And the Beat Goes On . . .
February 20, 2007
This is going to be an uncommonly brief update, mainly because there is little to catch up on. Those real estate values that have been of such interest have stabilized in most cases. There are some real bargains in the Puna subdivisions now, what with all those builders having their blinders on when the market started to slow. They just kept on building like there was no tomorrow, and now there are lots of very nice, brand-new homes in places like Paradise Park, Hawaiian Shores, etc., in the range of $260 - 290K. These same houses were going for $50 - 100K more at the peak. The prices are low now because there are more houses than buyers, but that won't last very long. People are still moving here in droves, no matter what the Realtors tell you, and when all this excess inventory of new homes is gone, the prices will start up again.
The availabiltiy of these new homes at give-away prices has also had an effect on the values of older homes in those areas. It's a buyer's market - for now.
The surprising thing to us is that Kona prices are down and are now more on an equal basis with Hilo and any of the more desirable areas of the Hilo side.
Our experience in Hilo is that whenever a nice home is listed at a fair price, it sells immediately. The last few we've been interested in received multiple offers, just like in the infamous peak times.
So much for real estate. Let's get back to Living Aloha!
My last few updates have gone into this in detail and it is ever more important as more and more people relocate to the Islands. If you would like to read my article on Living Aloha that was recently published in the Hawaii Island Journal, click HERE!
And in the meanwhile, please, please,
Live Aloha!
Mahalo for "listening."
Skip Thomsen & Ohana
Updated 1/20/2006