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Old 04-12-2008, 11:41 PM   #61
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JB, I think you're being trolled. I'm sorry I even put up this thread...
Why would you think that?
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Old 04-12-2008, 11:51 PM   #62
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Old 04-12-2008, 11:53 PM   #63
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Are you replying to yourself Crazyasshonobob?

Sorry I mean real estate mogul Honobob sir.
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Old 04-12-2008, 11:56 PM   #64
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Are you replying to yourself Crazyasshonobob?

Sorry I mean real estate mogul Honobob sir.
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Old 04-13-2008, 12:03 AM   #65
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Are you replying to yourself Crazyasshonobob?

Sorry I mean real estate mogul Honobob sir.
Breath deep, leave the front door unlocked, HELP is coming.
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Old 04-13-2008, 12:13 AM   #66
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Old 04-13-2008, 12:15 AM   #67
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Are you replying to yourself Crazyasshonobob?

Sorry I mean real estate mogul Honobob sir.
You are sad.:confused:
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Old 04-13-2008, 01:01 AM   #68
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Are you replying to yourself Crazyasshonobob?

Sorry I mean real estate mogul Honobob sir.
NM
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Old 04-13-2008, 06:22 AM   #69
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Isn't it obvious? You said that now is a good time to buy real estate on Maui but you left out some important data. Also note that median single family home values are slightly below Q1 2005 levels and are still declining.

Yes but I was talking condos. And remember that 15% YOY increase involves properties that appreciated more and some less. What do you want, the address of the best purchase?



Isn't it better that renters stay put if they think that prices are too high relative to their income? Don't forget that it's the folks that bought houses thinking that real estate can only go up that helped trigger the current economic mess.
Actually it is people that bought financing they couldn't afford.
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Old 04-13-2008, 12:52 PM   #70
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I'm glad you posted this tread. My brother has been toying with buying a condo in HI for his retirement home. It is helpful to hear what is, or is not, happening in HI real estate.
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Old 04-13-2008, 04:44 PM   #71
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I used to think honobob was serious. Deluded, but serious. Now I realize he must be engaging in a strange form of performance art.

hb..
Actually it is banks that lent money they couldn't afford to lend.

Quote:
these are the same people complaining that 2003 prices were rediculous in 2003. What makes them seem like such a deal now? Perspective?
The word is "ridiculous". I wouldn't be so pedantic if the word weren't so relevant. The prices were "rediculous" then. They are now "a deal" (or let's say 'affordable') only to those who have the massive income stream to support these properties at a price that's 2-3x their annual income.

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Home sales on Oahu were off 28.5% from January, and were down 40.1% year-over-year.
Quote:
Maui home sales ... were down 26.9% year-over-year.
Hawaii Real Estate Market Trends

There's nothing that says HI won't see 2003 prices, or 2001 prices, or 1994 prices.
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Old 04-13-2008, 06:16 PM   #72
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I used to think honobob was serious. Deluded, but serious. Now I realize he must be engaging in a strange form of performance art.
And in that vein, folks, let's please stop feeding the troll...
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Old 04-13-2008, 06:28 PM   #73
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Actually it is banks that lent money they couldn't afford to lend.

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Hawaii Real Estate Market Trends
On a bright note, the median price for condos rose 3.4% to $335,000, tying the record high set last July. Year-over-year, the median price was up 4.7%.

CaChing!!!! Over $50 grand in the equity bank! No need feeding, I'm fine.

Half full/half empty? Equity Envy? The lazy Green for 2008?
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Old 04-14-2008, 02:40 PM   #74
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Meanwhile median household income for the Honolulu area is still only $60k, eventually the math catches up. It takes more than speculators and slum lords to keep propping this up. But let's take the 9% growth forever number, and a "typical" current property value of $600k. A dozen years from now that will be over 1.75 million bucks, about an 11k a month mortgage, excluding taxes. Let's be generous and say somebody could swing 50% of gross on this (again, excluding taxes) and that would lead us to a household income of over a quarter mil required. Either that, or the Condo-tel/timeshare industry is going to really take off....
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Old 04-14-2008, 03:09 PM   #75
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Meanwhile median household income for the Honolulu area is still only $60k, eventually the math catches up. It takes more than speculators and slum lords to keep propping this up. But let's take the 9% growth forever number, and a "typical" current property value of $600k. A dozen years from now that will be over 1.75 million bucks, about an 11k a month mortgage, excluding taxes. Let's be generous and say somebody could swing 50% of gross on this (again, excluding taxes) and that would lead us to a household income of over a quarter mil required. Either that, or the Condo-tel/timeshare industry is going to really take off....
laurencewill, how long is eventually? I can document the 9% growth over 30 years and suspect it goes back at least to the late 40's. Median income in 1978, $18,000 would be a guess and at 4% increases you'd be about $60K today. So riding my WayBack machine to 1978...."Well Sherman, do you really think this crappy $35,000 one bedroom condo will be worth over $400,000 in thirty years? At 50% of gross people would need to make $200,000 in 2008! Yeah and that disco movie guy John Travolta will be an Acadamy Award nominated actor piloting commercial jets across the country. Ha Ha Haaa Haaa Oh, and Hilton will be selling timeshares on Waikiki Beach!"

