An appropriate reflection from Rudyard Kipling's If regarding the real estate market these days.
According to today's Honolulu Star Bulletin article, 724 homes went into foreclosure in the month of March, a 503% increase from last year.
The Waikoloa area on the Big Island had the largest number of forclosures. Here on Oahu, the West Oahu resort market of Ko Olina is experiencing large price declines as available inventory continues to increases. The city of Kapolei where the Ko Olina Resort is located, experienced the largest number of foreclosures on all of Oahu during the first quarter of this year.
So what does this mean for everyone who is thinking about purchasing a Beach Villa at the Beach Villa's at Ko Olina during the "Everything Must Go" sale that Centex is holding over June 6th & 7th?
My thoughts are that this is going to put additional pressure on Centex to price their inventory appropriately and I would take this to mean additional downward pricing pressure. aka: price decreases. So if you haven't registered for the Beach Villas at Ko Olina Final Sales Event being held on June 6th & 7th at the Ihilani Hotel, please call me ASAP.
So "If you can keep your head when all about you are losing theirs ..."
I believe that everything is coming together to make this one of the best value buying opportunities that we will see in our lifetime regarding Hawaii Real Estate.
So if you are thinking about buying and your own personal financial situation has not been affected much by the economic downturn and you can still afford to buy, then be prepared to pick up some fantastic out of this world bargains. Five to ten years from now, you won't be the one kicking yourself in the tail for missing out. Happy shopping!
Link to the article: Finding it hard to hang onto home.
Alfred Harding is a licensed Hawaii real estate professional providing clients with insight and knowledge as it relates to the Beach Villas at Ko Olina on Oahu, Hawaii. He is also a homeowner at the project and operates an active rental program.
If you are thinking about purchasing at the Final Sales Event at the Beach Villas, please allow me to represent you as your buyers agent on selection day. There is no cost to you and your purchase price is exactly the same. However, the villa you select and how much you pay for it will make a big difference in your profitability; both from an appreciation standpoint and if renting, covering expenses by "getting heads in beds".
(All of the thoughts expressed in this blog are my own personal opinion, they are no guarantee that you will achieve similar results, it's just me sharing my own experiences and what has happened in my own situation. I cannot know what will happen in the future.)