Hawaii home-buyer's mortgage math

[honobob]

Sales down from record sales volume a year ago but prices holding firm after years of double digit appreciation.

Oahu home, condo resales down - Pacific Business News (Honolulu):

[laurence]

And so it begins - replace the word "Hawaii" with the word "San Diego" and the press release could have been from 2006. Then again, San Diego isn't a high value area, nobody wants to live there.

[honobob]

Imagine my surprise today when I checked on listings in my condo development. I bought in 1978 for $35,000 with $2,000 down. I've conservatively estimated it at $400,000 in my net worth. So overnite I'm up $350,000 to $450,000!!!! I've won the real estate lottery, again! These are one bed one bath units.

4% appreciation my *ss!


Diamond Head Alii Corp

FS New Diamond Head Alii Corp - 1 flr Diamond Head $750,000 FS New Diamond Head Alii Corp - 1 flr Diamond Head $850,000

A...lo...ha! Today is a good day to buy real estate.

[clifp]

I have looked at the development a several years ago 2 bdr were going for 400K and I thought it was overpriced. The nice thing about Real Estate is you can ask any price you want for property the trick is finding somebody to pay it.

My house in St. Louis Heights 3 time larger is on a rim lot, with a spectacular Diamond head view. (I can even see those units) and it it was appraised about between 800-900K and it was built at the same time.

[honobob]

Quote:

Originally Posted by clifp I have looked at the development a several years ago 2 bdr were going for 400K and I thought it was overpriced. The nice thing about Real Estate is you can ask any price you want for property the trick is finding somebody to pay it. My house in St. Louis Heights 3 time larger is on a rim lot, with a spectacular Diamond head view. (I can even see those units) and it it was appraised about between 800-900K and it was built at the same time.

clifp You have the wrong development. These are all one bedrooms. You might be thinking of the large apartment conversion across the street that was sold as condos about eight to ten years ago. Nice townhouses that started about $200K, quickly went to $400K, I looked at them a few years ago at $600K. Haven't seen one one the market for awhile. The La Pietra townhouses over a bit are selling for $1-2 million but they are definitely nicer and larger.

The location so close to the park, the beach and Waikiki is what really supports these values. As gas prices and traffic gets worse I think there's only upside to close in locations. What's it cost you to get up that mountain? Although down is almost free I guess. Plus with the crackdown on illegal vacation rentals I'm anticipating greater demand for those properties that can do short term rentals and this one allows vacation rentals.

I hear you about asking prices. I made an offer on a Waikiki property last Thanksgiving and thought they used my market offer to get another sale but they never sold and it came up on the market again in the last week and I made another offer, provided comps and offered slightly over market because it's in a building that I own another unit. They dropped a whopping $2,000 on an over $400,000 asking price!! I said I'd pay any market value they can support but they are trying to collect next years appreciation in advance. My Realtor said they had another offer so I didn't even bother to counter but that deal didn't get made either. They either really don't want to sell or are plain greedy.

[Nords]

Folks, please don't feed the troll.

[honobob]

Quote:

Originally Posted by Nords Folks, please don't feed the troll.

Nords............What is your problem?

I thought I was on your ignore list. Why are you chasing me down? Is there something here that is not a fact? Just because I caught you in a blatant lie in an earlier post because you thought you were the all knowing of Oahu. Go HOME!! Enjoy your life! You have no purpose here.


HAVE A NICE LIFE!

[laurence]

Quote:

Originally Posted by Nords Folks, please don't feed the troll.

What he said. +1

[honobob]

Quote:

Originally Posted by laurencewill What he said. +1

Because?

[honobob]

Quote:

Originally Posted by laurencewill What he said. +1

What is your problem?

Unfortunately I came on the forum a couple of years ago and gave my history of investment in the Diamond Head area of Oahu. At that time Nords expressed his interest in investing in a DH condo. Shortly there after he proclamed that HIs Good buddy, REALTOR STOTT said to bail on Hawaii even tho the Stott family was scraping to get in on the Trump Deal and I had knowledge because they had been a party of a transaction I was involved in and were sending me a newsletter advocating to invest in Trump Hawaii.
Go Away Go away

[laurence]

"Home sales on Oahu are starting off the year at the worst pace in over a decade: down 23% year-to-date. For April, home sales were off 9.2% from March, and off 25.1% from April 2007.
Nevertheless, the median price for single-family, re-sale homes on Oahu rose 1.8% from March to $639,000 last month. Year-over-year, the median price was off 3.9%. I suspect prices are holding firm for two reasons: first, the weakness in the American dollar is bringing in foreign buyers who gravitate to higher-priced properties, and, two, so far, a lower level of foreclosures than the mainland. I give more weight to the first.
The median price for condos dipped 0.7% from March to $327,000. Year-over-year, the median price was up 0.6%.
Condo sales fell 2% from March, and were off 27.1% compared to April 2007."

Hawaii Real Estate Market Trends


4% my a** indeed. 4% will be a fond memory this year. Unless you are a captain of industry who sees through the cloud of confusion to masterfully select the 2 properties that will defy the odds.

Bragging should never be confused for financial advice.

[honobob]

Quote:

Originally Posted by laurencewill "Home sales on Oahu are starting off the year at the worst pace in over a decade: down 23% year-to-date. For April, home sales were off 9.2% from March, and off 25.1% from April 2007. Nevertheless, the median price for single-family, re-sale homes on Oahu rose 1.8% from March to $639,000 last month. Year-over-year, the median price was off 3.9%. I suspect prices are holding firm for two reasons: first, the weakness in the American dollar is bringing in foreign buyers who gravitate to higher-priced properties, and, two, so far, a lower level of foreclosures than the mainland. I give more weight to the first. The median price for condos dipped 0.7% from March to $327,000. Year-over-year, the median price was up 0.6%. Condo sales fell 2% from March, and were off 27.1% compared to April 2007." Hawaii Real Estate Market Trends 4% my a** indeed. 4% will be a fond memory this year. Unless you are a captain of industry who sees through the cloud of confusion to masterfully select the 2 properties that will defy the odds. Bragging should never be confused for financial advice.

You have Dental? Looking kind toothless.

[bssc]

I have lock this down to give everyone a chance to cool off.

Thanks for taking a break.