Decline in Real Estate

[JerryCarr]

Interesting stuff there, Jared. Part of the lack of interest in the Hilo condos may be due to the small size of the units. A lot of the folks priced out of the local housing market are families, and a one-bedroom is pretty small. Also, a small unit in Hilo for just over $200,000 plus condo fees doesn't compare well to small homes in Puna now available for $220-250,000. (Yes, there are some reasonably decent ones out there at that price level.) And finally, even at the reduced pricing, many of the people who might like a one bedroom still can't qualify income-wise. Defining affordable housing as what somebody making 130% of the median local income for two can afford seems unlikely to offer much serious relief.

JMHO,
Jerry