Anyone know anything about Real Estate in Hawaii

[sdrealtor]

I’m trying to help a family memebr that just called me about buying a house in Hawaii. Newly married, new baby on the way and wifey looking for a nest. Not much savings but huge income and can easily afford whatever he would want to buy. I said rent yourself a nice house but would love to find a forum like this for him to educate himself.

[LookoutBelow]

I have a friend who has 2 condo's in HI…One in Honolulu and the other on the big island (hawaii)….he's losing his ass on both of them right now. Cannot rent them for what is even close to his mortgage payments. Cant sell either for what he owes on them…too much competition in the sales, its an upside down market

[34f3f3f]

I have been trying to follow the Hawaii market to see what prices are doing but it’s difficult to know. There are a few real estate websites I peruse every now and then:

http://honoluluadvertiser.gon.gannettonline.com/apps/pbcs.dll/section?Category=HOMES&pub=honoluluadvertiser
http://home.showmea.com/islandhomes/search.cfm
http://www.hicentral.com/properties/mls_statemap.asp
http://www.hawaiimlshomefinder.com/

And then there is craigslist which has not very well attended chat forum.

I would have thought that a place like Hawaii would have a fairly high second home market and that this would be one of the first areas to be affected by a downturn. (It seems condos are already being affected). The Big Island appreantly still has bargains, but that is at price so to speak. Hawaii is also probably particularly sensitive to the economy as a whole, as it depends on tourism. Quite how that might impact on the local home market I don’t know, but if you are able to break through the usual hype, and find the truth let me know.

[sdrealtor]

Any information would be appreciated. Definitely not looking for a condo as he currently rents a penthouse downtown. Looking for a nice home in a nice community to raise a child in. Has a guaranteed very stable very high income (one of the top surgeons in his specialty on the islands) and is just looking to make better decisions this time around with his second wife and child

[Kilohana]

There are so few doctors (specialists, in particular) on all of the islands combined that it would be fairly easy to determine exactly who you are talking about. It is nothing like the mainland in this respect.

If I were you, I would suggest shopping for schools before falling in love with any particular town or island.

I have had many friends move to an area, only to find out that the local public school ranked in the bottom percentage of ALL US schools. The better private schools usually have LONG waiting lists and very difficult entrance exams.

BTW, now is a terrible time to buy in Hawaii. Although their market tends to lag behind mainland trends by a year or so, things appear to be shaking up a bit already. Hawaii is no stranger to housing bubbles. We were hit HARD by the burst of the Japanese RE/investment bubble. People were upside down in their mortgages for 10-12 years. These are people who once had a lot of equity…

Hawaii is a fabulous place to live, but there are a few dark alleys in this tropical paradise, if ya know what I mean. 🙂

[Anonymous]

It would depend on what island they are interested in. Looking for a good school is a wise suggestion There are some very good private schools in the islands. The prices vary depending on island and location.

[sdrealtor]

Surpring to see a couple lurkers from the islands. Thanks for the advice and I’ll pass it along. I really tried to convince him to wait things out. He’s been there long enough to have wandered down a few dark alleys so I know what you mean in that regard.

P.S. Do either of you know of any good sources of data for the islands?

[Anonymous]

Thanks, sdrealtor. I’ve been reading the site for past couple years – Lived in Pt. Loma off and on and have family there. You could try e.hawaii.gov just for starters. That will probably lead you to other interesting places. Best wishes.

[Kilohana]

I looked and looked but couldn’t find the official Dept. of Education page with recent scores.

I did find some commercial sites with rakings, but I do not know how accurate they are. Here is one: http://www.schooldigger.com/go/HI/schoolrank.aspx

Local HI newspapers frequently publish test scores and information about schools in danger of losing funding and/or being closed down.

Some of the public charter schools are beginning to take off in terms of scoring, as well. Sadly, there are not enough of them and waiting lists are hopeless.

[34f3f3f]

BTW, now is a terrible time to buy in Hawaii. Although their market tends to lag behind mainland trends by a year or so, things appear to be shaking up a bit already. Hawaii is no stranger to housing bubbles.

Tell us more Kilohana about what’s happening in the housing market. Do you expect a drop in prices soon?

[Author]

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