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posted: Nov. 16, 2009 @ 9:27p
MrKlick
Senior Member
posted: Nov. 16, 2009 @ 11:00p
I don't believe this for a minute. Reads like time-share sellers propaganda. Everyone I talk to who has been to Hawaii recently says it is a ghost town.
MrKlick said: I don't believe this for a minute. Reads like time-share sellers propaganda. Everyone I talk to who has been to Hawaii recently says it is a ghost town.
these are multi-million dollar individual properties not time-shares
but you are correct ... it would be useful to examine the individual sales before reaching any conclusions
For a while, foreclosures were being snapped up around here (south FL) as soon as they hit the market. Now they're lingering for weeks and months. I think people realized the bottom hadn't hit yet, so their foreclosure "bargain" was actually what would eventually become market price.
largeeyes said: Why Hawaii? It's a LONG flight from the east coast when just as interesting fare is available in the Carribean.
perhaps, Hawaii is more suited for west coast and asian tourists but some east coast folks choose it as a destination because when they go on vacation they don't want to be surrounded by other east coast folks --- if that makes any sense
some of the very high end destinations in Hawaii are popular for those that come for weeks at a time for peace and seclusion from their east coast world --- it is not uncommon to see a line of private jets parked at the private ramp at Kahalui airport
germanpope said: ...when they go on vacation they don't want to be surrounded by other east coast folks --- if that makes any sense You do get the feeling that when you go to dominican republic in winter you see half of Queens there. But I am not sure it is makes financial sense though.
glxpass
Senior Member - 5K
posted: Nov. 17, 2009 @ 11:48a
From the linked article:
"I'm optimistic. Not only have we continued to close more sales in the last 30 to 45 days, but people are still talking to our sales agents," Fitzgerald said. "But it's still a very difficult environment, and 2010 will continue to be a challenging year for Hawaii."
Prices at Hualalai have dropped this year anywhere from 1 to 20 percent; however, with the run-up in sales, they appear to have stabilized, Fitzgerald said.
"Prices aren't dropping anymore," he said. "We appear to have hit a bottom in 2009, and now it's begun climbing up; hopefully, we'll be one of the leaders to take the high end out of its slump."
IOW, one resort, dropped prices apparently stimulating sales (who knows what the lag would be between prices no longer dropping and its effect on sales?), short time frame... All this doesn't add up to much, IMO. You certainly can't generalize from it, nor from similar phenomena in other highly localized real estate markets, especially high-end ones.
LaJollaInvestor
Senior Member
posted: Nov. 17, 2009 @ 1:31p
Just returned from Kona and all the locals talk about is how depressed the local real estate market is - We heard down 50-70% from highs. Intrigued us enough that we are returning soon to check it out.
The hotels are EMPTY. Insiders told me that the actual occupancy at the Sheraton was 16% !! (They claimed mid 30s)
A Four Seasons employee told me that occupancy there had hovered around 30% but with holidays approaching was at almost 60%. Still low.
We almost bought in Kauai after Iniki- 2 houses (a 1 BR and a 2 BR) on a huge (over 20000 sq foot lot) with private beach access a few doors down from Craig Nelson (remember Coach?) on the North coast west of Hanalei for $300,000. We didn't and have been kicking ourselves ever since.
We had never been to Kona before but it's nice. Gorgeous weather and interesting features - manta rays that swim right up to the shoreline- lava and sand beaches- very little rain.
PMonkeyDishwasher said: For a while, foreclosures were being snapped up around here (south FL) as soon as they hit the market. Now they're lingering for weeks and months. I think people realized the bottom hadn't hit yet, so their foreclosure "bargain" was actually what would eventually become market price.
Those of us who frequent FL or have well to do FL relatives and friends who have already WALKED away from their properties laugh at those focused on "blip" rallies in the market. When prices stabilize no one will need a news article to sound the siren. I have been to a couple of auctions and there are no bids. SMARTMONEY is not buying and all those who thought they got in on the cheap are realizing that the only buyers are other investors who want in 40% cheaper than the last transsaction price.
Vulture buyer v. Vulture seller is not a good paradigm.
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