Decline in Real Estate

[adias]

What is the state of Hilo/Puna Real Estate? Going up down or staying flat? I am guessing down or flat for the next six months or so.

Almost bought a house, but backed out after the inspection few months ago...

[missydog1]

hi HiloHaole, I wasn't talking about folks with the exemption from selling primary residence. I was talking about people doing 1031 exchanges. (like kind). There's a time limit if they want to defer their capital gains by reinvesting.

[aprild]

Aloha, All,

I've been wondering, too, how prices, etc. are going in Puna. I'm trying to judge when would be a good time to build. For instance, are contractors available, how easy is it to get materials, how long to get plans o.k.ed, etc.? If I want or need to sell, how difficult will that be?

Can someone post a link to the MLS on the BI? For some reason my usual trail to getting there has been hard to find.

From everything I've read, real estate is recovering and goes up where the economy is strong and jobs are plentiful and pay well, like Phoenix. Where does that leave BI?


april

[leifgn]

April

A good link is http://www.hawaiinformation.com/REsearch/
Happy hunting

Leif

[Beachboy]

isn't the market slowly rebounding? Prices are holding in a lot of markets across America , and in Hawaii too. Plus interest rates just went up again to didn't they?

[leifgn]

April

Sorry, that link somehow does not work. Try this one http://www.hawaiiinformation.com/REsearch/

Leif

[Hotzcatz]

They just had another tax land auction last week in Hilo. It didn't have nearly as many people as the ones in 2004-2005 did and most of the prices were less than for similar lots available from a Realtor. There was not the same "feeding frenzy" that was apparent at some of the previous land auctions. Previously, lots had sold for prices above what was listed on the MLS website, at this auction, the prices were averaging about half to two thirds of the listed prices. Parcels sold at the tax auction can still have liens of some sort on them, I believe, and the previous owner has a year to come buy the lot back again if they pay all costs plus 12%. I don't think they have to pay for improvements to the lot so if someone is planning on building on the lot they'd have to wait one year before putting in improvements unless they wanted to chance having the previous owner come buy the lot back. But I'm not certain about those details.

There is a house for sale near us, they put it up for sale about a year ago and they were asking $599,000. The price is now down to $352,000 and still nobody is coming around to look at it. The owners bought it for $320,000 in 2004, I don't know if they will be able to get their money back out of it or not.

There are foreclosures starting again, too. Usually foreclosures are for houses and the tax auctions are usually for vacant land. However at the foreclosures, I think there is no buyback option, however I'm not certain about that either. A large portion of Waiakea Villas is going to be up for auction isn't it? If that place was maintained, it would be a nice place. The location is certainly central Hilo.

[Fishboy]

Aloha kakou
There's an interesting article\column in West Hawaii Today on real estate
http://www.westhawaiitoday.com/articles/...ures02.txt

This article states that only 5% of island land is zoned residential. I have to wonder what that figure would be for individual islands.

It's inevitable that more and more people are coming to the islands, and accommodating that inevitable growth should involve a comprehensive plan such as eleven other states (including my state of Washington). Planned growth focuses residential and commercial development to Urban Growth Areas and retains agricultural or rural zoning for everything in between. Growth HAS to happen, so UGAs build up before they build out. Sure, the trade-off is a forest of apartment and condo buildings in city centers, but that's not such a high price for retention of relatively unspoiled lands just a mile down the road.

A hui hou,
Brian

[aprild]

Thank you, Leif.

april

[Kapohocat]

Thanks Hotcatz for the update on the tax auction!