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Old 07-03-2010, 08:42 PM
 
23 posts, read 72,057 times
Reputation: 16

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Hey guys
i wanted to know if anyone can help when it comes to the realestate market. i know the realestate market nationwide is generally in a "buyers" favor. is that the current trend in oahu? is it a good market to buy a home rather than rent? can anyone recommend a good real estate company that does both rental as well as sales?

mahalo
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Old 07-04-2010, 04:16 AM
 
373 posts, read 1,092,566 times
Reputation: 203
Prices haven't tanked like other places in the US. They've dropped maybe 15 - 25% from the peak. I suspect prices will drop another 10% or so and remain fairly stagnant. Demand for housing will always be high and availability of land will always be scarce on Hawaii. During the last housing bubble, my mom bought a house at the peak at around $310k back in 1993. The price of that house dropped to a low of around $260k around 2001, then started to shoot up to a peak of around $610k in 2008. That house is now worth around $450k. The value of that house pretty much followed the average trend of prices on Oahu. Prices are still unaffordable to the masses and mortgages are hard to come by. If interest rates begin to increase, prices will surely drop. It's really hard to know how things will be in the next few months or years. The economy is still unstable, and there is just a lot of uncertainty.
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Old 07-04-2010, 04:24 AM
 
373 posts, read 1,092,566 times
Reputation: 203
Hawaii Real Estate Central - Honolulu Board of REALTORSĀ® is the best resource for real estate for sale because it lists the land tenure and maintenance/HOA of all properties unlike sites like Zillow, Movoto etc. Many condos on Oahu are sold as leasehold (LH). The gist of LH is that you buy the right to inhabit a unit from the owner for a limited period of time. You can sell the unit to another person before the lease is up, but the shorter the lease, the harder it is to sell. Once the lease is up, you have to return the unit back to the owner or renegotiate another lease. Some owners may also allow you to buy the unit as a fee simple unit for an additional fee. I'm sure my description of LH properties has some errors and hopefully someone else will be able to better explain what LH properties are.
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Old 07-07-2010, 11:29 AM
 
Location: Kauai
36 posts, read 88,159 times
Reputation: 46
Thanks for posting the link! I added it to my favorites. I like that I was able to select specific neighborhoods that we're interested in. The site also included rental properties, making it useful in comparing the costs of buying verses renting.
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Old 07-10-2010, 07:16 PM
 
23 posts, read 72,057 times
Reputation: 16
thank you very much for the excellent responses!!
Now, i just have to figure out which neighborhood is the right one for us.

mahalo!!
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Old 07-10-2010, 09:30 PM
 
Location: Moku Nui, Hawaii
10,508 posts, read 20,071,270 times
Reputation: 9824
Just whatever you do, please don't buy anything until you've seen it and hopefully spent some time in the area. It is really hard on the folks who live here to have folks who would really actually prefer to live somewhere else buy a house sight unseen in our neighborhoods. We try to help them, but sometimes there's just no answer and it puts a big stress on the community.

There is still quite a bit of time before the real estate market starts going up again, so a six months rental somewhere will give you a good chance to check out the area before deciding which area fits you best.
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