I am not asking for directions here... just trying to figure out where we stand on the local market!
Our local Board of realtors (Honolulu) is kind enough to provide us with statistical data going back 20 years. Looking at it in a graphical form, we see clearly that it looks like a roller coaster. Up in the mid 80's, down in the early 90's. Up in the mid 90's, down in the late 90's. It has been steadily climbing since 2000 to a peak in 2004-2005 and has gradually gone down since then. Have we reached a plateau or will it go down to a lower valley?
Recently, I had a chilling talk with a long time Broker . He has been in business in the area for nearly 40 Years and has been witnessing properties being sold at less than 50% of what the owner paid, when the interest rates were at an all time high in the early 80's. He is predicting that both prices and activity will go even lower in 2010.
It is a scary thought for me as a homeowner who bought my primary residence at the height of the market in 2005, but the realtor and investor in me just can't help but get a little excited at the idea of Honolulu real estate at a discount... Will there be more short sales & foreclosures next year? Will home prices in Hawaii finally get to the point of being affordable?
I suppose this is the nature of our business, we just have to go with the flow & try to make the best out of the market at hand!
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices
Monique,
that is a terrific million dollar question. Former ups and downs do not really help as it is difficult to forsee the affects of government intervention
Oct 28, 2009 04:29 PM
INET Realty Honolulu, HI - Honolulu, HI
Your agent under the sun
Jon,
Unfortunately, looking at the past will not help foretell the future... with globalization we do live in a world that is so different from was just 10 or 15 years ago.
Oct 29, 2009 08:40 AM
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