10-26-2006, 12:18 PM
Kapohocat,
The difference though is industry was there in California, Silicone valley came to be (pre 1980 there was not the home PCs that you see now which as we know and wish we had our steak in are quite the money maker, we all got 'em girl! LOL) and all of that which really created a very great job market, higher wages and available goods, sevices, jobs were there and they are lacking in Hawaii at that level and wage.
I don't know if it will stay that way and I haven't read of any comperable stucture that is in California. the highest number of most common jobs seems to be in the tourism business which remains typically a low watge hsitorically. Right along there with working in banking and insurance jobs. low pay historically. LOL
Lew,
I was an insurance agent and with what has hapopened in the industry is they have never had such historical catastrophic loses compounded with lawsuits reaching incredible heights. I think those two things financially have wiped out their reserves. So they either have to raise the price which is regulated by the states insurance commissioner or they cannot offer the product. Plain and simple how it works.
The surplus lines have always handled insurance needs such as earthquake or motorcycle coverage, when you can't get it from them you go to Lloyd's of London and there for a price you can do just about anything. I think the only limit is about your imagination and it has to be legal/legitamite. Another words they will insure but the premium makes you really want to have that insurance.
For instance, your regular homeowners HO3 policy does not cover you for loss of your pets. Sorry they do not get coverage there. Say you have a nice show animal which this dog is tops in it's pedigree, makes the top dog at the most prestigious Championship show is Crufts, and you get paid thousands of dollars in stud fees for this beauties charm, so you want to make sure you can enjoy all of those bucks that you can expect to cream off the top selection. You insure that total value of future earnings. But it comes at a big price.
Maybe you thing is owning a top Stallion or just a fancy car with a few hundred thousand price tag that no one else will touch, same kind of thing. Sounds like you already knew this, but maybe others did not since I doubt many know what surplus lines are.
I agree with this because as I have always noted when talking about home sales on the island is that it has been historically cyclic. Higher lower and higher. that is proven on the county taxations site by looking at home sales in the last twenty-thirty years. It will change no doubt when there is no more to buy and sell as it has in Japan and then until the economy takes a slam or other factors again enter in.
But historically there has been the highs and lows and they have been sometimes extremes.
"is that there will be millions of foreclosures natonwide, after the first of the year, due to the adjustment upward of ARMs, many people are ot going to be able to afford the increase in their payments. This will hurt the Big Island real estate market directly and indirectly, because those people will not have money to buy real estate.
Just MOHO worth 5 cents these days....
Here's another article to give some thoughts to it.
Aloha,
Lucy
New Home Prices Drop By Most in 35 Years, Even As Sales Rebound
FOX News
Click on the URL below for the rest of this story:
http://www.foxnews.com/story/0,2933,225447,00.html
Having another Great day in Paradise, Wherever that Maybe!
http://groups.yahoo.com/group/TheLanai
The difference though is industry was there in California, Silicone valley came to be (pre 1980 there was not the home PCs that you see now which as we know and wish we had our steak in are quite the money maker, we all got 'em girl! LOL) and all of that which really created a very great job market, higher wages and available goods, sevices, jobs were there and they are lacking in Hawaii at that level and wage.
I don't know if it will stay that way and I haven't read of any comperable stucture that is in California. the highest number of most common jobs seems to be in the tourism business which remains typically a low watge hsitorically. Right along there with working in banking and insurance jobs. low pay historically. LOL
Lew,
I was an insurance agent and with what has hapopened in the industry is they have never had such historical catastrophic loses compounded with lawsuits reaching incredible heights. I think those two things financially have wiped out their reserves. So they either have to raise the price which is regulated by the states insurance commissioner or they cannot offer the product. Plain and simple how it works.
The surplus lines have always handled insurance needs such as earthquake or motorcycle coverage, when you can't get it from them you go to Lloyd's of London and there for a price you can do just about anything. I think the only limit is about your imagination and it has to be legal/legitamite. Another words they will insure but the premium makes you really want to have that insurance.
For instance, your regular homeowners HO3 policy does not cover you for loss of your pets. Sorry they do not get coverage there. Say you have a nice show animal which this dog is tops in it's pedigree, makes the top dog at the most prestigious Championship show is Crufts, and you get paid thousands of dollars in stud fees for this beauties charm, so you want to make sure you can enjoy all of those bucks that you can expect to cream off the top selection. You insure that total value of future earnings. But it comes at a big price.
Maybe you thing is owning a top Stallion or just a fancy car with a few hundred thousand price tag that no one else will touch, same kind of thing. Sounds like you already knew this, but maybe others did not since I doubt many know what surplus lines are.
I agree with this because as I have always noted when talking about home sales on the island is that it has been historically cyclic. Higher lower and higher. that is proven on the county taxations site by looking at home sales in the last twenty-thirty years. It will change no doubt when there is no more to buy and sell as it has in Japan and then until the economy takes a slam or other factors again enter in.
But historically there has been the highs and lows and they have been sometimes extremes.
"is that there will be millions of foreclosures natonwide, after the first of the year, due to the adjustment upward of ARMs, many people are ot going to be able to afford the increase in their payments. This will hurt the Big Island real estate market directly and indirectly, because those people will not have money to buy real estate.
Just MOHO worth 5 cents these days....
Here's another article to give some thoughts to it.
Aloha,
Lucy
New Home Prices Drop By Most in 35 Years, Even As Sales Rebound
FOX News
Click on the URL below for the rest of this story:
http://www.foxnews.com/story/0,2933,225447,00.html
Having another Great day in Paradise, Wherever that Maybe!
http://groups.yahoo.com/group/TheLanai
Lucy
Having another Great day in Paradise, Wherever that Maybe!
Having another Great day in Paradise, Wherever that Maybe!