02-06-2008, 07:51 AM
That is an astounding drop, but in keeping with what we are seeing on the mainland. There has been no soft landing in the housing market -- a gentle decline to a point of stablization. The market here at least has gone over the cliff.
My theory about the market in Hawaii is that prices will slowly recede like the waves on a beach, island by island, beginning with Big Island. Nice condos on the beach and homes near a million will hold fast, as the people who can buy these homes have not been generally affected by the downturn. These are also subject to a more internationalized market. Prices in Princeville are holding very well, and even going up.
I don't think we have reached the bottom yet, because the economy in general has not reached bottom yet. I think we are headed for something that can only be called a modern version of the great depression. Good time to be on an island growing your own and drinking water from the sky, if you can get there.
Then again, I thought the lava would be at the junction of the Pahoa-Kalapana Road and Highway 130 by Thanksgiving!
My theory about the market in Hawaii is that prices will slowly recede like the waves on a beach, island by island, beginning with Big Island. Nice condos on the beach and homes near a million will hold fast, as the people who can buy these homes have not been generally affected by the downturn. These are also subject to a more internationalized market. Prices in Princeville are holding very well, and even going up.
I don't think we have reached the bottom yet, because the economy in general has not reached bottom yet. I think we are headed for something that can only be called a modern version of the great depression. Good time to be on an island growing your own and drinking water from the sky, if you can get there.
Then again, I thought the lava would be at the junction of the Pahoa-Kalapana Road and Highway 130 by Thanksgiving!