Housing market in Honolulu sucks

shdw01 · Apr 28, 2008

Look at the condition of this 75 year old house and the price.

http://www.oahure.com/MLSNUM2710704P1

The area is a nice location but not a rich area by any means. It is safe (as opposed to some ghetto locations) but a very old area.

Buster · Apr 28, 2008

property taxes are that cheap in hawaii?

Monthly Tax:
$181 Year: 2007

2172.00 a year on a 650,000 dollar house?

quantumleap · Apr 28, 2008

How about $1,000,000 for less than 1000 sf?

http://www.realtor.com/search/listi...dd40a5&lid=1098014118&lsn=10&srcnt=164#Detail

But hey, it does have an ocean view:

1cheater · Apr 28, 2008

shdw01 said:
Look at the condition of this 75 year old house and the price.

http://www.oahure.com/MLSNUM2710704P1

The area is a nice location but not a rich area by any means. It is safe (as opposed to some ghetto locations) but a very old area.

Put all that time and money into the house and take a picture for showing with a garbage can in front of the house and a couch in the living room?; not very good.

shdw01 · Apr 28, 2008

buster said:
property taxes are that cheap in hawaii?

Monthly Tax:
$181 Year: 2007

2172.00 a year on a 650,000 dollar house?

property taxes aren't too bad here...i do tax returns for a living and I see 80% of the property taxes in the $2,000 - $4,000 range....and the houses get in upwards of $1,000,000 appraised.

shdw01 · Apr 28, 2008

#1cheater# said:
Put all that time and money into the house and take a picture for showing with a garbage can in front of the house and a couch in the living room?; not very good.

those pictures imply that there isn't even a garage with that house. Amazing what little you can get for $700,000+ here.

this one isn't too bad:

http://www.oahure.com/MLSNUM2805647P1

although $800,000 i would want more than 1,300 interior sq. house only 38 years old...half of the 75 year old one.

djmatt · Apr 28, 2008

yahoo has an article on their page when you load it about the top 10 worst places with homeowner related debt.. I wasn't terribly surprised with the list i'll get the link

http://promo.realestate.yahoo.com/worst-cities-for-homeowner-debt.html

BadCo · Apr 28, 2008

Lived in Hawaii,folks bought a house in Mililani in 71 for 60k.

Could just imagine what it's worth now but the houses are almost like balsawood as no insulation is needed and so forth.

Dad also owned condo's in Waikiki as land was I guess affordable back then and sold them in one fail swoop when the yen was strong and the Japanese were buying up the Island.

shdw01 · Apr 28, 2008

djmatt said:
yahoo has an article on their page when you load it about the top 10 worst places with homeowner related debt.. I wasn't terribly surprised with the list i'll get the link

http://promo.realestate.yahoo.com/worst-cities-for-homeowner-debt.html

I guess I should rephrase my statement.....I should said "The housing market in honolulu sucks if you are looking to buy"

one reason that it isn't considered a bad market is because even though the rest of the country has value on property declining, there is no price decline in hawaii. Sales volume has been dropping but none of it has been reflected in the prices.

It really sucks if you are looking to buy a home now cause everything is fricking expensive. If you bought 5+ years ago, you are set because the values have all skyrocketed and shows no hint of decline. When you live on an island, there is rarely room for expansion. hard to devalue property that is part such a low inventory

shdw01 · Apr 28, 2008

BadCo said:
Lived in Hawaii,folks bought a house in Mililani in 71 for 60k.

Could just imagine what it's worth now but the houses are almost like balsawood as no insulation is needed and so forth.

Dad also owned condo's in Waikiki as land was I guess affordable back then and sold them in one fail swoop when the yen was strong and the Japanese were buying up the Island.

Those puppies would all be worth a pretty penny today. The mililani house is at least $600,000+ depending on the size....

Anonymous1 · Apr 28, 2008

Condo's on Maui have been dropping, I follow Whalers, been there 10+ times over the years. With the loss of air carriers to the rocks and increased cost, condo prices are, in fact, slowing declining.

BillyWaltersJr+ · Apr 28, 2008

Hawaii is vastly overpriced IMO. There are a lot of better options out there if you are willing to look in other areas, especially the Caribbean.

shdw01 · Apr 28, 2008

Intrinzik said:
Hawaii is vastly overpriced IMO. There are a lot of better options out there if you are willing to look in other areas, especially the Caribbean.

if you are talking strictly land value then I will most definitely agree with you. Although Hawaii has a one in a kind feel to it that no one will understand until they live here. Can't put a price on that.

BettingFoodStamps · Apr 29, 2008

shdw01 said:
if you are talking strictly land value then I will most definitely agree with you. Although Hawaii has a one in a kind feel to it that no one will understand until they live here. Can't put a price on that.

you mean the racist feel? Haole vs the locals.

Housing market in Honolulu sucks

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