Posts: 349
Threads: 11
Joined: Sep 2006
While I hate to say it, seems like saying this makes my properties value go down, but it is time to admit it, they are and have been going down all year.
I have been receiving e-mails daily of every house listed $200k and lower, on all islands, not that there are too many anywhere besides the big island under $200k, for well over a year. And the list is getting larger and larger every week. Not just larger what you can buy today is becoming comparable to what was available the last half of 2004.
If the trend continues, we will be seeing 2003 prices again, no question about it.
Plus I check vacant land regularly and while not all have fallen there's quite a few where the asking price is half of 2005 prices and some much less.
I only hope the real estate tax people follow the trend and lower my taxes to reflect what people are asking for properties near mine.
Maybe it is a good time to buy? I know I've seen a few that are very temping. One just the other day for 1/3 of 2005's high.
Edited by - Jeffhale on 01/11/2007 18:12:30
Posts: 236
Threads: 51
Joined: Jul 2006
Tada and Kahunascott,
Hey, you guys have it right, I am SO outta here! It's +22 degrees as I write this and the outlook is we'll see the freezing point again sometime next week.
I've got my dreams on a half-acre near South Point where I'll get the best of west and east side weather. We're at about 500 feet elevation where the daily highs and lows are nearly constant. Just one season, that's what I want.
Hmmmm, just dreamin',
Brian
Aloha pumehana,
Brian and Mary
Lynnwood, WA\Discovery Harbour
Posts: 151
Threads: 8
Joined: May 2006
South Point has one season all right - WINDY!
http://www.southpointhawaii.com/
Steve & Regina
Hawaiian Acres / North Lake Tahoe
'If you don't know where you're going, any road will get you there' - George Harrison
Posts: 2,312
Threads: 59
Joined: Jun 2003
Interesting article in the NY Times today. (Some of the data is totally wrong though.) http://www.nytimes.com/2007/01/12/realestate/greathomes/12havens.html?_r=1&oref=slogin
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties
75-5870 Walua Road, Suite 101
Kailua-Kona, HI 96740
(808)327-3185
Posts: 61
Threads: 6
Joined: Jan 2006
John, you said that the some some of the data in the NY Times article is wrong. What data is wrong and what is the correct data? Did they forget to mention that the Big Island real estate market is going through a price reduction? Just do a MLS search for recent price changes, and enjoy looking at all of the price reductons, and very few if any price increases.
Posts: 2,312
Threads: 59
Joined: Jun 2003
Just for an example, try to find an "entry level home" for $350,000 in Kona (or anywhere on the West side.)
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties
75-5870 Walua Road, Suite 101
Kailua-Kona, HI 96740
(808)327-3185
Posts: 229
Threads: 19
Joined: Dec 2004
I'm not gonna play "Captain save a ho" but damn everytime Rabi puts anything out on this board he has to take pot shots from people who are in the same game that he's in, except he seems to be making money at it and they are just talking. I like Rabi's style of putting his money where his mouth is, you cant say thats not true. I swear this is all just jealousy because it's his turn to make money and the nay sayers are on the side lines "hating" on Rabi because he's in "The Game" and scoring "points". Dont be mad at Rabi...dont be jealous...be happy for him.
If you want to be a "player" make a move, but dont sit back and talk crap about a man who's a mover, a shaker and a big time deal maker. If he bust then damn,,oh well,,,he took a shot at it. He's at the table rolling the dice and your sitting back cliping internet articles to prove Rabi's not making money. Think about it,,,realllll hard.
Congratulations John,
Nate
Posts: 349
Threads: 11
Joined: Sep 2006
Not sure who you are referring to Nate, but I am not disputing John’s information. Moreover, this could be a apples and oranges thing. The bottom feeders verse higher levels.
Personally, I can back up my views, especially on one street where I have a property, last year the lowest price was 69k. At this moment, there’s one for 25 and two more for 35. on the next block, away from ocean, typically a bit lower, another for 25. Last year you couldn't touch that for less than 50k. That's 1/2 hands down.
There's other properties in the lower cost areas that are showing asking prices like this too.
Last month three almost finished houses in HPP asking 139k, last year or late 2005 could not touch them for less than 200k. Shacks and small 3-500 sq ft cottages last year went to 150 and over 200k, this year popping back up 60-110+/- to 140K. This is a down trend that only takes a few hours hunt at information services to see, providing you knew or know last years asking prices.
A few of HPP vacant land properties are holding their values but there's some here and there that appear to be owners dumping out. as are in other lower cost areas. H.O.V.E showing lower asking prices, Kau too. Some selling for less than tax aprasial while last year some selling for much more than asking. Literary. I personally put in a offer for a property last year 15K higher than asking and didn’t get it. Things were selling like hot cakes!
The lowest in moon zone, that you can actually get too in Kalapana, last year was about 14k, this year plenty for 9.
Personally, I can't answer for higher cost property. Although there's north Hilo dirt (vacant land) popping up again, and Molokai, while last year these places lower than 200K were rare. Kapoho, I was not looking at last year but have been told that; last year just about every 'vacationland' empty lot was 250K, there's three way below that right this second.
There's way more larger acreage, compared to, 2005 prices, these currently, are attractively lower.
As reported, sales seem to be going fairly well, but it is difficult to tell on these lower cost properties if it is a low trend or time to grab.
Edited by - Jeffhale on 01/12/2007 19:11:28
Posts: 279
Threads: 2
Joined: Aug 2006
It has become popular to demonize any corporation, company, or individual that is successful (makes a profit). It is to be assumed that this profit is evil, achieved at the expense of those less fortunate, and parlayed into other ventures perptuating this evil profit making. 
I applaud anyone who makes a buck. I assume that they have invested their money wisely, and/or are providing goods or services to people who want them, and employment to those less fortunate.
A rising tide lifts all boats. 
Aloha
Richwhiteboy
“Economists are pessimists: they've predicted 8 of the last 3 depressions”-
Barry Asmus
“Sometimes the truth hurts. And sometimes it feels real good.”
- Henry Rollins
Posts: 61
Threads: 6
Joined: Jan 2006
John said there are no starter homes on the westside for less than 350K. That is true, but since this is Punaweb, we are mainly refering to the eastside, and one can get a nice home for $350k in the Puna district now, and maybe even a better one later, if the prices keep going down.
|
