Thursday, May 12, 2005

Prices Off The Chart In Hawaii

Home and land sales are through the roof in Hawaii, Realty Times reports. "According to the year to date sales report for April 2005, provided by the Hawaii Information Service, the median sales price, for residences increased from $250,000, in 2004, to $360,000, to date. Wow! That's a whopping $110,000 (44%) increase. Vacant Land sales went from $20,000 in 2004 to $38,250 (91.25%), and Condominium sales increased from $239,900 to $346,000 (44.23%)."

This explaination is wearing thin. "Doug Duncan of Mortgage Bankers Association, says 'Strong support for home sales has been provided by a recent decline in interest rates, strong jobs market, and nice weather during the spring-buying season.'"

7 Comments:

At 10:27 AM, Blogger Melody said...

http://money.cnn.com/pf/features/lists/nar_1q05/price.html#table

No wonder I can't afford anything. Orange is the second highest!!!

 
At 10:36 AM, Anonymous aloha mr hand said...

---'Strong support for home sales has been provided by...nice weather during the spring-buying season"

LOL. Hawaii has nice weather 365 days a year, except for every 4th year when it has nice weather 366 days. Most perfect climate on planet.

 
At 10:36 AM, Anonymous Jim in Venice said...

That LA number is ridiculous - it may be the median when you count Compton, East LA, etc. but if you want to live somewhere halfway decent where you stand a chance of not getting shot it's more like the OC numbers.

 
At 10:40 AM, Anonymous kailuabruddah said...

Interest Rates declined from 1990 to 1993... That didn't prevent the RE Bubble from bursting in Hawaii (which finally bottomed out in 1998/9)...

And the weather was pretty good back then too!

I will guess that most jobs are RE-related (or have been created due to multiplier effect from RE-related job creation)...

Bubbles are great on the way up... it's that damn bursting and decline that can be a sumbitch...

 
At 10:45 AM, Blogger Nayrab said...

Check out this realtor's take on the housing bubble. Then you have to read the comments at the bottom of the page, especially this one:

"keep up the bubble talk, hack"

I laugh whenever a realtor opens their mouth. They can be so phony.

Nayrab = Bryan backwards with an extra A!

 
At 10:53 AM, Blogger Nayrab said...

Doh!

Here's the link:

http://www.evliving.com/restate.php?action=fullnews&showcomments=1&id=3018

 
At 12:14 PM, Anonymous norman vincent peale said...

I checked out that realtor's site.

Love how he signs off his letter: "Keep the faith!"

Guess that about sums it up.

The realty company is called Coldwell Banker Success Realty. I notice that lots of these realtors™ are big fans of the power of positive thinking and those "Think Positive!" rallies are always full of RE salespeople. They think that wearing a button with the word "Success!" on it is some kind of amulet that will bring them great riches.

Guess it's only logical. But when you have to rely on faith and amulets for financial gains, you can be assured that you've squeezed the lemon dry.

 

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