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I read the article you linked to. It didn't
sound THAT negative. Home sales have actually increased after months of declines. If this
is worst it is...then I'd take a chill pill.
Really Jared, do you want things fall back to the Great Depression where there was eons of
people unemployed.
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If it ever stops raining in St. Louis, Jared I will be revealed as either Lord God King or just another crackpot. 
Aloha
Richwhiteboy
"You miss 100 percent of the shots you never take." - Wayne Gretzky
“Sometimes the truth hurts. And sometimes it feels real good.”
- Henry Rollins
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Kapohocat,
The difference though is industry was there in California, Silicone valley came to be (pre 1980 there was not the home PCs that you see now which as we know and wish we had our steak in are quite the money maker, we all got 'em girl! LOL) and all of that which really created a very great job market, higher wages and available goods, sevices, jobs were there and they are lacking in Hawaii at that level and wage.
I don't know if it will stay that way and I haven't read of any comperable stucture that is in California. the highest number of most common jobs seems to be in the tourism business which remains typically a low watge hsitorically. Right along there with working in banking and insurance jobs. low pay historically. LOL
Lew,
I was an insurance agent and with what has hapopened in the industry is they have never had such historical catastrophic loses compounded with lawsuits reaching incredible heights. I think those two things financially have wiped out their reserves. So they either have to raise the price which is regulated by the states insurance commissioner or they cannot offer the product. Plain and simple how it works.
The surplus lines have always handled insurance needs such as earthquake or motorcycle coverage, when you can't get it from them you go to Lloyd's of London and there for a price you can do just about anything. I think the only limit is about your imagination and it has to be legal/legitamite. Another words they will insure but the premium makes you really want to have that insurance.
For instance, your regular homeowners HO3 policy does not cover you for loss of your pets. Sorry they do not get coverage there. Say you have a nice show animal which this dog is tops in it's pedigree, makes the top dog at the most prestigious Championship show is Crufts, and you get paid thousands of dollars in stud fees for this beauties charm, so you want to make sure you can enjoy all of those bucks that you can expect to cream off the top selection. You insure that total value of future earnings. But it comes at a big price.
Maybe you thing is owning a top Stallion or just a fancy car with a few hundred thousand price tag that no one else will touch, same kind of thing. Sounds like you already knew this, but maybe others did not since I doubt many know what surplus lines are.
I agree with this because as I have always noted when talking about home sales on the island is that it has been historically cyclic. Higher lower and higher. that is proven on the county taxations site by looking at home sales in the last twenty-thirty years. It will change no doubt when there is no more to buy and sell as it has in Japan and then until the economy takes a slam or other factors again enter in.
But historically there has been the highs and lows and they have been sometimes extremes.
"is that there will be millions of foreclosures natonwide, after the first of the year, due to the adjustment upward of ARMs, many people are ot going to be able to afford the increase in their payments. This will hurt the Big Island real estate market directly and indirectly, because those people will not have money to buy real estate.
Just MOHO worth 5 cents these days....
Here's another article to give some thoughts to it.
Aloha,
Lucy
New Home Prices Drop By Most in 35 Years, Even As Sales Rebound
FOX News
Click on the URL below for the rest of this story:
http://www.foxnews.com/story/0,2933,225447,00.html
Having another Great day in Paradise, Wherever that Maybe!
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Lucy
Having another Great day in Paradise, Wherever that Maybe!
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Some people will read into the statistics what they have already decided to be true. Some people will read the actual statistics and draw a conclusion from that.
As for people with ARMs, well, if they are not already looking into refinancing into a fixed rate loan (possibly one with a longer term to keep their payments similar), then they are just not paying attention. Long-term interest rates are still low.
John Dirgo, RA, ABR, e-PRO
Island Trust Properties, LLC
808-987-9243 cell
http://www.hawaiirealproperty.com
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Anyone who deals with statistics readily has understand that it is the favorite tool used to manipulate public opinion. In other words, the reporting practices and interpretation of those reports may easily affect the outcome (in favor of the organization making use of the statistics.)
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB,RB
http://www.JohnRabi.com
Typically Tropical Properties
75-5870 Walua Road, Suite 101
Kailua-Kona, HI 96740
(808)327-3185
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Apartment Rent, Demand Is Soaring - Forbes.com
Apartment rents and demand are soaring nationwide as the economy produces good jobs and people who might have bought homes a year ago settle for apartments while they wait for housing prices to tumble.
In addition, the supply of rental housing tightened in the past year as many apartments were converted into condominiums in places like Florida and Southern California. Some of those units are now returning to rental markets at high prices as owners struggle to sell them.
