Real Estate/ Foreclosures (Honolulu: bank owned, short sales, to rent)

[Anton2606]

I was just wondering if the islands were getting a lot of foreclosures. I live in cali and its really bad. I was thinking it would be pretty bad because there are less tourists and people may have to sell their second homes now because of the economy.

[AONE]

I have dealt with REO offerings through banks which means when they have a large portfolio of foreclosures or the like we sell them off at a discount, sometimes as low as 32 cents on the dollar when we are dealing with over $1B in property. I just got a list of property from a $2.6B nationwide deal and indeed there was an even displacement of property in Hawaii.
Nevada had the most followed by my own Florida and california. Seems no one is immune. But on the up side it makes it an investors market and pretty active... well at least here in Orlando. Whenever rent is positive cash flow it is a great time to buy. Some of the prices havent been seen in over 10 years. not bad. a new home at 1998 prices.or before.

[isaackko]

There are more than usual right now, but still nowhere near what you are seeing in some places on the mainland.

I know one person being foreclosed on out of probably around 100 people, and it's the landlords fault, not his.

[whynot?]

Here's a link to an article in Thursday's Honolulu Advertiser about foreclosures here: October foreclosures triple over last year | HonoluluAdvertiser.com | The Honolulu Advertiser

They're up for the third consecutive month, but Hawaii is still 21st in the country in terms of foreclosures. I spoke with a realtor here on Maui last week who said she'd put $10M in escrow the week prior.

[Anton2606]

Originally Posted by AONE

I have dealt with REO offerings through banks which means when they have a large portfolio of foreclosures or the like we sell them off at a discount, sometimes as low as 32 cents on the dollar when we are dealing with over $1B in property. I just got a list of property from a $2.6B nationwide deal and indeed there was an even displacement of property in Hawaii.
Nevada had the most followed by my own Florida and california. Seems no one is immune. But on the up side it makes it an investors market and pretty active... well at least here in Orlando. Whenever rent is positive cash flow it is a great time to buy. Some of the prices havent been seen in over 10 years. not bad. a new home at 1998 prices.or before.

yea ive seen pretty low prices. how long do u think the market will still go down. some say a lot over next year but others say people are starting to buy the low priced property now so it might not be that bad..

[Anton2606]

Originally Posted by whynot?

Here's a link to an article in Thursday's Honolulu Advertiser about foreclosures here: October foreclosures triple over last year | HonoluluAdvertiser.com | The Honolulu Advertiser

They're up for the third consecutive month, but Hawaii is still 21st in the country in terms of foreclosures. I spoke with a realtor here on Maui last week who said she'd put $10M in escrow the week prior.

yea although the million dollar homes rarely go down in price.

[Anton2606]

Anyone else know anything? or where i could look to find foreclosed property in maui?

[Kohala Coast tennis]

I am a Big Island broker. I just pulled all the foreclosed and short sale (distressed) condominiums under $250,000 (fee simple) in Kona town for a client. Out of 57 properties listed in MLS, 15 were foreclosed (REO: bank owned) or short sales. I did find a five year old single family home short sale for $355,000 which is the best deal by far on the market in its price range. This is still a tough price for most local families because wages are low.

[whynot?]

Similarly, I just looked at the Maui listings on one of the generic foreclosure .com sites, and they're almost all condos or homes in neighborhoods that are not traditionally second homes. There are a few single families over $1M, but very few in the "luxury" market. Most of the prices ($300-600K) and bed/bath counts look like there are some condos in beach areas and some single families spread around (mostly in Central Maui and upcountry) that are in foreclosure.

What is it -- exactly -- that you're looking for? Besides a deal, I mean.

[Anton2606]

Originally Posted by whynot?

Similarly, I just looked at the Maui listings on one of the generic foreclosure .com sites, and they're almost all condos or homes in neighborhoods that are not traditionally second homes. There are a few single families over $1M, but very few in the "luxury" market. Most of the prices ($300-600K) and bed/bath counts look like there are some condos in beach areas and some single families spread around (mostly in Central Maui and upcountry) that are in foreclosure.

What is it -- exactly -- that you're looking for? Besides a deal, I mean.

Probably a condo... has to be a 2 bd. Id like to be as close to the ocean as possible. If i was able to rent it out i could afford a higher price range but im not sure how many are vacation rentable...