More Speculation In Hawaii
Speculation in Hawaii is inflating prices by big leaps. "A slew of second-home and investment buyers drove condo prices higher than single-family homes on the Big Island last month."
"More than half the condominiums sold on the island netted more than $397,450, a 72 percent gain from a year earlier. The $370,000 median single-family home price was a 34.06 percent rise from April 2004."
"Frank Goodale, a broker in Kailua-Kona said, "'We've had a number of sales at high price points,' adding that second-home and investment buyers typically can afford more home than first-time buyers."
"'We used to have a glut of inventory in Puna and South Point but now even it's all dried out,' Goodale said. 'In the past, I rarely sold land, but in the last six months demand has pushed the price of lots up,' realtor Robyn Bagley said."