Is Real Estate Getting Cheap?

I have never heard of any property on the water on any island going for that kind of money. On the Big Island a crap hole on Alii Drive on the water is a couple million.

 

If there is something available that cheap, it is probably a unit in a hotel/condo building that may be near the water. It is also probably leasehold with a short amount time left on the lease.

I haven't been paying attention to the real estate situation here. I heard a report on the radio that real estate sales are down in volumn and the median prices have declined. It wasn't a dramatic decline. I don't recall the actual numbers, but it was something like from $625K to $585K for single family, fee simple homes on Oahu.

 

Hawaii is actually getting cheaper. I am looking at something in Pineapple Hill and they would be willing to shave off a mil and a half or so. I can put you in touch with Don if anyone is interested in seeing what they have on The Plantation or Pineapple Hill.


Don Emigh
[email protected]
808-276-3780

I only use him for real estate here. Give him a call and you can tell you where the prices are laying now...
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Aloha,
If you want information on Maui Real-Estate just let me know. I'm an F-Chat member and will be happy to provide any information you want without obligation.
Mahalo
Jim
James E. Spence R(S)
Coldwell Banker Island Properties

 

Do share with any foreclosure on hotels or apartment blocks.

PM me if there is any good deals.

 

Cheap as compared to what!
Real Estate prices for the most part on Maui have mirrored the equities markets and dropped 30% or so from their record highs of “06/’07. There are some that have done better and some worst but all in all the drop has been consistent across the Maui real estate spectrum. It is the exceptions that make you money in these times. As one example there is a 4500 acre parcel for sale at $.33 a sq/ft or $29545.45 a sq/ft for the two bed room house with large yard. . Is that a deal? Historically it is without question a deal for $65Mill when is sold for $22.5 Mill in ’01. In the last eight years Maui prices have gone up more that 300%. So why hasn’t it sold? For the same reason that so many other properties haven’t sold, it lacks the perception of value needed to generate interest. Traders, brokers, and sales professionals of every stripe know that the market is NEVER wrong. Prices always reflect the perception of fair value for any commodity be it stocks, homes or Ferraris. Not too long ago a Testarossa for $100K was a GOOD DEAL and today even $75K is way too much in most opinions. A 400 or better yet a 412 is a relatively rare car given the small #’s built. But the price for them is much less than that of a Testarossa or a 348 i.e. perceived lack of value. The great thing about a buyers market is you can make ridiculous offers and some times have them accepted as in $15,900,000 asking and $12,5000.000 selling price for a 22% reduction in price vs a $2.8M asking and a $1.5M selling price for a 46% price reduction in the latest phase of this market. Both these properties have perceived value to a buyer but only one was both good and a deal.

 

3604U,
At your request here's a red hot developement deal!
2.269 Acres across the street from Kamaole Beach III in Kihei with intitlements for 32 condos encludeing SMA and affordable housing agreements in place with Maui County. $3,750,000
With a build out cost of roughly $28 to $30 Mil and an average sales price of only $1.5 Mil you have an $18 to $20 Mill profit for two years work. TA DA!!
A 250 GTO for you and a 599 for me.

 

Currently in Maui making offers on 1bd,1ba condos with ocean view and water front. I will report what I end up with.

 

Its not like you don't have a choice at this moment. As of tonight there are 167 1-Bd/1-Bth ocean front/ ocean view condo's for sale on the West faceing side of Maui. These range from Kaapalua to Makena, from a high of $ 1,995,000 down to $ 50,000. The Average is $ 529,000 and the Median is $ 528,000. So what's your idea of cheap?

 

I got counters of $250K to over $300K on ~ half a dozen non-ocean view 1bd/1ba condos. "Cheap" or a fair deal in this market, $200K. Obviously the sellers don't think the market is there.

 

I really don't think 200k is going to buy you much now or later.

 

Yep, it won't buy the "cream of the cream" but it will buy more a little bit later. The islands are 6 months - 1 year lag time behind what is going on here on the mainland. Foreclosures and shortsales are starting to surface more and more each month. I have time I don't need something right now, today.

 

Cheap?! Cheap is physically living on the shore in a $16,000 sailboat, paying a $400 per month slip fee at Diamond Head. Too bad that my wife can't handle living cheap!

$2 Million at 7% comes to $384 per day in interest...no taxes...no maintenance included. You can pretty well stay at the beach in a large Hawaiian hotel/resort for that. Free maid service that way. No credit check. Only get charged for the days that you are enjoying Hawaii that way, too. And if real-estate goes down, you don't lose any equity that way.

That's the "cheap" that my wife can live with! "Room service! Send up a bottle of Krug!"



I paid $800/day for a villa in St. Martin on the beach. That's not so cheap (but a lot of fun!). That's good, too.

 

As of tonight there are 136 Condo's for sale in Maui county for less than $200,000.oo.
Ranging from 315 sq/ft to 1035 sq/ft and priced from $49,500.oo to $199K. There is even some ocean front units available.

Now for cheep you can't beat living on a 31' Piver tri moored off Lahainia, ($800 for the boat and $0 to anchor out). 4 (4 for $1) tee shirts; two pair of unisex shorts (in trade for sailing lessons) and a pair of mismatched flip/flops (fished out of Lahaina harbor). For land transport I shared the use of the harbor bike (an ancient schwin with a basket). Personal hygiene consisted of a shower under a hose at the end of the Lahaina harbor docks (about 1-2 pm before the fishing boats got in and used all the sun warmed water) on a good day or a cold shower at one of the roadside park showers most other times. An old water logged surf board served double duty as a barge for food stuffs and exotic transport for tourist ladies who wanted to love sailing (and a sailor).with a little luck you could get a couple of home cooked meals and a warmed bed for a couple of nights before another Hawaiian romance came to an end.

 

Now we're talking.

 

The challenge is finding a complex that allows vacation rentals and in west Maui.

 

If you really want to know what’s available on a current basis all you have to do is send me an e-mail with your e-mail address and I’ll put you on my automatic MLS notification list for the properties or properties with your specifications that come on the market or have a change of status that would make them a property of interest. With NO Charge or OBLIGATION.

 

Jim you have a PM.

 

I'm not in the RE business so have no vested interest in why the OP is interested in HI real estate. Prices are down just like everywhere else. But it is not cheap, just less expensive than it was a couple of years ago. Prices are down 20 to 30% and that's quite a bit, but the base line is high. There are quite a few twists when looking at real estate in HI so consult a pro. Most single-family property here on Kauai is fee simple. Condos can be either; fee simple or leasehold, so be sure to find out who owns the land your dream unit is sitting on. With condos, the other big ticket item is association fees. These can run $1500 to $2000 per month for an oceanfront unit. It covers the operating expenses, reserves, taxes and insurance.
Buyer be informed! Dennis

 

I DO NOT represent any of the lenders/owners or have any personal interest in any of these properties.
This is not a solicitation to buy or sell but is intended as information and an answer to a previously posed question in this thread.
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Interesting data, the prices are all over the map.

 

I'm pretty sure the first two are real dumps and your not buying the land.

 

If you care enough to send me your e-mail address I'll send you a link to picts etc.

 

As of 10/15/09 the prices for Ocean Front / Ocean View real estate has dropped at least 35% and more. The really great deals are starting to get snapped up and the choice inventory is slowly but surely being recognized for what a bargain it is.