The Better Business Bureau and the Honolulu Board of REALTORS® issued an alert today about rental scams that are being perpetrated on the public via the craigslist.org website.

These scams involve rentals that look attractive but are placed by someone other than the property owner. Another form of these scams involve bogus checks sent to landlords with a cashback request. Please be aware that if a deal seems to good to be true…

You can read the complete press release by going to the Honolulu Board of REALTORS® website www.HiCentral.com and clicking on the “Alert on Rental Scams” link on the home page.

The Makaha-Nanakuli neighborhood is on the western-most side of O’ahu and has the distinction of being the most reasonably priced area on the island. In fact, this is the only neighborhood where the median price of a condominium is still less than $200,000. This neighborhood is geographically defined by the Honolulu Board of REALTORS® as Tax Map Key, all of Zone 8.

Condo sales in this area dropped almost in half, from 2006 to 2007, and 2008 has brought an even further reduction. In 2007, there were 118 sales reported through the Multiple Listing Service computer, a 44.9% decline from the 214 condominium units sold during 2006. In the first five months of this year, only 32 sales have taken place, compared to 67 in the same time period last year.

The median price paid for a condominium in Makaha-Nanakuli has been dropping. In 2007, the median price paid was $176,500 and this was a decrease of $3,500 from the 2006 price. This year, for January to May period, the median price has declined further,to $166,300.

The speed of sales, as measured by the Days on Market (DOM) indicator which is defined as the number of days a listing is on the market before an agreement for purchase is signed, was 51 days in 2007. This was about a week slower than for O`ahu overall, and was two days slower than in 2006. For the first five months of this year, the DOM for this area has been 58 days.

Not surprisingly, the inventory in this area, as in the rest of the island, has been rising. In May, there were 158 condominiums being actively marketed for sale, while a year earlier, there were 120. The median list of price of this inventory is $179,000, which is down 11.6% from last year’s asking price of $202,500.

For further information about recent activity in your specific neighborhood, check out the information available on the Honolulu Board of REALTORS® website www.HiCentral.com or contact a REALTOR® in your area.

There is a wide variety of condominium types and sizes in the Kapahulu-Kuliouou neighborhood, including those in the premium Waialae and Kahala areas. This neighborhood is geographically defined by the Honolulu Board of REALTORS® as Tax Map Key, Zone 3, Sections 1 through 8.

As is true for most of O`ahu, sales in 2007 were lower than in 2006. In 2007, sales of 133 condominiums were reported in this neighborhood, a 14.2% decrease from the prior year’s sales of 155 units. For the first five months of 2008, the sales decline has been less pronounced in this area than for the rest of the island, with 47 sales this year versus 58 sales for the same time period in 2007. This is a 19.0% drop compared to the overall O`ahu loss of condo sales of 25.8%.

The median price paid for a condominium during 2007 in the Kapahulu-Kuliouou neighborhood was $485,000. This compares with the 2006 median price of $475,000, an increase of 2.1%. This year, the median price for the January to May period was $465,000, a decrease of 3.2% over last year’s $480,500 in the same time period. The highest price paid for a condominium in this area in 2007 was $4,500,00, while the high for this year, through May, has been $4,100,000.

The Days on Market indicator, which relates the median sales speed for sold properties, was 43 days in 2007, an almost three week betterment from the 63 days posted during 2006. Contrary to the islandwide sales slowdown, the speed of sales in this area made a slight improvement, to 42 days, during the first five months of this year.

The inventory of condominiums available for sale during May totaled 116 units, including 47 leasehold units. The median list price of the 69 fee simple units on the market is $729,000, compared to $399,000 for the leasehold dwellings.

For further information about recent activity in your specific neighborhood, check out the information available on the Honolulu Board of REALTORS® website www.HiCentral.com or contact a REALTOR® in your area.

The Moanalua-Kalihi neighborhood is right in the heart of the Honolulu area and is quite densely populated. This neighborhood is geographically defined by the Honolulu Board of REALTORS® as Tax Map Key, Zone 1, Sections 1 through 7.

Sales of homes in this area were stronger in 2007 than in the year earlier. During 2007, a total of 200 dwellings were reported changing hands, compared to 183 in 2006, for a 9.3% increase. There has been a substantial decline in 2008, with 40.2% fewer properties being sold in the first five months, compared to the same time period in 2007.

The median price paid for a single-family residential property in Moanalua-Kalihi was $616,000 during 2007, which was a slight $2,000 decline from the $618,000 paid in the year earlier. Prices have increased quite a bit this year, as the median price has advanced to $660,000 in the January to May period and this was a 1.5% increase from the same time in 2007. The highest price paid for a single-family home in 2007 was $2,700,000, while this year, the maximum price paid in the first five months has been $1,290,000.

The sales speed in this neighborhood, as measured by the Days on Market indicator, was 33 days, one of the fastest on O`ahu in 2007, and was almost three weeks faster thsn in 2006. This year, with the islandwide slowdown, the speed has slipped to 46 days.

The inventory of homes on the market for sale has outpaced the rest of the island. In May 2007, there were 103 available homes, a 37.3% increase from the same time one year ago. The median list price, however, is higher now than it was last year, at $739,000 compared to last year’s $699,900.

For further information about recent activity in your specific neighborhood, check out the information available on the Honolulu Board of REALTORS® website www.HiCentral.com or contact a REALTOR® in your area.

Makakilo is a growing community mauka of Barbers Point and west of Pearl Harbor with many new choices for residential properties and shopping. This neighborhood is geographically defined by the Honolulu Board of REALTORS® as Tax Map Key, Zone 9, Sections 2 and 3.

Sales of condominiums in the Makakilo neighborhood declined in 2007 from 2006 levels. During 2007, there were 135 condos reported sold versus 191 in the year earlier. This year, sales have really pulled back, with 51.4% fewer homes sold in the first five months of 2008, double the O`ahu total decline of 25.8%.

The median price paid for a condominium has dipped this year, after holding steady last year. The median price was $319,000 for all of 2007, a slight $1,000 reduction from 2006. This year, the year-to-date median price has dropped 6.3%, to $297,000, and this compares to an increase of 2.5% for the entire island. The most costly condo unit in Makakilo sold for $560,000 in 2007, while in the January through May period of this year, the highest price paid was $525,000.

The time that a condo unit is on the market, as measured by the Days on Market indicator, was two days less than for overall O`ahu, at 40 days versus 42. This year, sales have slowed somewhat, down to 51 days before a sales contract is signed.

The inventory of condominium units available for sale has grown at the same pace as the rest of the island. In May, there were 62 available units, a 21.6% increase from last May, when the count was 51 condos. Asking prices are down though, from $369,000 during May 2007, to $299,700 this May.

For further information about recent activity in your specific neighborhood, check out the information available on the Honolulu Board of REALTORS® website www.HiCentral.com or contact a REALTOR® in your area.