What's the RE market doing these days?

[VancouverIslander]

I think Bullwinkle's advice re: owner builder might be pretty good. If you can do the carpentry yourself, you can at least pocket that part of your costs. The down side is this assumes you have both the time and the expertise to 'do it yourself'. There are still a number of things you can't do yourself: electrical, plumbing, septic/cesspit. I guess some can manage drafting themselves, but architect or engineers stamps are cash.

However, don't do it for spec houses unless you are a licensed contractor (due to the limits placed on owner builders). It's a fine idea if you are doing it for your own home. Costs for building are likely to be *at least* $100/sq. ft. for permitted homes plus cost of the land.

There are so many options to consider. As Bullwinkle says, be careful buying a house and be prepared for the cost of renovating if mold or termites are an issue. Low priced homes are usually priced low for a reason. Also be advised that buying unpermitted homes with the intention of bringing them up to code later can be surprisingly expensive.

That said, I still think we are starting to see the recovery in RE prices in Puna. Oahu has already recovered, Kona side is well into it's recovery and Puna's turn is coming imho. Whatever you do, however, don't leave a house unoccupied for any length of time.