Home Buyers Pick Puna - Sales Surge

[opihikao]

FYI: (*Snipped - More at link)

http://www.staradvertiser.com/businesspr...=226860701


Puna was a hot spot for home purchases last month and helped fuel a surge in Hawaii island’s residential real estate market.

A report from Hawaii Information Service tallying residential sales on the island showed that sales of single-family houses jumped 76 percent to 179 in September from 102 in the same month last year.

Most of the surge occurred in Puna, where the number of sales soared 88 percent to 60 from 32 a year earlier.

Another big part of the sales increase on the island happened in South Hilo, where the number of transactions more than doubled to 28 from 11.

North Kona also had a strong month, as sales there rose to 42 from 24.

The median sale price for houses on Hawaii island rose 13 percent to $280,000 last month from $247,500 a year earlier.

In Hawaii island’s condominium market, the number of sales rose 27 percent, or by nine units, to 43 last month from 34 a year earlier.

The median condo sale price was up 17 percent to $315,000 from $269,500.

[PaulW]

Thanks, I'd noticed this sudden activity as well.

[terracore]

And judging from what I am observing, there is more new construction currently going on than sales of existing homes.

[ericlp]

http://futures.tradingcharts.com/news/fu...02021.html

can read with out logging in BS

[rainyjim]

Has anyone else noticed how often the sales seem to be finaled at a price lower than the assesed value. Is this the norm? I'd expect equal or higher (much higher in some cases).

[james weatherford]

This might explain it: The "assessed value" is likely derived from "comparable sales" (i.e., sales of similar type of properties) in the area. If those "comparable sales" were during a period of stronger market (like we had a few years back), and the subsequent final prices were in a down market (like it has been lately until a month or two ago), the final would be less than the assessed.

[rainyjim]

that explains it indeed. thanks!

I was looking at a list on trulia that pauhana posted on another thread (property tax thread) and it seemed to corroborate this circumstance also. I was amazed though at some of the REAL lowballers 3 br. in Hilo for > $80,000 was surprising.

[rainyjim]

quote:

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Originally posted by terracore

And judging from what I am observing, there is more new construction currently going on than sales of existing homes.

---

I have noticed that as well, particularly on 'our' street. I wonder myself what motivators people have to build new over a 'refurbishing' or renovation. I would have suspected building new is more expensive every time.

[dwedeking]

1) They want a house designed the way they want it (couldn't fine with same features already made)
2) Purchased land cheaply (tax sale, market timing) so the savings make up for the cost of construction
3) Purchased years ago as retirement and only now ready to live here (can't move land parcels they're heavy - don't want to build a house for retirement at the time you bought the land and have a 10 year old house when you retire - didn't want hassle of renting it out while your waiting to retire/pay inflated property tax).

[opihikao]

Hopefully, a sign of a recovering market (real estate), and a sign of the economy as a whole. These kinds of statistics add to the argument that Puna is the fastest growing community in the State, if not the USA (it was, at one time), and needs the proper infrastructure, etc., for proper growth.

There is hope, somewhere, and maybe in these kinds of "revelations", the County and the State of Hawaii will address and pay attention to Puna's needs. Should we prompt our councilpersons to bring forth new proposals to enhance Puna and our growth? What say you? [] We have two of them, which is a good thing.

From the streets of Pahoa (frankly, I'm disgusted to drive through Pahoa town, OMG. [:0][V]), to the water and sewerage issues, the roadways, emergency plan (mahalo for the good discussion on alternate route on the other page), future development, etc.

Per capita? Please explain this definition, and then, can we demand the basic needs Puna requires to grow based on this "per capita" thing? With the community's needs at the forefront? JMO.

ETA: (Rolling my eyes, sorry)

per cap·i·ta (pr kp-t)adv. & adj.

1. Per unit of population; per person:
2. Equally to each individual.

[Medieval Latin, by heads : Latin per, per + Latin capita, accusative pl. of caput, head.]