09-21-2008, 04:07 AM
In the LOCAL economy I find a very interesting phenomenon.
There are those who could see the writing on the wall and knew all this was coming. They got out before the bubble burst, moved here 2 years ago, have very little debt if any, and in general embrace progressive values. These people even if of relatively modest means are in pretty good shape, as they're more or less immune to what's going on currently by design. They keep a low profile.
There are those who didn't pay any attention at all, saved no money, bought big stupid trucks with bigger stupider wheels, never mind the roof on the house is about to rust off, and these people are in real big trouble.
Of course this is the case in any economic down turn, but I think it's rare to see it this stratified.
I still see a boom in the short term here in Hawaii. The first wave of financial and ecological refugees like myself have already moved here and quietly entrenched. Hawaii is still cheap compared to the mainland, as is likely to remain so. While values on the mainland will fall and stay low, the relative pricing between properties there and here for the next few years will likely remain favorable for those who want to move. For those who MUST move, because their retirement is contingent on getting the equity out of the house, few options are available. Better get out sooner than later.
A lesson I remember from the years in my youth of hunting chuckar in Hell's Canyon and the Idaho deserts. The first bird that flies from cover startles you and gets away. The next two don't.
There are those who could see the writing on the wall and knew all this was coming. They got out before the bubble burst, moved here 2 years ago, have very little debt if any, and in general embrace progressive values. These people even if of relatively modest means are in pretty good shape, as they're more or less immune to what's going on currently by design. They keep a low profile.
There are those who didn't pay any attention at all, saved no money, bought big stupid trucks with bigger stupider wheels, never mind the roof on the house is about to rust off, and these people are in real big trouble.
Of course this is the case in any economic down turn, but I think it's rare to see it this stratified.
I still see a boom in the short term here in Hawaii. The first wave of financial and ecological refugees like myself have already moved here and quietly entrenched. Hawaii is still cheap compared to the mainland, as is likely to remain so. While values on the mainland will fall and stay low, the relative pricing between properties there and here for the next few years will likely remain favorable for those who want to move. For those who MUST move, because their retirement is contingent on getting the equity out of the house, few options are available. Better get out sooner than later.
A lesson I remember from the years in my youth of hunting chuckar in Hell's Canyon and the Idaho deserts. The first bird that flies from cover startles you and gets away. The next two don't.