11-14-2006, 05:26 AM
Aloha, Beachboy. As noted in another thread, the Hilolani subdivision was offering new Fords (about $20,000 value, I think) as a sales incentive at one point. I don't know how many cars they actually gave away or if they eventually sold all the homes. That is the only systematic give-away that I have heard of, but I seem to recall seeing one or two ads where the seller was thowing in a somewhat high-end TV. And of course prices have become more negotiable than in the recent past.
Paying buyers' loan and transfer costs to make a sale have become more widespread locally, according to a realtor friend. Incentivizing and paying costs have a way of distorting statistics since the concessions are not reflected in the sales prices reported. When such measures become deep and widespread, there can be a significant disconnect between the reported median prices and what the sellers are actually getting. I don't know if this is the case on the Big Island, but it has been reported in some mainland markets.
Despite all this, my very amateur opinion remains that the real estate market on the Big Island is in a correction or breather, and not a crash. The fundamentals underlying the market have not fallen apart, IMHO.
Cheers,
Jerry
Edited by - JerryCarr on 11/14/2006 09:27:58
Paying buyers' loan and transfer costs to make a sale have become more widespread locally, according to a realtor friend. Incentivizing and paying costs have a way of distorting statistics since the concessions are not reflected in the sales prices reported. When such measures become deep and widespread, there can be a significant disconnect between the reported median prices and what the sellers are actually getting. I don't know if this is the case on the Big Island, but it has been reported in some mainland markets.
Despite all this, my very amateur opinion remains that the real estate market on the Big Island is in a correction or breather, and not a crash. The fundamentals underlying the market have not fallen apart, IMHO.
Cheers,
Jerry
Edited by - JerryCarr on 11/14/2006 09:27:58