Home Prices, Construction in Puna

[HereOnThePrimalEdge]

Puna and South Hilo lead the state for increased home prices over the last year, up 40%:

In South Hilo, the median home sale price in March was $525,000, a jump of 40% from last year. And in Puna, where the median sales price was $370,000 in March, the increase was the same.

Why?

... new parcels that go on the market invariably get multiple offers that eventually go above the seller's asking price, and leave the market within weeks. According to MLS data, homes sold on the Big Island were only on the market for a median time of 14 days.
Gauthier said that, as has been the case for much of the pandemic, the rise of remote working is a major cause for the robust market.
What's kept East Hawaii tamped down in the past is that there aren't as many jobs over here, Gauthier said. But now that good-paying jobs are going online and people can work anywhere, people are moving here from all over

https://www.hawaiitribune-herald.com/202...hilo-puna/

I hear bulldozers.

[Ccat]

Don’t forget that us baby boomers are now retiring en mass.  Plenty more people ready to move in.

yep.

Ccat

[HawaiiEV]

Looking forward to the crash and all the ways people will be “challenged” by Hawaii.

[HereOnThePrimalEdge]

Looking forward to the crash …

Made it through the stock market crash of ‘87 when I lived on Maui.
9/11/2001 changed everything for businesses that shipped their products. Made it through that.
2008, house prices, stock portfolios lost half their value almost overnight.  My business sales were 1/3 of what they had been, took 4 years to climb out.  But did.
COVID 2019.  Ditto.

Still standing.  Growing more fresh fruit and vegetables than I can eat.

[HawaiiEV]

As you should be, no doubt you weren’t in the BMW with the California plates trying to drive up my ass the other day.

[HereOnThePrimalEdge]

you weren’t in the BMW with the California plates

Nope, that wasn't me!
I've got a dusty paint chipped Punamobile on the outside, with good engine, brakes, and tires underneath.  And a CD player in the dash, not a stinkin' nav system.
In the Target parking lot a week ago I saw two Teslas, and a Maserati.  The Maserati had deep tinted windows - - and California plates.

Back to home prices.
Unless the tax rate is adjusted we'll be filling the County coffers with a windfall next year.  Last time that happened they didn't lower the rate for taxpayers, they hired additional workers to the already bloated government workforce.  Get your applications in now.

[ChunksterK]

Unless the tax rate is adjusted we'll be filling the County coffers with a windfall next year.  Last time that happened they didn't lower the rate for taxpayers, they hired additional workers to the already bloated government workforce.  Get your applications in now.

While it's absolutely true that the county almost always goes on a hiring binge during boom times, the residential component of the windfall will be limited by legislation a few years back limiting owner occupied homes to a 3% per annum increase in assessed value.  I checked our recently received assessment notice and found that to be pretty spot on.  FWIW, they showed a market value increase of 15%, which actually seems low.  Commercial properties and non-owner occupied residential units will get hit with big jumps, though.  I'm not sure about agricultural property increase limits, but I'm quite certain that the Shipman empire will pay next to nothing.

[kalianna]

Iʻve said it before and Iʻll say it again: For residents, Hawaii has the lowest property tax rate in the country.

https://www.rocketmortgage.com/learn/pro...s-by-state

One of many sites with this information.

[kalakoa]

Hawaii has the lowest property tax rate in the country.

Watch as I quote this different study that says Hawaii has the third-highest tax burden after New York and Connecticut:

https://taxfoundation.org/publications/s...n-rankings

Taxation is a composite that should only be measured subjectively. How much does it cost to live here so you can enjoy the low property taxes? Are you satisfied with the level of service provided for the taxes paid?

[Durian Fiend]

As you should be, no doubt you weren’t in the BMW with the California plates trying to drive up my ass the other day.

Damn Californians. Slow the fawk down. They’re bound to overpopulate Hawaii while running up real estate prices, as we’ve seen before in PNW.