nanawale lots

[rusty h]

can someone explain to me how a person can pay 26,000 each for three lot's in 6/06 and sell them for 9,900 today? its a investment companty thats selling them. What is the subdivision like?
peace

[Lee DeJongh]

Looking at recent sales in the real estate market, a lot on 15th in HPP listed at 55000 sold at 35000, others elsewhere are selling at 50-70% of asking price. MAny of the selling houses are selling at 90% or so of asking, Some get full asking price but the asking price is lower. I am particularly interested in waa waa. 2 years ago cheapest lot was 200K now there are lots listed at 100K, with no takers. Oceanfront in waa waa has dropped from 450K asking to 285K asking.
If an investment company is unloading nanawale at this reduction, I'm sure it makes economic sense. With the US in recession, the dollar dropping, the leaving of HAwaii by the Japanese, look for prices to drop further. I figure a paper loss on my property there at probably at least 30-4o% but I don't care since I bought to have, not as an investment, and I don't intend to sell. I recall telling John Dirgo at the time that I expected to lose 20K on the transaction. I was wrong. I probably will lose more. I still don't care.

[bystander]

I expect this year to be way worse than last. The downtrend in real estate is all over the media and appears to be world wide. Even our resident RE agents have changed their minds. A year ago the two RE Johns were saying this is a GREAT time to buy. What happened guys? Actually Dirgo seemed more cautious but Rabi was very bullish.

[Beachboy]

keep in mind, with real estate think locally. Sure, on the mainland the housing market has taken a dive, and here too. But in Honolulu things are still alright. The last thing I heard about credit crisis & Sub Prime mortgages....it looks like 2010 before we will see a change.
All in all, Hawaii in general whether here or Honolulu is a good investment..

Handle every situation like a dog,If you can't eat it or hump it,piss on it and walk away...

[Guest]

quote:

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Originally posted by Beachboy

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All in all, Hawaii in general whether here or Honolulu is a good investment..

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Not from what I've been reading.

In Todays USA TODAY it states:

...The next housing downturn is already on the horizon — and it looks like it's going to be a long one.....There are already more sellers than buyers in six states: Connecticut, New York (excluding Manhattan), North Dakota, Pennsylvania, West Virginia and Hawaii.

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Coming home soon!

[Greg]

I'm not in real estate or land speculation, but even I know the idea is to buy low and sell high. I feel sorry for all the people who bought $200,000 homes for $300,000 and thought they were going to sell them for $400,000.

Well, they're headed back down to $200,000 or less, so I would say wait a little while, grab a good deal, and stay.

[John S. Rabi]

quote:

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Originally posted by bystander

... but Rabi was very bullish.

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I am still bullish! Real estate is the greatest investment for those who know what they are doing. There are good deals in every market and I am still buying and selling. Have not lost money on real estate since 1982.

Aloha,
John S. Rabi, ABR,CM,CRB,FHS,RB
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"

[gtill]

Oahu 's high end market is still ok, as is the low end for now. But the low end is much reliant on forclosures from low interest variable rate mortgage "fire sales"!

And as has been pointed out, if tourism begins to suffer, the fallout on this island will begin in Kona, but how many people ride the bus or drive there to work, to pay for their house in Puna?

As a district with the lowest tax base, and the highest electric costs, no clean business developments will come. Either our tax will rise with our unemployment increase, or we do somthing like become the only affordable all electric district in the state, a study in EV technology and development, without a drop of the oil we're so dearly paying for to power our geothermal powered homes!

Sorry, it might draw a few tourists! Plus, Pele is keeping things here shaky for now.

[rusty h]

would you say that buying in nanawale for under 10.000 is a wise buy at todays market?