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Kauai Absorption Rate Still Gnarly

By Richard Dolbeare

Real Estate Agent with Inactive INACTIVE HI Lic# RB-20941

February 23, 2009 09:45 AM

I had hoped to see improvement in our absorption rate when I updated my chart. Unfortunately that was not to be. Condo sales continue to be especially troublesome and Kauai's South Shore and our East Side has now exceeded a 10 year supply. I was inspired by an article in Business week to create the color bands for the different "health" levels. Back then, the blue, green, yellow, and orange bands made up most of the chart. Now they those colors are barely noticeable down at the bottom of the chart with everything being in the red zone. Not pretty for sellers ("gnarly" as Paul Brewbaker would say) but a "whoopie" time for buyers.

Aloha!

Engineering Hawaii Dreams Today--Helping Buyers Find Dream Homes & Sellers Find Buyers

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Jeff R. Geoghan

Coldwell Banker Realty - Lancaster, PA

REALTOR, Marketing Manager

Richard, have prices adjusted to meet this inventory situation? How much of a drop do you expect will turn the tide? Just curious...

Feb 23, 2009 01:05 PM

Richard Dolbeare

Inactive - Wailuku, HI

Living the Hawaii Lifestyle

Hi Jeff. Yes, prices have adjusted sharply downward, at least for by sellers who understand the market and wish to sell anyway. Of course there are those who decline to price to be competitive as well. The phones don't ring for such properties whether a SFH or a condo.

Our real issue here is the sudden withdrawl of mainland buyers who are the ones who buy in our resort areas. Our market is primarily local buyers now and while this includes condos, it does not include those in resort areas. I don't expect the tide to turn until mainland buyers return.

Aloha

Feb 23, 2009 01:16 PM

Kauai Absorption Rate Still Gnarly

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Richard Dolbeare

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