Is It True?Property prices to drop in a year or 2

[Makalealea]

I have been told from many people now, that the property prices on the BI will be dropping more in about a year or 2.
I've lived on Oahu (Windward side) my whole life and will be moving to Hilo very soon because it is where I can now afford to buy a piece of land. (Oahu is already totaly out of the question for me) I refuse to be another one of the many Native Hawaiian people that are not able to own a piece of our land. I am working very hard toward this dream as well as many other Hawaiians. I just get more excited as I get closer to my dream of being a land owner.
My Uncle and family came home from the BI for a family Luau and told me to hang on for a year or 2 because the prices WILL be going down more. I also have a friend in realestate whom also told me to hang on and not to purchase land just yet. I already have a lot of family that live all over the BI and have their own. They say The prices are coming down but not as fast and low as I would hope for. I guess it will never be as cheap as it was before the big boom. I Should have bought then. Darn it! Oh well, There is a reason for everything. Of course Puna, Ainaloa is the place for me. I love it over there. It reminds of my home.
I enjoy reading posts from Lelaniguy, He is very resourseful. He knows more about the BI than most. That is great.
Haoleboy, really cracks me up. I just love his witt. Keep it up. Your a comedian.
This is a Great forum. I always enjoy reading.
Mahalo Nui.
Aloha, Maka

[Genxor]

While no one can be sure what may happen, I would probably say that the prices would not decrease.
I was advised my my realtor last September that prices were expected to decrease for the following year.
My bet would be on the prices stabilizing and increasing by this summer.

My opinion.

Greg

[haoleboy]

My opinion- It's time to revive the "Decline in Real Estate" thread!

Aloha
Richwhiteboy

“We have no right to express an opinion until we know all of the answers.”
- Kurt Cobain

[radioguy]

We are at the bottom of the correction.

NAR's Chief economist, Dave Lereah, predicts we've seen the worst of the current down cycle and sales of existing family homes should slowly start to improve through the rest of 2007.

http://nationalrealtynews.com/content/templates/standard.aspx?articleid=378&zoneid=1

[Kapohocat]

On that same site there are "related articles" that headline worst is over, and home prices take record plunge. Okay which is it???

So Makalealea find a property you really like, and stay there a long time. My 2 cents!

[John S. Rabi]

Maka, you might want to talk to a Fortune Teller if you believe in predictions. The truth is that good and priced-right properties sell very fast even now and I assume you would be interested only in a good property, right?

Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties
75-5870 Walua Road, Suite 101
Kailua-Kona, HI 96740
(808)327-3185

[robguz]

On a recent email summary from Harry Pritikin, it looks like land prices dropped about 50% in the past year, so it seems like a good time to buy.

[Lew P]

Aloha Makalealea,
Robquz mentioned Harry Prikin, I subscribe to his newsletter, I watch the price changes sections, and have watched many minus signs on declining B/I real estate. When I see those price reduction starting to stop, then I think the bottom will be close, and then the time will be for me to start looking for a place. You could try my strategy too.

[ericlp]

The only problem with that strategy is....

You should have an area already nailed down to where you want to buy. When prices start moving back up they move back up in a hurry. There really is no time to start figuring out about your PRIMO spot... Every neighborhood has it's good and bad sections. Poor roads ... next to bad neighbors... etc...etc... But, you could get lucky I suppose and time it just right.

My experience in timing just right and risking a savings of 10% vs. the property you want... I suppose if your not too picky on where you want to live ... then it's a good plan.

I'd say that now is a good time to buy but not for investing. And getting on Harry's mailing list is always a good idea. Lots of good information on current prices.

Good Luck!

[JerryCarr]

Makalealea, Eric is quite right about doing research on desireable locations now with an eye to buy relatively soon. You mentioned Ainaloa as a place you like, and it is one of the more affordable areas. There is a lot of variation within Ainaloa, though, so you should check out different areas in person, talk to residents, track prices on line, and talk to a good realtor (Mssrs. Dirgo and Rabi from this forum are well thought of, with Mr. Dirgo perhaps being more centered on Puna.) I also suggest that you check out some other subdivision, too, to broaden your perspective.

It would be well worth the cost of a few visits to get a better feel for things. Besides, you will probably have a good time. It is beautiful here.

Cheers and best wishes,
Jerry