Comments on: Single Family Homes in Mililani http://islandrealestate.honadvblogs.com/2008/05/13/single-family-homes-in-mililani/ Sat, 11 Oct 2008 19:02:54 +0000 http://wordpress.org/?v=2.3.3 By: HKMMM http://islandrealestate.honadvblogs.com/2008/05/13/single-family-homes-in-mililani/#comment-253 HKMMM Fri, 16 May 2008 22:40:33 +0000 http://islandrealestate.honadvblogs.com/2008/05/13/single-family-homes-in-mililani/#comment-253 Hi Russ: The reasoning behind me saying that if we were the mainland is because I heard a story on the national news of a couple who bought a home for 450k and they are now getting divorced and have to sell it for 100k less. I'm not sure if they over payed for their property in their area, but those stories are just unheard of here in Hawaii. I also thought about Las Vegas in that their real estate sky rocketed a couple years or so back and now they are too developed and people are losing money on places they thought were going to be great investments. I saw the development in Las Vegas similar to all those developments that are occurring now on the Ewa side, but I just have a feeling that even with those developments, we won't end up like Las Vegas, I don't feel dive in prices. I know there are a lot of other factors as well. I agree with you in that I can see sales slowing tremendously as well, but I don't know about dramatic drop in prices. Hi Russ: The reasoning behind me saying that if we were the mainland is because I heard a story on the national news of a couple who bought a home for 450k and they are now getting divorced and have to sell it for 100k less. I’m not sure if they over payed for their property in their area, but those stories are just unheard of here in Hawaii. I also thought about Las Vegas in that their real estate sky rocketed a couple years or so back and now they are too developed and people are losing money on places they thought were going to be great investments. I saw the development in Las Vegas similar to all those developments that are occurring now on the Ewa side, but I just have a feeling that even with those developments, we won’t end up like Las Vegas, I don’t feel dive in prices. I know there are a lot of other factors as well. I agree with you in that I can see sales slowing tremendously as well, but I don’t know about dramatic drop in prices.

]]> By: Russ http://islandrealestate.honadvblogs.com/2008/05/13/single-family-homes-in-mililani/#comment-252 Russ Fri, 16 May 2008 07:40:36 +0000 http://islandrealestate.honadvblogs.com/2008/05/13/single-family-homes-in-mililani/#comment-252 HKMMM: There's no dramatic drop in prices though I do see exisitng listings having multiple price drops. Perhaps it's because sellers are still coming out pricing strong then later chase after sitting on the market for months before selling at a much, much lower price that they started at. Some would say, "missing the opportunity" to get a quick sale and higher price. I see Oahu following the mainland and outer island trend. Leeward, Central, and Windward Oahu have already a softening trend. East Oahu and Metro Oahu will follow. If it's about consumer demand, I'd say about 85% of people think the market is falling so demand will definitely drop in the coming months as buyers are waiting it out. There's been very little activity at open houses lately. Sign in sheets are almost blank. However, over the past few days since the media has been hitting hard about the market cooling, I've noticed an influx of sellers entering the market perhaps trying to sell before the market really bottoms out. Supply is outpacing demand and it's just the begining. Later this year and 2009 will have higher supplies. I'm not sure why you think if we were on the mainland you would expect prices to fall sharply but not here. That's am confused about. Why is East and Metro Oahu somehow imune from what going on most everywhere else in the country including most everywhere else in this state? Being last in line doesn't mean it's not in line. HKMMM: There’s no dramatic drop in prices though I do see exisitng listings having multiple price drops. Perhaps it’s because sellers are still coming out pricing strong then later chase after sitting on the market for months before selling at a much, much lower price that they started at. Some would say, “missing the opportunity” to get a quick sale and higher price.

I see Oahu following the mainland and outer island trend. Leeward, Central, and Windward Oahu have already a softening trend. East Oahu and Metro Oahu will follow. If it’s about consumer demand, I’d say about 85% of people think the market is falling so demand will definitely drop in the coming months as buyers are waiting it out. There’s been very little activity at open houses lately. Sign in sheets are almost blank. However, over the past few days since the media has been hitting hard about the market cooling, I’ve noticed an influx of sellers entering the market perhaps trying to sell before the market really bottoms out. Supply is outpacing demand and it’s just the begining. Later this year and 2009 will have higher supplies.

I’m not sure why you think if we were on the mainland you would expect prices to fall sharply but not here. That’s am confused about. Why is East and Metro Oahu somehow imune from what going on most everywhere else in the country including most everywhere else in this state? Being last in line doesn’t mean it’s not in line.

]]> By: HKMMM http://islandrealestate.honadvblogs.com/2008/05/13/single-family-homes-in-mililani/#comment-251 HKMMM Thu, 15 May 2008 19:27:20 +0000 http://islandrealestate.honadvblogs.com/2008/05/13/single-family-homes-in-mililani/#comment-251 Russ: I think if we were on the mainland, I would definitely expect prices to fall sharply, but in Hawaii, I don't think there has been a dramatic drop in prices, although I would anticipate a slight drop just because of the supply and demand factor. Russ: I think if we were on the mainland, I would definitely expect prices to fall sharply, but in Hawaii, I don’t think there has been a dramatic drop in prices, although I would anticipate a slight drop just because of the supply and demand factor.

]]> By: Russ http://islandrealestate.honadvblogs.com/2008/05/13/single-family-homes-in-mililani/#comment-250 Russ Thu, 15 May 2008 08:42:45 +0000 http://islandrealestate.honadvblogs.com/2008/05/13/single-family-homes-in-mililani/#comment-250 Harvey, This goes to what I was speaking of in one of my previous blogs. I stated areas such as Leeward, Central, and Windward Oahu will see more activity in the next months and less activity in East Oahu and Honolulu, thus impacting the medians. I think it's a matter of affordability and new lending standards. It will be interesting see what actually happens during the summer months. I see inventory growing at a rapid pace and sales slowing at an equally rapid pace. Can we expect prices to fall sharply over the next year or two? Harvey,

This goes to what I was speaking of in one of my previous blogs. I stated areas such as Leeward, Central, and Windward Oahu will see more activity in the next months and less activity in East Oahu and Honolulu, thus impacting the medians. I think it’s a matter of affordability and new lending standards.

It will be interesting see what actually happens during the summer months. I see inventory growing at a rapid pace and sales slowing at an equally rapid pace. Can we expect prices to fall sharply over the next year or two?

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