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If you have cash and are patient - you can find deals in Hawaii, even in Honolulu - the key is cash and patience. There are plenty of sellers accepting lowball all cash offers.
We may be at or near a bottom - I think the bottom will last at least a year though rather than a quick uptick as the fed has declared rates will be low at least thru much of 2013.
Location: Big Island- Hawaii, AK, WA where the whales are!
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I don't believe it. With the banks now getting the go ahead and start processing forclosures again I believe Hawaii and mainland will continue to get flooded with more in coming years. No bottom yet - or at least no going up. BOA is so freaking behind it isn't even funny. I know (personally) people in probate trying to give the banks property back for 4 to 7 years and they haven't even processed the person is dead.
It all depends on where they are speaking of. Some areas have bottomed, some may have more to go. There's still the huge bank owned inventory which hasn't been cleared out yet, either. A lot of them haven't even been coming up on the market yet.
(insert a short break here while I actually go read the article)
Ah, that's precisely what they were saying, too. They say the bottom of the market is in sight, not that it is already here. There's light at the end of the tunnel, but there's still some tunnel to go.
Even after the market turns, there's still about a six month to a year's languishing time before it would really start perking around. Then it would take a few years to make a run up, that is, if it goes up fast like it did last time.
There is at least a year while the prices and mortgage rates are low. Probably two or perhaps even three years even after it hits bottom. It used to run a seven year peak to peak cycle, this big downturn seems to have missed the uptick and done nothing but drop for the past six years and it might drop for the full seven.
Wow, can't believe I've been missing this treasure trove of info as I've been pretty exclusive with the Oahu thread.
I won't lie, Hawaii is beautiful and amazing, but the reason I'm looking at buying down there is because of the prices, I'm viewing it as a mid range investment, but have been nervous that I might miss the bottom, because I haven't been able to get down there since I have some commitments that are keeping me up here for the next couple of months. Whew, you guys have taken some stress off my shoulders, though I feel for you if your homeowners.
The market in Hawaii hasn't plummeted nearly as drastically as the market in other parts of the country.
We bought in 2000. The market soared shortly thereafter, then dropped after that, as we all know.
My house is still valued at more than twice what we paid for it but about 10-12% below what it was valued at during the height of the bubble.
Nice, but we're not going anywhere. :-)
Yeah, Vegas has some unbelievable deals and I'm still considering it, but I'm feeling HI would be the better bet
Sounds like you really lucked out, or your one savvy investor!
Personal opinion - the best "bargains" are the houses in the $500K range that have a reasonable commute to downtown Honolulu - and need some rehab - like new floors/paint and updated bathrooms/kitchen - lets say about $100K worth of work - if you buy in the right area where the comps can support it - get a reliable contractor - it can be a decent investment.
Yeah, I'm looking at the 500k+ houses, but I'm actually thinking of something that would be outside of reasonable commute time, seems like I can get a lot more house and by that I mean, oceanfront
Though truthfully, I'm looking for a place that my parents can move into and enjoy their golden years and so (hopefully) I won't be selling anytime in the near future and if those real estate ads are truthful it'll be a lot less painful paying the property taxes, I pay about 5k every 6 months on two chunks of land here in WA.
Guess, HI gets your $$ in other ways, someone mentioned $400 a year on pest control, I'm sure insurance won't be cheap and hopefully solar panels will defray costs on the pocket book and costs to the environment....so much more research needs to be done
If you don't have to commute into Honolulu you've got a wide range of options from Ewa Beach, Kapolei, or the North Shore. The East Side (Hawaii Kai) or Kailua areas are going to be pricier.
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