Posts: 2,314
Threads: 59
Joined: Jun 2003
quote:
Originally posted by dugger
You can buy some houses now for what their land would have sold for in 2005.
An almost new house in Discovery Harbor is in escrow for less than the original land price was. The number of sales of January 2011 on the Big Island were twice the number of sales of January 2010. I have the monthly Big Island market data going back for 5-6 years, if anyone is interested I will gladly e-mail it to you.
Aloha,
John S. Rabi, GM,PB,ABR,CRB,CM,FHS
888.819.9669
johnrabi@johnrabi.com
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
(This is what I think of the Kona Board of Realtors
http://KonaBoardOfRealtors.info)
Posts: 337
Threads: 22
Joined: Jan 2011
Can you just post the link here rather than having us individually email us with our personal email?
Thanks.
Posts: 2,314
Threads: 59
Joined: Jun 2003
quote:
Originally posted by Orchidlandguy
Can you just post the link here rather than having us individually email us with our personal email? Thanks.
It's not a public report and it's available only to those who subscribe to the service. It's a PDF file prepared monthly and includes the comparison to the West coast market too.
Aloha,
John S. Rabi, GM,PB,ABR,CRB,CM,FHS
888.819.9669
johnrabi@johnrabi.com
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
(This is what I think of the Kona Board of Realtors
http://KonaBoardOfRealtors.info)
Posts: 3,188
Threads: 216
Joined: Sep 2007
Posts: 4,533
Threads: 241
Joined: Jan 2006
If you are in the million dollar+ market, it is moving... lol...
http://finance.yahoo.com/news/Milliondol...7.html?x=0
Posts: 1,163
Threads: 32
Joined: Aug 2009
quote:
If you bought in 2004,5,6 - yes it isnt pretty at all but someone has to buy high and sell low or someone cant buy low and sell high...
My heart goes out to those who bought high and have to sell due to financial pressures. But for many folks who are just doing normal moves, their "buy high, sell low" loss is canceled out by their subsequent "buy low, get more" opportunity.
Posts: 337
Threads: 22
Joined: Jan 2011
Just closed on a property in Orchidland. Bought at decent price, sold at decent price. Yes, I also feel sorry for those who bought high, but most of us couldn't afford it when it was selling hihg. most of the people who bought high had lots more money than the average puna resident and bought them for vacation rentals. Now they sit vacant. too many greedy people buying second homes now have to unload them. Hard for me to feel sorry for the wealthy.
Posts: 1,163
Threads: 32
Joined: Aug 2009
Well, remember, all those folks buying second homes spend a lot of their cash here to fix them up and maintain them, bringing money into our local economy. They also (hopefully) pay property taxes (at a higher rate then local residents) and their community association fees, and they usually don't significantly use county services, thereby subsidizing the rest of us. If they are using their properties as vacation rentals, they are helping to bring additional revenues to the county in the form of transient accommodations taxes and general excise taxes (roughly 14% of the rental income). And if they don't live here, they are also employing locals to manage and maintain their properties. So just because they could afford a second home doesn't automatically make them bad people.
I'd be interested to hear what you consider "wealthy," and does being better off than the average American automatically make one "greedy"? I feel bad for anyone who responsibly lives within their means and then suffers a major loss because of extenuating circumstances, which can happen at any income level. But I agree, I don't feel as bad for folks who were clearly living beyond their means (buying additional homes or extravagant homes that they clearly couldn't afford over the long term) who lost out when the house of cards collapsed..
Posts: 8,459
Threads: 1,032
Joined: May 2003
During the run up in real estate a few years back there was an influx of speculators who were buying houses sight unseen from the mainland. Many were interesting in flipping properties ala California and some succeeded and at the end many did not. A hot market was drawing in heavy speculation which did not really serve anyone, much less the Big Island, very well. Many of these were not second home buyers but were nineteenth and twentieth home buyers.
It is also true in my opinion that a good number of local builders jumped on the wagon with the result that we got seriously overbuilt with 3+2s which now sit empty if they are not vandalized.
Assume the best and ask questions.
Punaweb moderator
Posts: 337
Threads: 22
Joined: Jan 2011
Rob said it better than I was trying to. The greedy I was referring to were the folks driving around Orchidland and HPP during the big land grab and buying up any and all they could flip. Many were financing on top of financing. I had a guy try to buy from me just pulling up in my driveway. Offered me cash on the spot. There were many like that man all around the area. It was greed and it was people with wads of cash trying to grab all our beautiful puna. No, I am not sorry those types of wealthy land grabbers lost there 19th and 20th homes to flip. Not sorry at all. And glad to see them gone.
