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Except, doubling in two years has never happened in happened in Honolulu.
Or, this can happen to you - you could've bought in 1990 and waited until 2003 before your single family home was worth more than you paid in Honolulu a full 13 years before you saw any appreciation.
Or like the average typical condo buyer in 1990, you could have bought a $187K condo and sold it 10 years later in 2000 for a sweet $125K. Factor in closing costs and you lost about 40% in 10 years. And that's the AVERAGE/MEDIAN condo buyer on Oahu (not some obscure anecdotal story).
Long term homeowner just riding out the wave? That's still a 33% "investment" loss over 10 years on paper. FOR THE AVERAGE CONDO OWNER ON OAHU.
Here comes honobob's anecdotal story that his properties doubled in value over that same period in 3... 2...
Or like the average typical condo buyer in 1990, you could have bought a $187K condo and sold it 10 years later in 2000 for a sweet $125K. Factor in closing costs and you lost about 40% in 10 years. And that's the AVERAGE/MEDIAN condo buyer on Oahu
Long term homeowner just riding out the wave? That's still a 33% "investment" loss over 10 years on paper. FOR THE AVERAGE CONDO OWNER ON OAHU.
Losers! Why don't you learn the definitions of average, typical and median. Then rewrite your post so it makes some sense and then we can discuss all your other errors.
I haven't been involved in Honolulu real estate as long as you guys. But my impression is that it has larger ups and downs than a lot of mainland markets. And if you want to be successful, you need to be able to ride out the occasional low rather than panic and sell or not have the ability to ride it out. If you can't ride it out and must sell, you could lose.
I bought my condo in early 2012. The seller had owned the unit for 4 years and lost $128,000, not counting the realtor commissions.
For quite a long time, up until the last big crash when it went off cycle, it used to run in pretty close to a seven year cycle up and down. But, it quit doing that in 2004/2005 when it started going down and just kept going.
It isn't a loss until it's sold, so if you can hang on to it long enough, then it could eventually work out. If it can be rented to cover the payments until the prices rise again, then you'd have cash flow until you could hope to get capitol gains.
There use to be the small Navy small boat runs. Starting in the am from-to-Ewa Beach to Charley Landing by the Shipyard back gate. A lot of Navy housing used to be out in Ewa and the Old Barbers Point NAS. Small boats went away due to budget cuts. Was a good ways to get around to and from Ford Island and merry point boat landing during the days, without driving. But you did have to walk everywhere!
Losers! Why don't you learn the definitions of average, typical and median. Then rewrite your post so it makes some sense and then we can discuss all your other errors.
Ummm. OK? It sounds like you need friends that aren't only realtors.
You incessantly gloat about how you've done nothing but make money hand over fist with real estate in Hawaii. That you doubled tripled quintupled the value of your purchases and anyone that suffers a loss in real estate is, well, a loser.
The reality is anyone that bought in the late 80's and early 90's lost their shirts. Big time. I don't care what you bought on Oahu - you took a bath. Some people held on while others had to jump ship... which is why prices plummeted through the floor. The 33% loss is based on median prices... which simply means half of the property owners lost less than 33% on their property and half lost MORE than 33%. There are people that lost 50%+ of their real estate investment/home value inside of 5 years. Lots of stories about that if you know enough people here (not realtors).
There are countless people that bought in Ewa Beach, Waipahu, Leeward coast and most anywhere in West Oahu and lost 20-40% inside the last 10 years. So there have been some very recent price crashes on this island. And it will happen again.
I always tell people if you don't have 20% down, don't even bother looking to buy anything. Just because you can buy a home with 5% down doesn't mean you should. Also, if you don't plan on holding on to the property for AT LEAST 10 years, don't bother buying either. But the average person has the mental capacity of a toaster... so we have the market we have - a very volatile one with big upside and big downside.
Bottom line is real estate is not for everyone. If you can't stomach a loss of 20-30% on the cash and mortgage required to acquire and finance a property you shouldn't be buying anything - you should be renting. There are too many people out there that think real estate is a safe investment. IT'S NOT.
Hubby thought it was s cool idea until someone said something about sharks. Then he was like, nope, rather deal with the traffic...LOL
So my supervisor calls Port Ops for clearance to cross. "Clear" He gets halfway across and the Coast Guard begins playing chicken on jet skis and small boats making it nearly impossible to stay inside the kayak.
Another time they give clearance and he is met in the middle by the giant golfball. His phone starts ringing but, by now it's in his waterproof backpack. They called back to tell him to wait. He figured it out.
But mostly it was awesome. He biked to the landing, kayaked across to Hickam, got on another bike and pedaled to work. Year round. He fixed an axle with wheels (off a lawn mower I think) to the top of the kayak on one end so he could flip it and pull it up to the rack. He had it down. If you end up over there you gotta go meet him! His office is right behind the commissary!
Ummm. OK? It sounds like you need friends that aren't only realtors.
You incessantly gloat about how you've done nothing but make money hand over fist with real estate in Hawaii. That you doubled tripled quintupled the value of your purchases and anyone that suffers a loss in real estate is, well, a loser.
The reality is anyone that bought in the late 80's and early 90's lost their shirts. Big time. I don't care what you bought on Oahu - you took a bath. Some people held on while others had to jump ship... which is why prices plummeted through the floor. The 33% loss is based on median prices... which simply means half of the property owners lost less than 33% on their property and half lost MORE than 33%. There are people that lost 50%+ of their real estate investment/home value inside of 5 years. Lots of stories about that if you know enough people here (not realtors).
There are countless people that bought in Ewa Beach, Waipahu, Leeward coast and most anywhere in West Oahu and lost 20-40% inside the last 10 years. So there have been some very recent price crashes on this island. And it will happen again.
I always tell people if you don't have 20% down, don't even bother looking to buy anything. Just because you can buy a home with 5% down doesn't mean you should. Also, if you don't plan on holding on to the property for AT LEAST 10 years, don't bother buying either. But the average person has the mental capacity of a toaster... so we have the market we have - a very volatile one with big upside and big downside.
Bottom line is real estate is not for everyone. If you can't stomach a loss of 20-30% on the cash and mortgage required to acquire and finance a property you shouldn't be buying anything - you should be renting. There are too many people out there that think real estate is a safe investment. IT'S NOT.
Yep, can't make any money with real estate in Hawaii with the dropping rents and prices off by 50% or more. Maybe if we promise tourist a free condo with every vacation package then we can increase visitor counts! Oh and all the highrises will be falling down in 10 years because they can't be maintained.
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