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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Drygulch Dan who wrote (233666)	12/18/2009 12:31:59 PM
From: Broken_Clock	Read Replies (1) \| Respond to of 306849

Saw a 3B Waikoloa Beach Villas short sale pop up this week @350k. The owner, a real estate agent I know, bought it new for 750k in 07. My take is this: The only area holding up is SFR in the sub 400k range because of the bailout(lot of REO's in the 200's in Waikoloa). Condos and land are simply getting hammered. Upper end SFR is in the same category as condos and land except for Hualalai Resort(they have had a big year but prices are down hard from 05/06). There is one lot bordering a gulch in Waikoloa with an great view down into Kawaihae and Haleakala that the owner bought in the dip in 07 for 195k(they were 300ish at the peak) that is listed for 69k and no offers yet. been on the market a month or so. Hard to say where it ends because the winter tourism numbers could be way down. My friend just got tickets from Maui to Portland for $134 each way. Some leaving on the 28th of december(one way) and others RT during March spring break. I just went RT to LAX from Kona and paid $500 2 months ago. $134 for a one way ticket is insane. That is like 30 years ago pricing. That is an indication that future bookings to HI are in the crapper. Idiot on the State Revenue Board was ecstatic on the "news" last night predicting a big turn a round in 2011. Based on what? that's what I want to know.