June Housing Stats (sales, to rent, buying a house)

[scoozie2]

Many people believe that Hawaii's housing market is insulated from the mess on the Mainland. To some extent we are, however, its just a delay of the inevitable. Hawaii will be a great place to buy a house ... just not in the next few years. Let the bubble burst then enjoy purchasing property that will be 20% what is being sold today.

June year over year numbers are ...

Median price for single family homes
Big Island -17.9%
Maui -7.7%
Oahu -8.8%
Kauai +5%

Sales
Big Island -37%
Maui -33.9%
Oahu -25.7%
Kauai -39.1%



This may be the beginning of a serious deflation of Hawaii's housing bubble. What do you think? We shall see.

[whynot?]

Would this source be YOUR blog, perchance? I've noticed all of your postings seem to link to it.

[scoozie2]

Find me another site about Hawaii housing bubble and I will quote away. Its the most convenient way for me to get information. Seriously, if you have a site that pertains to the same niche then let me know. Other than that, I can't find this information anywhere else. I won't post the site addy anymore - didn't know I looked like a cheerleader for that blog while using it to source the information I found.

[cynmkolohe]

I believe that the question is more specific...Is the blog yours?

This information is widely available for anyone who wants to find it....correct me if I am wrong, but it seems apparent that the "bubble blog" site is using other sources--it is not a primary source of data.

[scoozie2]

You are correct however, if I had to find each source on my own that would be a complete waste and mismanagement of my time. But then again, who cares ... I won't post that whatever site again.

Funny though ... the thread starter asked "What do you think?" I guess tumbling sales and median prices are too negative to discuss here

[Frangi914]

I appreciate the information you provided - selling my house here in NY was quite an experience (we are in the beginning stages of the offer/deposit) - We are selling it for less than we wanted (and who isn't these days and we did this in less than 60 days so all is good). We hope to make it up when purchasing in Hawaii, so I'm glad everything I see/hear the prices are dropping - Can't wait until I'm on the purchasing side.

[hotzcatz]

What with the loss of the two airlines, the new vog issues, the decreased amount of tourists and the increased costs of living because of higher shipping rates, we don't need to be exposed to the mainland sub-prime mess to have local properties decreasing in value. We have enough local reasons for the decline.

As the tourism industry sheds jobs, there will be a huge trickle down effect into all the islands economies. Remember how after sugar left the areas that depended on sugar were ghost towns? Well, this time it is tourism which is failing and the picture doesn't look like it is going to be very pretty.

Before buying property in a downward market, it might be wise to rent for several months at least to make sure of the area you want to live in before buying a house. The way the market is going you will not be able to resell it for about a decade unless you were willing to take a loss. I am, however, not a realtor or have any sort of house buying and selling background so my two cents may not even be worth that.

[Frangi914]

Originally Posted by hotzcatz

Before buying property in a downward market, it might be wise to rent for several months at least to make sure of the area you want to live in before buying a house. The way the market is going you will not be able to resell it for about a decade unless you were willing to take a loss. I am, however, not a realtor or have any sort of house buying and selling background so my two cents may not even be worth that.

Oh we have been planning this for over five years and I could probably tell YOU a thing or two. We are going to be renting when we arrive but looking for a house soon afterwards. Comming back here is not an option for us. New York is just as expensive to live in and I pay over $22,000 a year in taxes alone, so I can't afford to live here and not work and I don't want to work anymore!

We have a solid plan, the will and the know how (financially good too).

Thanks

[mkmkm99]

$22,000!!! Just in TAXES!!!!

[Frangi914]

Originally Posted by mkmkm99

$22,000!!! Just in TAXES!!!!

$23,394 to be exact! Makes one feel sick dosen't it