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Here are some highlights from an article in the June 6, 2008 issue of the Hawaii Tribune Herald:
Beverly Molfino, one of the leading realtors on the Big Island of Hawaii in downtown
Hilo, knows the North Hilo and Hamakua market ---- probably better than anyone!
"The market is very quiet," she said, adding, "everyone is looking for a deal."
Some brokers in Hilo see things getting better. "What my agents are
telling me is that the last few months seem to be pretty positive," said one broker,
adding there are a good selection of properties. "The prices are down.
They might still go down," and there are low interest rates for people
wanting to buy a home. "People are definitely still coming to Hilo."
It doesn't take too much effort to find homes or land for sale in Puna
these days. Many roads in the district have either a home or a lot, or
both, sporting "for sale" signs.
The market is adjusting, say area real estate agents, and owning a home
is becoming affordable for first-time home buyers -- and interest rates
are still pretty good too.
A realtor in Pahoa said an average home in Hawaiian Paradise Park -- a
newly-built, 1,200 square-foot, 3-bedroom, 2-bathroom home -- would
have easily sold for about $125,000 between 2000 and 2002.
"They then went like triple," she said, adding this same home could
have sold for $350,000 from 2004 to 2005. Now, she said, things are
adjusting. She said her average home could sell today for about
$225,000. "That's about really what it's worth," she said.
In Puna, 206 homes sold over the past six months. Average selling price
was $236,000. "There is still a great bit of activity going on."
There were 184 residential sales, 232 vacant land sales and 45
condominium sales in March 2007 on the Big Island. During March this
year, there were 110 residential sales, 133 vacant land sales and 46
condo sales. That figures out to a 45 percent decrease in residential
sales, and a 43 percent decrease in lot sales.
In the first three months of this year, 291 residential properties, 323
vacant lots, six commercial properties, 94 condos and three businesses
sold on the island. During the first three months of 2007, 433
residential properties, 495 lots, six commercial properties, 119 condos
and three businesses sold. That translates into a 33 percent drop in
residential sales and a 35 percent decrease in lot sales.
In Puna, there was a 29 percent decrease in residential sales and 33
percent decrease in lot sales during the first three months. Things
were about the same in South Hilo, where there was a 26 percent
decrease in residential sales, a 31 percent decrease in lot sales and a
50 percent decrease in condo sales. In North Hilo, there was a 60
percent decrease in residential sales. In Hamakua, there was a 56
percent decrease in residential sales and a 50 percent decrease in
vacant lot sales.
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