The Residential Real Estate Post-Crash Index-Moderated Message Board

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Strategies & Market Trends : The Residential Real Estate Post-Crash Index-Moderated

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To: S. maltophilia who wrote (119134)	6/29/2022 1:01:10 AM
From: Broken_Clock	Read Replies (1) of 119358

Even Puna was silicon-ized the past 2 years. Hawaiian Paradise Park is the suburban Puna style tract development...of course it has a Puna sized share of assaults, murders, burglaries, rapes, meth, running down or shooting cops, etc. 1 ac lots were 25-30 before Covid...now 80-90. Home were under 200k and now there was a sale at 1.25m Unheard of. Nobody from Hawaii would consider paying 1.25 in HPP....even on the ocean. Maybe 700k for a super nice 2 story/2 unit VRBO....I could see that. No, these buyers are looking through rainbow colored glasses....and working with agents that are glad to take their $$$ and not much else. I can tell you from experience that Hilo agents could give a rip about State disclosure laws, etc. This in an area where lava took out 700 homes 4 years ago just 2 miles away. They nicknamed our island Silicon Island. Up in Waimea a rich Aussie couple bought a $4m home for their two teenage boys could attend HPA and not have to drive the 20 mile commute from Kukio. The parents tried to see if they could handle being on their own. For some reason, two high school rich spoiled brats turned it into a party pad for the High School and the grand experiment was over after a semester. They evicted their sons back under to Oz and then sold the home to another Kukio guy for $6m+! made a cool 2M in a year. Completely destroyed the market values in Waimea and prices jumped from 1.1-1.5m right up to the 4m range. No stopping in the 2's or 3's. Things have since receded to the 2.5-4 range which is s till double-triple form 3 years ago. People are afraid to sell and move because to do so elevates the property tax on your new home way, way up from the current principle residence assessment which is somewhat fixed like in California.

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