Spoken like a true real estate professional... Yes, there are a few deals out there [here], and IMO there will be more. The local economy is bad and shows little sign of improvement at least until the tourists return. Small businesses are failing and lots of commercial space for rent. Think of Hawaii real estate in the same way you would shop for a used Ferrari. Have your money ready, decide what you want, learn the areas and start the search. Be patient and don't fall in love with the paint job. Finally, buy the best car (location) you can afford. Typically Hawaii trails the West Coast market by about 6 months to a year, so time is on your side. For now.
This couldn't have been said any better. I'm one of those guys that is just waiting for an opportunity to buy something.
I keep an open eye on the local market and I am not a realtor. I'm seeing sellers getting serious about their properties and prices are really dropping. Several higher-end homes that have been on the market over 180 days have "adjusted" the asking price down 30 to 40%. That's significant IMO. More to come. Keep your powder [cash] dry.
Ocean front, fee simple,1-Bed, 1-Bath, 690 sq/ft, 2ed floor, w/ tennis court & pool, $417 a month Assoc/maintenance fee. >$189,000? Image Unavailable, Please Login
Is that the actual view from the unit that is for sale for $189k? The dues are very low for an oceanfront condo. Almost too low...
Good comments. I was however told that Hawaii's RE market is not directly correlated with the US, but more with the Asian economy since a large percent of the buyers comes from Japan (or used to), Korea, China, etc. California also has a larger percentage of Asian buyers but compared to HI, I would assume it is not as high. This was a casual comment from some friends that invests in HI RE so it could be wrong. Hopefully there is more insights from people closer to the market for educational purposes. Thanks. Hiro
Dennis, How right you are. I hate to say it but the view shown in the listing is from the front of the building and not from the unit. That being said, with an asking price under $200K for an ocean front complex an aggressive buyer/ investor who spent less than $200K to buy and upgrade this unit would stand to make money almost immediately. That is a small complex in a very popular area and while it can not be rented short term (more than 12 times a year*) [* there is much more that needs explaining than there is room here to do], this could be a very nice second home or rental property. with major upside potential at resale. Hiro is right. Maui / Hawaii ocean front & ocean view vacation and second home markets are nothing like main land properties is so many ways. Much like classic Ferraris there is a very finite number of these type propertys.. You cant move down the road 50 or a100 miles and build a lake and create one hundred new water front lots. Again like classic Ferraris the prices are and have been in an upward trend over all almost from the start. True the prices go up and down but they stay in an ever upward trading range for the most part. Last but not least the Baby Boomers are the richest generation in history and they have blown the top out of every market they have entered. I expect the same thing to happen to the Maui ocean front / ocean view market. Look what they have done to the muscle car market.. Rllucero, Send me an e-mail and Ill sent you the info for this or any other Maui property. I do this for a living and while I may not always be right; I never fail to have an opinion.
