Home prices dropped a record 15.8% in May

[haha]

Ha,
I agree with you, but not in the HOA developments where your "allowed" to paint your house one of three shades of beige, or can only plant certain bushes in designated places. In this area there are loads of these types of developments.

Billy
RetireEarlyLifestyle.com

Very true Billy; I missed the "gated community" reference in your post.

Ha

 

[honobob]

I've always wondered what the dynamics are between the resort and the residential areas. Do you think that there is a growing gap between the values?

Friday, August 1, 2008
Fewer resort homes sell, prices stable


Pacific Business News (Honolulu) - by Janis L. Magin Pacific Business News

Hawaii's resort real estate market is running along the same path as the rest of the residential market with fewer sales and stable prices.
However, at $1.65 million, the average price of a resort home is much higher than that of the average Hawaii residence.
Sales of resort properties were down 18.3 percent in 2007 compared to 2006 and are projected to drop further this year, by more than 21 percent, according to the second-quarter resort residential market report by local consultant Ricky Cassiday, owner and president of Data@Work.
"Part of the reason for this is that high-end buyers continue to spend, while low-end buyers do not -- thus, sales fall and prices rise," Cassiday reported. "However, if the high end softens, then prices overall will plummet -- and the same thing will happen if low-end buyers return, as their purchases will weaken the averages."

It's like they knew what I was going to ask. Interesting that non resort properties seem to be selling in the $400 sf area while resort properties are selling in the $900+sf area.