I'm not the first person in the forum to point out that Hawaii is not dependent on local wages. Name a person of wealth and there's a good chance they've got a place here, Oprah, George Harrison, Carol Burnett, The Donald, Etc. Who do you think are pricing out the "locals"?
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Old 04-14-2008, 03:14 PM   #76
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laurencewill, how long is eventually? I can document the 9% growth over 30 years and suspect it goes back at least to the late 40's. Median income in 1978, $18,000 would be a guess and at 4% increases you'd be about $60K today. So riding my WayBack machine to 1978...."Well Sherman, do you really think this crappy $35,000 one bedroom condo will be worth over $400,000 in thirty years? At 50% of gross people would need to make $135,000 in 2008! Yeah and that disco movie guy John Travolta will be an Acadamy Award nominated actor piloting commercial jets across the country. Ha Ha Haaa Haaa Oh, and Hilton will be selling timeshares on Waikiki Beach!"

I'm not the first person in the forum to point out that Hawaii is not dependent on local wages. Name a person of wealth and there's a good chance they've got a place here, Oprah, George Harrison, Carol Burnett, The Donald, Etc. Who do you think are pricing out the "locals"?
Won't let me edit to fix math.
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Old 04-14-2008, 03:36 PM   #77
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George Harrison died in 2001.
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Old 04-14-2008, 03:46 PM   #78
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George Harrison died in 2001.
I believe the estate of George Harrison still owns the property near Hana and some of the celebrities that own now I wouldn't recognize. Wasn't sure you'd know who Sylvia? Harrison was.
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Old 04-14-2008, 06:14 PM   #79
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laurencewill, how long is eventually? I can document the 9% growth over 30 years and suspect it goes back at least to the late 40's. Median income in 1978, $18,000 would be a guess and at 4% increases you'd be about $60K today. So riding my WayBack machine to 1978...."Well Sherman, do you really think this crappy $35,000 one bedroom condo will be worth over $400,000 in thirty years? At 50% of gross people would need to make $200,000 in 2008! Yeah and that disco movie guy John Travolta will be an Acadamy Award nominated actor piloting commercial jets across the country. Ha Ha Haaa Haaa Oh, and Hilton will be selling timeshares on Waikiki Beach!"

I'm not the first person in the forum to point out that Hawaii is not dependent on local wages. Name a person of wealth and there's a good chance they've got a place here, Oprah, George Harrison, Carol Burnett, The Donald, Etc. Who do you think are pricing out the "locals"?
I didn't know celebrities were in the market for crappy 1 bedroom condos! What's the old phrase? Past performance is no predictor of future returns? If you are just going to filter on "super luxury beach front villas on/near diamondhead" well, that's not really a market anyone here is looking to invest in anyway.
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Old 04-14-2008, 06:58 PM   #80
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I didn't know celebrities were in the market for crappy 1 bedroom condos! What's the old phrase? Past performance is no predictor of future returns? If you are just going to filter on "super luxury beach front villas on/near diamondhead" well, that's not really a market anyone here is looking to invest in anyway.
Well actually the celebrities are in the crappy $1-5M one bedroom condos a few hundred yards away on the water or two parcels away in $25,000,000 estates on the same slope of Diamond Head that I am on. I only say crappy because that's what some people said when I paid $35,000 and they had much larger homes in the midwest that they paid $25,000 for but are now only worth maybe $150,000 and mine is worth over $400,000. I love all my condos with Kapiolani Park as my front yard and the ocean a five minute walk away. But that's why they command higher prices and higher rents,

"Past performance is no predictor of future returns" is something I've not heard pertaining to real estate. I like location, location, location, and past location generally carries forward. So are you representing all members of the forum in their real estate investing or are you just saying people here wouldn't invest in a high appreciation rate area? Why?

No superstars in my NBHD that I know of but one of the owners is the mother of a movie star and the mother-in-law of a major A list super star. I helped get her elected to our HOA. So yeah we're probably only second or third tier to major stars. Probably better for that fact. Think of Britany as your next door neighbor vs. her sister.......well maybe not the best example.
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