Kona has just about hit rock bottom, buy now folks

[bombadero]

I believe we are still on the way down....,and quite a way to go yet.
Hawaiis act 182 has caused a break in the forclosure process that has dramatically reduced the amount of inventory available.While we may see a small and short lived price bump due to this shortage, as soon as the new judicial process of foreclosures begin to hit the market things will begin the downward march again. An interesting article on this just appeared in the star advertiser .
If you search "Foreclosures march toward levels seen before laws overhaul" it will give you a good idea of whats coming.
Hawaiis law passage only forced the change of HOW the banks go about the foreclosure process making it take longer to complete. Rest assured that the banks are going to get the house back one way or another if the homeowner is not paying. Wether we like the banks or not ,the simple fact is that they are in the buisness to make a profit for the shareholders.
Combine a new glut of coming foreclosures,Hawaiis high cost of living,increased taxes,high unemployment and financial troubles in multiple foriegn countries that would normally be buyers and we have the makings of a perfect storm.

[Fredesch]

Honolulu's market has started rising, but I don't see that having an effect on the big island.

[1freespirit]

Been following the market in the Puna area for over 3 years now daily. It has stablized pretty much, most certainly not as many foreslosures as there was back in 2009-10 the good deals are usually scarfed up immediatly and sometimes even before the listing gets indexed to appear on the MLS listings database.

Our Brooker has also said it has stabilized and is at a 3-4% increase then last year persay. Now will it continue I guess anyones guess. I think will stay where it is at now for a while but do not think it will be as low as it was in 2009 again for quit a while as there just isn't as many foreclosures. More shorts sales now but not foreclosures, in 2009 the market was flooded with foreclosures. For instance Nanawale where we ended up purchasing a home in 2009 just in that development when we were activitly looking for realestate, at any given time there would be around 10 foreclosed homes to pick from, now there is none listed and has not been any for some time now. There are 5 short sales that I do know of currently though but as far as foreclosers not even one. Take that back there is one, looks like nice home newer but it is across the street from a chicken/rooster factory and the neighbor does not take pride in their home. That particular foreclosuer has been on the market for quite a long time and it is a real nice house, I can only assume the reason why is the neighbor. The house is now down to $78K and I think was built in 2007-2011 somewhere in there, price keeps dropping. I'm sure it will sell soon even with the neighbor.

[Rogerluli]

The Puna market certainly seems cheap right now. If I don't think so I only have to start looking at listings for Kauai...

[BigIslandGuy]

Originally Posted by Rogerluli

The Puna market certainly seems cheap right now. If I don't think so I only have to start looking at listings for Kauai...

Yep it's down right now and is a great place to live, but if you can afford Kauai by all means but Rogers right just take a look at their prices. We love Puna and the people here.

Trying to sell my place because we have to go mainland to help my wife's family so if anyone is interested in a 1800 sq ft building on 3 acres let me know only $129k mls 258061 which is a lot lower than we have into it when we build in 2010

Figure in 3 or 4 years we will be moving back once everything is settled on the mainland.

Aloha

[Rogerluli]

Originally Posted by BigIslandGuy

Yep it's down right now and is a great place to live, but if you can afford Kauai by all means but Rogers right just take a look at their prices. We love Puna and the people here.

Trying to sell my place because we have to go mainland to help my wife's family so if anyone is interested in a 1800 sq ft building on 3 acres let me know only $129k mls 258061 which is a lot lower than we have into it when we build in 2010

Figure in 3 or 4 years we will be moving back once everything is settled on the mainland.

Aloha

If it's an 1800 sq ft house I might be interested but not until November when we get there... I am retiring from the rat race on 10/25 and leaving the mainland for the other rats...