06-25-2011 08:23 AM
Lizard I've been watching the Hawaii market for some time and never found a good blog. I usually post specific questions on Trulia, and try to build relationships with brokers. Once you get past the facade, you can get quite useful info. BTW Hawaii's conforming loan limit is due to reset to $500k, and there's a bit of desperation to try and turn this around. As a result, they have introduced a moratorium on foreclosures. It's a very tightly knit real estate community (nod, wink), so be prepared for a bit of a run around. Oahu has held up quite well comparativley speaking, but the other islands have been hit hard, and were a little late in the game, so more pain to come IMO. Canadians are heavily into the market there. Condos in Honolulu are not a good investment. HOAs are horrendous, because many are older structures so no separate metering. Watch out for local restrictions on rentals, and leaseholds. Inventory on Maui is flat, and like elswhere quality not great. These guys do a bit of analysis http://www.mauirealestate.com/blog/category/maui-r
06-25-2011 03:29 PM
Thank you Calcoast and Jazzman!
We've seen the prices slide over the last 3 yrs but could not pull the trigger just yet. Torn between Maui and the Big Island. That said, we love all of Hawaii but really dislike their political and taxation situation. They don't seem to take to those making "big city" salaries or those with a bank roll which is what you need to buy and live there! I have not given up, we've had some great trips there and maybe it's time. And as for those Canadians, I love them, but just because we kicked their asp in the Stanley Cup does not give them the right to come to the USA and buy up our property....unless they are looking to buy our house!
06-26-2011 12:31 PM
You won't lose by waiitng that's for sure. I lived on the Big Island, and while it has many redeeming factors, Maui has a bit more sophistication and doesn't have the sulphur dioxide problem that Kailua has. It also has a very generous property tax regime, which will no doubt come under scrutiny soon. The major hurdle is enough quality inventory, and the intransigence of lenders in negotiating on distressed homes, which comprise a large portion of sales.