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I guess no matter where you are your property is only worth what the market will bear at that time. Price corrections are happening everywhere, too much inventory on the market. I have a house on the market now in Maine and have had to reduce the price to just get showings. It seems to have been the right decision.Getting lots of showings at least. Hopefully it will work and we can get back to Puna soon and hopefully it will all even out with BI price reductions I have seen.
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quote:
John said there are no starter homes on the westside for less than 350K. That is true, but since this is Punaweb, we are mainly refering to the eastside, and one can get a nice home for $350k in the Puna district now, and maybe even a better one later, if the prices keep going down.
Lew, the NY Times article referred to Kona and just posted a link to that article without saying much else.
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties
75-5870 Walua Road, Suite 101
Kailua-Kona, HI 96740
(808)327-3185
Posts: 2,312
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Joined: Jun 2003
quote:
I'm not gonna play "Captain save a ho" but damn everytime Rabi puts anything out on this board he has to take pot shots from people who are in the same game that he's in, except he seems to be making money at it and they are just talking. I like Rabi's style of putting his money where his mouth is, you cant say thats not true. I swear this is all just jealousy because it's his turn to make money and the nay sayers are on the side lines "hating" on Rabi because he's in "The Game" and scoring "points". Dont be mad at Rabi...dont be jealous...be happy for him.
If you want to be a "player" make a move, but dont sit back and talk crap about a man who's a mover, a shaker and a big time deal maker. If he bust then damn,,oh well,,,he took a shot at it. He's at the table rolling the dice and your sitting back cliping internet articles to prove Rabi's not making money. Think about it,,,realllll hard.
Congratulations John,
Nate
Nate, the problem is that the real estate market became like the stock market of 2000 when waiters, cab drivers and other "experts" started buying stocks without knowing what they were doing. Lots of people were doing the same thing with real estate too, many without having real financial backings. (Remember the "creative mortgages?" Smart real estate investors have Plan A, Plan B and sometimes even Plan C.
Lets assume I bought a lot in LE at the top of the market for $70K and the same lot is $40K now. I lost $30K, right? Well, I didn't. Plan B is to put a Trojan Plantation III 3BD/2BA+Garage house on it for $170K, my total cost is $240K. A similar new house is around $300K there now, so I can still make $60K gross. Plan C?! If I financed the whole house my mortgage is around $1,100 and I can rent out a house like that for that amount fairly easily. Somebody else will be paying my mortgage that I can even write off from my taxes. I could give you other examples, but free lessons don't come around often! 
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties
75-5870 Walua Road, Suite 101
Kailua-Kona, HI 96740
(808)327-3185
Posts: 129
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Joined: Apr 2006
Posts: 129
Threads: 16
Joined: Apr 2006
Here is a good article on the boomers that will save Hawaii's real estate market. I guess the boomers didnt sock away enough money to pay medical cost and buy that new home in Hawaii, maybe they will put it on credit cards.
http://www.usatoday.com/money/perfi/reti...usat_x.htm
Seniors 65 and older represent the fastest-growing group seeking bankruptcy protection, though they made up only 5% of all bankruptcy filers as of 2001, the last year for which figures are available, according to research by Deborah Thorne, assistant professor at Ohio University; Elizabeth Warren, a Harvard Law School professor; and Teresa Sullivan, a former professor at the University of Texas at Austin.
Amid the soaring housing market of recent years, those 55 and older, like others, have piled up record amounts of mortgage debt. They've refinanced their homes and cashed out equity. They've also turned to reverse mortgages, borrowing from home equity to receive a stream of income. From 1992 to 2004, the percentage of households 55 or older with housing debt rose to 36% from 24%, the Employee Benefit Research Institute found. The median amount of mortgage debt rose 63% during this time, to $60,000.
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Jared, who's your Super Bowl pick? Inquiring minds want to know. 
Sorry about your Chargers
Aloha
Richwhite thread hi-jacking boy
"Success isn't permanent, and failure isn't fatal."-
Mike Ditka
“Sometimes the truth hurts. And sometimes it feels real good.”
- Henry Rollins
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Interesting article on pubic perception of different occupation prestige; RE on bottom on list, even below lawyers. I am sure that most RE are honest people working to make ends meet, but a few bad apples in the profession can give a black eye to the entire profession.
A Harris poll conducted last year that ranked occupations in terms of prestige placed real estate brokers at the very bottom of a list of 23 professions. (Firefighters and doctors were at the top.)
http://www.nytimes.com/2007/01/28/realestate/28cover.html?_r=1&oref=slogin
http://online.wsj.com/public/article/SB1...d=rss_free
Edited by - adias on 01/28/2007 06:51:12
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Oh, yes. People who did not go to law school and pass a bar such as, let's say, the California Bar are often dismissive of lawyers...that is, until they need one.
As for real estate agents, I have been blessed in that regard. Each of the ones I hae worked with has been charming, ethical, well-informed and a good guide through the process.
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Over the past few days the news is saying the real estate decline is slowing or stopping it's decline. The market here in N. Cal is slow with lots of property but the % decline was not that much. What is the perception in Puna now are prices leveling or slowing in their decline?
Keith
Keith
Posts: 2,312
Threads: 59
Joined: Jun 2003
[quote]
Interesting article on pubic perception of different occupation prestige; RE on bottom on list, even below lawyers. I am sure that most RE are honest people working to make ends meet, but a few bad apples in the profession can give a black eye to the entire profession.
I have to be very careful how to phrase this without violating the Code of Ethics. I have been in the business for 14 years, 12 as a Broker, and I have worked with countless of agents. In my experience most of them would do almost anything for a buck and that's why this profession has such a bad rep. I pretty much have my little list of agents whom I respect and I quietly pray that one from the list will be the one representing the other party in the transaction.
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties
75-5870 Walua Road, Suite 101
Kailua-Kona, HI 96740
(808)327-3185
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