mikey's Blog: Hawaii real estate news

Note the title to this blog is not "First Time Homebuyers Tax Credit."  That's because the new credit allows for current homeowners to get in on this deal too.  Current homeowners can get up to a $6,500 tax credit.  Current homeowners must have lived in their current or former home for five out of the last eight years.  The five years must have been consecutive (all in a row, not two years, move somewhere else for a year and then move back for three years).

Basics and Details of the Homebuyer Tax Credit

Principal Residences Only

The credit is available for persons buying what will be their new PRINCIPAL residence.  That is, they will live in the home.  Second homes are not principal residences.

• Important Detail: Owners keeping their current homes…

During October 2009, Oahu's median home prices declined to $605,000, down 3.2% from October 2008's median of $632,000.  Median condo and townhome prices fell 9.2%, to $295,000 versus $325,000 in October 2008.

Oahu Home Sales Volume

In October 2009 Oahu had 281 single family home sales, UP 15.6% from October 2008's 243 homes sold. 

For condos and townhomes, there were 381 sales in October 2009 versus 316 a year earlier.  That's a healthy 20.5% increase in condos and townhomes sold. 

Here's how Oahu's home sales and median prices in October 2009 compared with the same period last year by neighborhood. 

Oahu home sales October 2009 vs. 2008      Homes Sold …

Oahu's median home prices declined to $566,000, down 10.9% from August 2008's median of $635,000.  Median condo and townhome prices fell too.  The August 2009 median sale price was $290,000 versus $328,000 in August 2008, an 11.6% decline .

Home Sales Volume on Oahu

August  2009 had 247 single family home sales, down 3.1% from August 2008's 255 homes sold. 

For condos and townhomes, there were 351 sales in  August  2009 versus 345 in August 2008.  That's a 1.7% increase in properties sold. 

Here's how Oahu's home sales and median prices in August 2009 compared with the same period last year by neighborhood. 

Oahu home sales August 2009 vs. 2008      Homes Sold …

We've been wondering what will happen to that partially finished condo in Honolulu.  On July 3rd the developer made its announcement.  KC Rainbow Development plans to sell the tower to an affiliate of San Diego-based OliverMcMillan, a California Development company.

If everything goes well, construction on the 46-story building should resume by the end of 2009 and the project will be completed in 2011.  KC Rainbow Development stopped work on the building at the end of 2008 as problems with obtaining financing emerged.

Prior to the Moana Vista project, KC Development successfully completed Moana Pacific, the twin towers at the corner of Kapiolani Boulevard and Pensacola / Piikoi Streets.  That was two years ago, when the economy and our real estate market…

Oahu's median home prices took a big hit last month.  The median price of a single family home declined to $550,000, from  $649,500 in May 2008.  That's a 15.3% drop islandwide.

Median condo and townhome prices fell too.  The May 2009 median sale price was $305,000 versus $337,000 in May 2008.

Home Sales Volume on Oahu

May 2009 had 225 single family home sales, down 10.7% from the 252 homes sold in May 2008. 

For condos and townhomes, there were 263 sales in March 2009 versus 382 in March 2008.  That's a 31.2% reduction in sales from a year earlier.

This year lenders have slowed prospective buyers, putting a big dent in condo and townhome purchases.  Some of those issues include:

- For several months, Fannie/Freddie guidelines demanded that a…

A customer made an inquiry about buying property at Diamond Head and Kahala.  He wants a property with sandy beach frontage.  The property can be either vacant land or land with an older house, ready for a remodel.

I drive along Diamond Head Road and Kahala Avenue nearly every day.  There are numerous homes along the beach and several undeveloped land parcels too.  It first seemed like an easy task to find a suitable beachfront property for this person.  Not so!

Apparently the beachfront properties for sale at Diamond Head and Kahala these days are off the market.  Even those vacant land parcels are not listed.  Hmmm.

Diamond Head beach

Well, there certainly is sandy beach in the area, here's a picture I took near a home a customer looked at last… Read Full Post

After two very slow months at the beginning of the year, March 2009 showed some signs of recovery for Hawaii's housing market.  The median price of a single family home climbed back up to $600,000, from February's $555,000 median.

Single family home prices were down from a year earlier, approximately 4.5% island-wide.  Condo and townhome prices were down 7.4% in March 2009, versus a year earlier.

Home Sales Volume on Oahu

March 2009 had 188 single family home sales, up from 163 sold in February 2009.  In March 2008, 282 single family homes sold.  We're down about 33% compared with a year earlier.

For condos and townhomes, there were 248 sales in March 2009 versus 160 in February 2009.  That's a huge increase, 55%!  In March 2008, 392 condos and…

Many have wondered when and if Oahu's housing market would be hit the way mainland markets have been crushed.  In the fourth quarter of 2008 Hawaii had a significant decline and some neighborhoods lost value.

In January we saw many new prospective buyers enter the market, lured by weak sales and low interest rates.  Some have made offers on properties and others are watching to see what happens with an eye on 30-year mortgage rates.

Meanwhile, sales in January tanked.  These closings probably represent offers made in November and December 2008, when financial news seemed to be bad nearly every day.  While we hope for the better, long-timers still remember the mid 1990's and worry about a repeat.

Here's how Oahu's home sales and median prices in January…