Decline in Real Estate

[bystander]

Check out the latest news at TH.

http://www.hawaiitribune-herald.com/arti...ocal03.txt

[adias]

Seems like there is no end in sight and lots more subprimes to reset yet.....

Sales of Existing Homes Plunge Steeply
New York Times
By JEREMY W. PETERS
Published: April 25, 2007


http://www.nytimes.com/2007/04/25/business/25econ.web.html?_r=1&ref=realestate&oref=slogin





Edited by - adias on 04/25/2007 12:35:23

[Jared I]

I just saw this on another blog, its all news about HI real estate:

http://thehousingbubbleblog.com/?p=2765

[missydog1]

I feel lucky to have sold my house in this market. (Knock on wood, almost there.) We went down less than 1% on our asking, could have been a lot worse. It hasn't been a fun wait though.

[Lew P]

Lucky you Kathy, some folks are so stubborn they refuse to lower their price, and hold out until they get desperate and have to sell. Only thing that is keeping prices up at all, on this island, is that people who have big bucks can afford to wait, and hope they will find a sucker, who does not know the real estate market here,is in a down turn.

[missydog1]

yeah, we were lucky. We don't feel like we came down on our price; the offer was 10K above what we were willing to take, but OTOH we could have priced it 25K higher according to recent comps. We worked our butts off getting our house into great condition and staged it to look at its best.

There are still buyers around who can't afford to wait -- namely those folks facing capital gains if they don't reinvest.

What bums me out about the market in West Hawai'i and even Hamakua now is that you go see a place for 500K and it's a DUMP that needs structural as well as cosmetic and isn't even a very nice house after all that.

Who wants to spend that kind of money for a fixer project? Not I.

[John S. Rabi]

Interesting article for those who follow the real estate market. http://realestate.yahoo.com/Real_estate_...198de.html
(Please do not make comments, it is not my intention to start a debate. Mahalo!)

Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties

[ericlp]

Please don't make comments? I thought that was the whole idea of a Forum...

Anyway, I think parts of that artical is true, and parts of it is false. First off it depends where you are ... Location is a big factor in realestate, you just can't clump the whole USA together and say it's great.

Oh well, I think realestate for Hawaii is on it's way back up tho. I don't see anything being given away. People here are still getting fair to market value on land and homes.

Anyway the article is to optimistic to me and sounds like a realitor wrote it.

[HiloHaole]

KathH, I think that the fairly recent tax law allowing someone to live in a house 2 out of the last 5 years and have tax-free gains (up to a limit) replaced the tax law that you had to re-invest within a year to avoid capital gains. Some of the real estate people that contribute to this forum can add or correct me, but I think there's no re-invest requirement.

[Carey]

The reivestment is 18 mos. for those who have lived in their house less than 24 out of the last 60 months (there are a few circumstances that can allow for fractional computation) or who have gains over $250k ($500k for a couple). For those that do not qualify, & sold a house, they do need to reinvest, or pay taxes on the gains.