Keith
Keith
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I don't dispute that something is happening but it is hard to know what. The articles I've read are just too vague. They talk about bubbles, they talk about hard landings and soft landings, they talk about downturns and over priced markets. That is all very nice, but what I want to know is what about my house on my street and none of these articles tell me anything about that.
I have to admit, the Hawaii real estate market is a real puzzle to me. Many properties appear to me to be incredibly over priced and YET.... they sell. I shake my head in wonderment. I read about a Honolulu 3 bedroom, 1500 sq ft fixer upper priced at 1.5 mill and I just have no words....
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Also speaking of the rising costs in insurance. Around 1980 the other rising cost factored into and option to take out coverage for was the uninsured motorist who would be one who possibly hit your car and left or just stayed and you are now trying to recover financially against them. Many of those type situations are trying to get money where there just isn't any or not near enough to pay for your Mercedes or your choice of car that you drive or your injuries, so thus the pool of the un/insurance funding. It covers those situations where you would choose that additional coverage that was not offered before that. Another rise in premiums.
I have been out of insurance for awhile, so I am a bit rusty here, but I believe I have captured the essence of it.
Cash reserves have to be there for the large payouts that you see happening today. Doctors are one group that you have mentioned on here being hit largely by it and I believe that is a indicator of how litigious our society has become and the rising costs of supplies, machines, buildings and the like which are high ticket items that the public needs, enjoys or demands.
Having another Great day in Paradise, Wherever that Maybe!
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Lucy
Having another Great day in Paradise, Wherever that Maybe!
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"I don't dispute that something is happening but it is hard to know what. The articles I've read are just too vague. They talk about bubbles, they talk about hard landings and soft landings, they talk about downturns and over priced markets. That is all very nice, but what I want to know is what about my house on my street and none of these articles tell me anything about that.
I have to admit, the Hawaii real estate market is a real puzzle to me. Many properties appear to me to be incredibly over priced and YET.... they sell. I shake my head in wonderment. I read about a Honolulu 3 bedroom, 1500 sq ft fixer upper priced at 1.5 mill and I just have no words...."
Lee,
May I get away with mentioning to you that you don't say what you want to do with that house, so it is hard for anyone to answer you reasonably.  ) LOL
common communication error here on forum boards....
Would you like to Sell, live in rent or where is it located? is your area in a Good market, slow market.....? Comparative market anaylsis done for you, giving you an evaluation of your house?
Houses prices in the neighbor hood that have sold this year?
What shape is it in, if you are living there how long are you going to stay? Things like that. What are your plans for it and you? Fix it and to what degree?
One thing for certain the future has to be written yet,(speculative) the past it is all there for us to learn from (None speculative for the most part)just given the proper set of reality and which way you view or interprite it. I do appreciate your honesty of asking and saying it is all a mystery to you. We all puzzle about the future, especially if you are looking toward change.
History has a way of being factual and we can draw upon it to help us form our own opinions. You don't need to speculate on the statistical averages of the past they are all written there fairly consisely, but it is best if you keep an even balance about looking at the future and know that the price does fluctuate depending upon when you are in the market. The timing is hard to pick of buying low and selling high. Just do what you feel comfortable with given the facts that present themselves, not on what is pure speculation or someone elses set of beliefs.
If you are still confused, I might write some more for you to mull over and kick around, maybe even trying to be much more precise to show a better understanding.
If so, feel free to write me if anything I have written has a sense of ringing true for you.
We all can have our own thoughts and hold their own values over this, that is fine by me, we all like to gather some facts up to kick around and come to some conclusions with which we feel comfortable with to make a wise decision over. Certainly looking at most likely the largest investments most anyone makes. It does give one pause to look at it from many angles, which is highly prudent to be cautious and use due care and judgement.
Aloha,
Lucy
Having another Great day in Paradise, Wherever that Maybe!
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Lucy
Having another Great day in Paradise, Wherever that Maybe!
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hey, while you're talking about local families that being able to afford a home...let me chime in since I'm local!
Yes, the housing market has been brutal on local people, but it's the way they live people! I know I'm local, so I feel I can speak on the subject.
Raised on Maui when there was only one street light, having to move to several islands to make ends meet. In Lahaina where I grew up the housing market is out of control! Honolulu where I live now is out of control too. I pay $1500.00 a month rent on a place smaller than 700 sqft!!!
I'm moving the the eastside of Hawaii because I can afford it. Yet I'll have to commute to my job back in forth to Oahu. Local families can afford to buy a home...I'm doing it. It's like someone else here said. Got to stop spending money on weed & video games, and let me throw plate lunches into the mixes too. You can save, anyone can save and make their dream a reality
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