Hawaii Housing Bubble Hoax

[clifp]

Trust me Waikiki doesn't look anything like this most days.

In fact it is been a pretty lousy summer especially for Maui. August hotel bookings are way down. Despite the high air fares, I think Sept/Oct will have some real bargain on Hawaii vactions.

 

[saluki9]

Trust me Waikiki doesn't look anything like this most days.

In fact it is been a pretty lousy summer especially for Maui. August hotel bookings are way down. Despite the high air fares, I think Sept/Oct will have some real bargain on Hawaii vactions.

We keep putting off booking the lodging for our December trip to Maui. The prices keep going down each time we look.

 

[Texarkandy]

Trust me Waikiki doesn't look anything like this most days.

In fact it is been a pretty lousy summer especially for Maui. August hotel bookings are way down. Despite the high air fares, I think Sept/Oct will have some real bargain on Hawaii vactions.

I'm on vacation in Maui now - we got a very nice 1br/1ba at an ocean front complex w/beautifully landscaped grounds (our condo's not ocean front , but we do have a nice full ocean view) for $100 a night (internet special)

Haven't been to Maui before, but there certainly seem to be no crowds at all right now at beaches, condos, restaurants, etc. Everybody around here says tourism is "really" down.

We're not ones to sit in a resort hotel, sip Mai-Tais, & only go out for restaurants & tours. We get out-and-about quite a bit when on vacation.

Can't judge as to the veracity of it , but local small business folks tell me big-money interests are buying all the real estate up & using political influence to essentially drive a lot of the smaller operators (stores, hotels, older condo units, activities) out via new zoning, permit requirements, taxes, red-tape, etc and Maui will be more "exclusive" in the future - only for the more wealthy visitors.

Spent last week on Big Island which I seemed to like much better in terms of atmosphere & people. We stayed in Waikiki 8 years ago & it was a zoo IMO.

I have found the prices of groceries & consumer goods here to be OK considering where we are, a bit more than the mainland but not outrageously so. Activities are priced too high IMHO- $100 per person to do anything. The price of real estate though seems way out of line. We are planning a somewhat modest ER & but for the price of real estate we could afford to live here.

The price of scuba diving is really high here - $130 per person for a 2-tank boat dive (using your own equip - $30 more to rent theirs), whereas Key Largo (a pricey place itself) is only about $75. The diving is good here, but certainly no better than the Keys & the Keys probably have better diving in a lot of ways.

 

[honobob]

Can't judge as to the veracity of it , but local small business folks tell me big-money interests are buying all the real estate up & using political influence to essentially drive a lot of the smaller operators (stores, hotels, older condo units, activities) out via new zoning, permit requirements, taxes, red-tape, etc and Maui will be more "exclusive" in the future - only for the more wealthy visitors.

The price of real estate though seems way out of line.

This will happen to all resort areas of Hawaii. Everybody will be able to be a wealthy visitor, just for fewer days. It's already happening in Vegas, just a little more artificially controlled.

 

[honobob]

Talk about [-]a cluster f***[/-] cloisterphobia...

This is not Hawaii! I'm thinking South of France or South America.

 

[saluki9]

This will happen to all resort areas of Hawaii. Everybody will be able to be a wealthy visitor, just for fewer days. It's already happening in Vegas, just a little more artificially controlled.

Don't be in such a rush to be like Vegas. Last month I stayed in a hotel room that last year would have cost me $300 for $69 a night.

 

[BunsGettingFirm]

Pretty obvious. With that many people, its a given that you'd have a hottie in a string bikini within 10' of you.

I was hoping for 10" because you know...

 

[honobob]

Oahu home prices hold as sales fall - Pacific Business News (Honolulu):

Median house price down 3% and condos down just 1.5% OFF record gains. And 52 days for a house to sell and 42 for a condo! Better snap up these bargains now. Can't imagine how high prices will get when the hoax is revealed!

 

[cute fuzzy bunny]

I was hoping for 10" because you know...

I give up. Close enough for chloroform?

 

[BunsGettingFirm]

I give up. Close enough for chloroform?

Well, I wouldn't dare use chloroform, not on such a crowded public beach.

 

[laurence]

And just think everyone on that beach can afford a 100 million dollar condo! Amazing!

 

[cute fuzzy bunny]

Well, I wouldn't dare use chloroform, not on such a crowded public beach.

Just checking to see if you're a rookie or a pro.

 

[honobob]

The rich get richer

Interesting that although home values in "rich" areas are only up 5%-12% that the actual net worths grew 18% to 65% and although median home prices dropped less than 6% in less affluent areas their net worth dropped 13%-32%.


Highest gains and losses among Hawaii’s 50 wealthiest ZIP Codes, 2007 to 2008
Average Net Worth

Who gained

Aina Haina-Niu Valley, Oahu: +65 percent
Princeville, Kauai: +56 percent
Hawaii Kai-Portlock, Oahu: +47 percent
Kailua, Oahu: +43 percent
Kilauea, Kauai: +26 percent
Kaimuki-Kahala, Oahu: +24 percent
Honomu, Big Island: +24 percent
Waimanalo, Oahu: +22 percent
Holualoa, Big Island: +19 percent
Paia, Maui: +18 percent

Who lost

Kahuku, Oahu: -32 percent
Waikoloa, Big Island: -25 percent
Kealakekua, Big Island: -25 percent
Kaaawa, Oahu: -24 percent
Kalaheo, Kauai: -20 percent
Kalihi, Oahu: -18 percent
Salt Lake, Oahu: -17 percent
Ewa Beach, Oahu: -16 percent
Lihue, Kauai: -14 percent
Kapolei-Makakilo, Oahu: -13 percent
Mililani, Oahu: -13 percent

Median Home Values

Who gained

Captain Cook, Big Island: +13 percent
Kamuela, Big Island: +12 percent
Holualoa, Big Island: +12 percent
Waikoloa, Big Island: +10 percent
Kailua-Kona, Big Island: +9 percent
Kealakekua, Big Island: +7 percent
Hakalau, Big Island: +7 percent
Honomu, Big Island: +7 percent
Honokaa, Big Island: +6 percent
Waimanalo, Oahu: +5 percent

Who lost
Eleele, Kauai: -10 percent
Kahului, Maui: -6 percent
Wailuku, Maui: -6 percent
Paia, Maui: -5 percent
Lihue, Kauai: -5 percent
Kihei, Maui: -5 percent
Maunaloa, Molokai: -4 percent
Hawaii Kai-Portlock, Oahu: -3 percent
Kahuku, Oahu: -3 percent
Kaimuki, Oahu: -3 percent
Moanalua, Oahu: -3 percent
Kalaheo, Kauai: -3 percent
Haleiwa, Oahu: -3 percent

Source: ESRI

 

[JB]

BOH economist Paul Brewbaker recently gave a talk on the Hawaii housing market. See this video . His talk is full of interesting facts, statistics, and historical prospective.