Posts: 325
Threads: 54
Joined: Jun 2007
I just eyeballed some comps for vacant lot sales in March for HPP. It seems as thought prices have fallen dramatically for 1 acre vacant lots.
I'm wondering if that's the impression of our relator friends here on this site?
(I'm not troubled by the decline, if it is real. You have not lost money if you don't sell. In fact, I'm curious because if they continue to fall I might want to pick up an adjacent acre to our lot, if it becomes available.)
Posts: 2,314
Threads: 59
Joined: Jun 2003
Sorry, I will be a bystander on this! [
]
Aloha,
John S. Rabi ABR,CM,CRB,FHS,PB,RB
808.989.1314
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
Posts: 325
Threads: 54
Joined: Jun 2007
quote:
Originally posted by John S. Rabi
Sorry, I will be a bystander on this! []
Aloha,
John S. Rabi ABR,CM,CRB,FHS,PB,RB
808.989.1314
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
I forgot that there are probably rules that prevent realtors from talking about where housing prices are going. Didn't mean to put you in a tough spot!
Posts: 735
Threads: 20
Joined: May 2006
quote:
Originally posted by hpp4me
I forgot that there are probably rules that prevent realtors from talking about where housing prices are going. Didn't mean to put you in a tough spot!
The rules have nothing to do with it. [
][
]
Posts: 510
Threads: 29
Joined: Nov 2007
I too have been following prices on HPP lots for 5 years and I have come to the following conclusions and these are just my own opinions.
Some lots are selling at low prices not seen for several years
Some lots are selling at prices that are fairly high
Notice that the lower price lots stay on the market fewer days
I think it depends on how much the owner NEEDS to sell
I think a lot of vacant land was bought for spec houses and now the house market has softened so the large profit is no longer there for spec builders.
I too would like to buy the lot next to me and it is owned by NRLL a land auction company that is impossible to communicate with.
Anyone else tried to contact this company?
Mac nut
Posts: 325
Threads: 54
Joined: Jun 2007
You nailed the situation perfectly! The only thing I would add is that prices tend to be higher the closer you get to either the ocean or the highway, but I suspect everyone knows that already.
It is a great opportunity. These prices are going to look dirt cheap in a few years. I'm guessing that they have more to fall, but you never know where the bottom is until after prices begin to rise again.
quote:
Originally posted by mac nut
I too have been following prices on HPP lots for 5 years and I have come to the following conclusions and these are just my own opinions.
Some lots are selling at low prices not seen for several years
Some lots are selling at prices that are fairly high
Notice that the lower price lots stay on the market fewer days
I think it depends on how much the owner NEEDS to sell
I think a lot of vacant land was bought for spec houses and now the house market has softened so the large profit is no longer there for spec builders.
I too would like to buy the lot next to me and it is owned by NRLL a land auction company that is impossible to communicate with.
Anyone else tried to contact this company?
Mac nut
Posts: 3,188
Threads: 216
Joined: Sep 2007
isn't nrll a newport beach outfit ( more big time scammers in that town than just about anywhere else, some of the enron guys got their start in nb boiler rooms) ) ... there was a big expose if they're the folks I am thinking about.
the "auctions" : ... big reserve, they hold the paper after a small down , and hope (encourage) the buyer to default
marginally legal practices etc ...
Posts: 2,899
Threads: 489
Joined: Mar 2006
To give you some idea as to how low land prices in puna could go....I bought my acre in HPP in 1985 for $6000.00.. Oceanfront half acres in HPP were going for $50,000. At the same time lots in Hawaiian beaches, parks and shores were going for $4000.00
Posts: 990
Threads: 22
Joined: Dec 2007
To get really back, Royal Gardens was selling at 10,000$ for a one acre lot with pavement! Good drainage! The price slipped a bit in 1983 with the first eruption!
Gordon J Tilley
Posts: 325
Threads: 54
Joined: Jun 2007
If these numbers for June HPP sales are correct, prices on lots continue to fall.
http://www.localhawaiirealestate.com/Haw...20LAND.pdf
Anyone else thinking that we are close to the bottom and that these prices are too good to pass up?
