Fannie Mae increased its year-end prediction to 6.4% from 5.9% earlier in the year. The NAR modified its forecast to 6.5% from 6.3%. Wells Fargo's May economic summary adjusted its monthly rate outlook to 6.50% from January's 6.05%.
https://finance.yahoo.com/news/housing-e...54358.html

[Punatang]

 I wonder how long the builders can let the homes sit?  - terracore


[b]221 days[/b]on Zillow|[b]625[/b]views|[b]54[/b]saves  


That is the oldest, new home on the market.  At what point do they stop being called "New"? Is there a legal definition?

In the course of looking for the answer to terracore's query above, I noticed that 5 out of the 14 longest time on the market homes are on 8th and 7th Avenues.  That's 36% of the slowest movers on less than 5% of the Avenues and Streets in HPP.

Is there something inherently wrong with 7th and 8th?


Terracore is the 100th poster and has won free beer for life*, every February 29th at The Punaweb Bar and Grill, as soon as it opens.

*some restrictions apply.  May not be combined with any other offer.  Terms and conditions may be revised at any time without notice.

[terracore]

"Is there something inherently wrong with 7th and 8th?"

The further down the hill you get, the more expensive the real estate is. (closer to the ocean) Maybe it has something to do with that?

"free beer for life"

This beer you speak of, I think I've heard of it. It's a beverage, isn't it?

[HereOnThePrimalEdge]

The further down the hill you get, the more expensive the real estate is. (closer to the ocean) 

The top of HPP is more expensive than the middle, because it’s more accessible to th highway for workers. Near the ocean is higher as terracore noted. The middle is lowest priced.

[Punatang]

Beer is indeed a beverage. You're always right.  I'm just hoping that the one Punawebber, who is inventing the new economic system and who also will hopefully build out and manage TPB&G, hurries it up already. From the sound of it we may ALL get free beer.  There may even also be bowls of "ze bugs" on the counter instead of peanuts.

Speaking of "ze bugs" and new economic systems. Do we really own our home anyway?  I mean if you step back and take a hard look and are honest with yourself, The County owns our homes. We just rent from them and if life throws us a curve ball, The County, ever committed to ending homelessness, will evict us from "our home" for failure to pay the rent.  If you look at your deed it probably says you are a "tenant" of one kind of another, right after your name.

At these mass psychosis, bidding war hangover prices, and 6-7% interest mortgage loans, it's cheaper to rent than to pretend you own anyways.  Might as well just make some popcorn and watch this all play out.

[HiloJulie]

Going out on a limb here, but I’d say the drink of choice in and around 7th and 8th in HPP might be vodka over beer!

And a heavy serving of mashed potatoes as well.

[Punatang]

the drink of choice in and around 7th and 8th in HPP might be vodka

Maybe that's it!

I received a private message, from a friend, that made the good point that if I am going make such assertions I need to back them up coherently and that I should put all of the data in one place.  He also pointed out that I am a loser for spelling losing incorrectly. Gotta love friends. Constructive criticism accepted.  Here you go:

There were 34 new build homes, in HPP, on the market during the first 19 days of May.  

15 of them reduced their price at least one time in May.

$50,500  https://www.zillow.com/homedetails/15-17...8645_zpid/
$20,000  https://www.zillow.com/homedetails/15-10...9329_zpid/
$10,000  https://www.zillow.com/homedetails/15-19...2004_zpid/
$20,000  https://www.zillow.com/homedetails/15-17...0244_zpid/
$ 1,000   https://www.zillow.com/homedetails/15-16...0472_zpid/
$16,000  https://www.zillow.com/homedetails/15-13...1754_zpid/
$50,000  https://www.zillow.com/homedetails/15-14...3974_zpid/
$50,000  https://www.zillow.com/homedetails/15-19...7055_zpid/
$49,000  https://www.zillow.com/homedetails/16-19...7324_zpid/
$ 5,000   https://www.zillow.com/homedetails/15-14...3168_zpid/
$10,000  https://www.zillow.com/homedetails/15-13...3458_zpid/
$15,000  https://www.zillow.com/homedetails/15-16...8193_zpid/
$ 5,000   https://www.zillow.com/homedetails/15-16...2730_zpid/
$14,000  https://www.zillow.com/homedetails/15-19...0027_zpid/
$20,500  https://www.zillow.com/homedetails/15-15...9239_zpid/
-------------
$336,000  

The total price reductions, on New Build Homes in HPP, for the first 19 days of May is:                              $336,000
 
The average price reduction per day, for each of the 34 New Build Homes in HPP is:                                 $520.12 per Day   (336k/19days/34homes)

If that rate continues, then on a monthly basis, the average New Build Home in HPP is losing value:           $15,603 per Month  ($520.12 x 30)

[Punatang]

Newsflash!

The current count has dropped to 32!!!

Recall that when the thread started, there were 26 new build homes for sale in HPP.

The lowest priced new home in HPP evidently found a qualified buyer. That one was only $470,000 and had a $6,000 credit from seller to buyer. Assuming that it was purchased at full price which is very highly unlikely, then the real price would appear to be $464,000.
https://www.zillow.com/homedetails/15-16...2730_zpid/

The unbelievable shocker is that the house across from The Junkyard/Attempted Murder House appears to have found a brave soul or two willing to call it home. One wonders if the reputable representatives involved have disclosed all of the pertinent material facts to that courageous or perhaps ill informed purchaser.  
https://www.redfin.com/HI/Keaau/15-1972-.../189541549


Therefore, there are, according to Redfin, 5 New Build HPP homes under contract and according to Zillow, 32 more new homes in HPP available for sale.  

Interestingly, all of the relatively minimal sales activity, has been on homes in the low 500s and 400s except for that one, astonishing outlier at almost 700k across from the infamous crime scene.

[Obie]

Realtors are not allowed to disclose anything about what happened there.

That's on the buyers to do their due diligence.

When we bought our place in HPP my wife walked up and down the street and called out at gates until people came out and met her.
She also sat in the driveway, stayed until dark and listened for dogs barking and roosters doing their thing.

She was a retired realtor.

[Punatang]

walked up and down the street and called out at gates until people came out - Obie

That might not be a wise strategy for these particular purchasers on 7th.