Oahu home prices reminiscent of 2005 - News

I just got my raise today. I'll be looking for a cheap house to buy. Drop some more and maybe I'll buy two.

If there's less tax money-does that mean the choo-choo will have a smaller route?

More and more, it looks like they'll just be able to afford one train station.

I hope it crashes and burns!

Maybe than I afford a place...

If elected I promise to build a rubber tire railway from Aina Haina to Kailua, that will bring the market back up to it's highs, I have strong information on this trend from my new pal at UofH.

"Pinch".

Cute.

So Harvey Shapiro has finally proclaimed,"it looks like Honolulu isn't going to be safe." GREAT OBSEVATION EINSTEIN. Please don't tell me that you didn't see this coming for the last two years that you were telling us how great everything was in the over inflated Hawaiian real estate market. Here's a tip for you Harvey, we haven't seen nothing yet. The upcoming crash in Hawaiian real estate will make the last one of the 90's seem like nirvana.

Shapiro and his expert colleagues like Dana Chandler have been bullshtting us for YEARS about how insulated the Hawai'i market is from Mainland trends. Just google them and read carp such as that spewed out on July 15: "The poor economic conditions, what's going on on the mainland but in Hawaii, we've been relatively solid, we don't have the sub prime problem that they are seeing on the mainland." Arguably true in a clever prep school debate club sort of way, but please...the Star Bulletin needs to cease serving as a mouthpiece for self-serving realtors who monopolize the market and skim huge bucks every time some little guy makes a transaction.

A vast inventory of homes are just psuedo junk. Poor construction, ticky tacky substandard shantys which are over-priced. When you got no where else to go, well, we got you by the cohones. Few if any can afford anything in your service oriented, low wage, military and state funded jobs program. The decrease in the value of these huts will revurberate in an economic downward spiral. Those younger folks with some degree of education or specialized training will continue their exodus to North America for a better quality of life. Brain drain increases as the winds of economic war on the middle class continues.$10 dollar boxes of Captain Crunch,$11 gallons of milk. Lower home prices, lower tax revenue, less spending on pork projects, Akaka on his knees on capitol hill. Last one out of Honolulu, please extinguish the tiki torches. This is all just the tip of the iceberg and if ever the US decides to reduce it's military presence on Oahu, well, as the Captain of the Edmund Fitzgerald said, "it's been nice knowing you". This is a travesty to the natives of the Hawaiian islands. Being subjected to outside forces which have governed their lives for the last 200 years and have adversly affected their lives all in the name of greed and it's military strategic location. I wish you luck!

Does this mean local people that don't own a business will be any closer to buying a home for their family? No, it just means the arabs and rich mainlanders will buy cheaper. Yesterday was the first of the month, and I observed a few more local families with their pickups loaded to the gills, heading to Makua Beach to live. Section 8 for the Micros and mainland Africans, displacing more local families. We are truly in a sorry state. We now have welfare-apartment parking lots openly used as drug dealers' place of business right next to our schools, and no-one gives a rip as long as all goes well in Kahala.

Love Waianae wrote:

Does this mean local people that don't own a business will be any closer to buying a home for their family? No, it just means the arabs and rich mainlanders will buy cheaper. Yesterday was the first of the month, and I observed a few more local families with their pickups loaded to the gills, heading to Makua Beach to live. Section 8 for the Micros and mainland Africans, displacing more local families. We are truly in a sorry state. We now have welfare-apartment parking lots openly used as drug dealers' place of business right next to our schools, and no-one gives a rip as long as all goes well in Kahala.

I agree with your take. Section 8 low rise laundry strewn tenaments for not only the Micros, but there are plenty of working families making about 70K per year who still need to be subsidized. Yet, they have big screen TV's, all the computer gadgets, etc. Greed and the past has created an endemic culture of someone will take care of me.If it's not my aunty, then it's uncle sugar. Section 8'ers should have to have more than one job and should show a steady progression to getting off assistance within a time frame. The exodus will continue for those who have gotten past the polynesian paralysis and have come to the realization that life can be more fulfilling.

White Trash from Waikiki wrote:

<quoted text> The exodus will continue for those who have gotten past the polynesian paralysis and have come to the realization that life can be more fulfilling.

What? There is more to life than fighting chickens, pakalolo, pit bulls, loud bass stereos and a girlfriend with welfare and section 8? Tell my neighbors!

Let the prices fall.

The Democratic party is to blame. you can make good income, but section 8 candidates are really ripping the taxpayers off. Democraps want to build low cost housing, what a joke. there are people who work hard and you have a bunch of goof balls waiting for a free ride. the governement likes to hand out checks to people who don't want to work. true, there are some deserving, but the majority are free riders. corruption as usual . blame governement. government should not be in the housing business. condemn all government subsidize housing .

willie wrote:

The Democratic party is to blame. you can make good income, but section 8 candidates are really ripping the taxpayers off.

This should really frost your buns: I know a woman that has been on section 8 for many years, and doesn't even live in the house. She lives somewhere else with her girlfriend and RENTS OUT the section 8 home for profit! No-one checks, the landlord condones it because he's getting his money, no one cares, nothing is done even though it's been reported. It's a complete joke, and it continues.

Is it any surprise that homes fell 9.2% and condos 11.6%?

ECONOMY= Take a look at our economy. Tourism which is the number one industry here is down 17% and will only get worse with the crisis in California, which by the way is Hawaii's largest customer base.

LENDING= The actual buyers out there are shrinking. Only those with a substantial down payment, High FICO score, Full documentation of current job salary will be able to buy. Whats funny is most of these people are already smart enough to wait for the real price drop that is around the corner.

FORECLOSURES= The amount of foreclosures in Hawaii have increased well over 100%(look it up) This in turn will bring down other properties in proximity substantially.

BEST ADVICE= Start saving and do not "catch a falling knife" (falling prices)

"The prices dropped this month and there are two contributing factors," Harvey Shapiro, a research economist at the Honolulu Board of Realtors, said in an interview. "One is just all the media reports of the financial crisis, which is starting to hit Hawaii now. The other factor is mix of homes. If more homes sell on the west side of the island, then the median goes down even if no values have changed. If more homes sold on the east side, then the median price goes up."

Anyone here believe Shapiro?

localboi wrote:

Shapiro and his expert colleagues like Dana Chandler have been bullshtting us for YEARS about how insulated the Hawai'i market is from Mainland trends. Just google them and read carp such as that spewed out on July 15: "The poor economic conditions, what's going on on the mainland but in Hawaii, we've been relatively solid, we don't have the sub prime problem that they are seeing on the mainland." Arguably true in a clever prep school debate club sort of way, but please...the Star Bulletin needs to cease serving as a mouthpiece for self-serving realtors who monopolize the market and skim huge bucks every time some little guy makes a transaction.

AMEN to that!

808housing.blogspot.com

Housing values in hawaii were overstated by at least 20% during the latest bubble.

Don't buy yet....prices will get even lower...

And if you need a mortgage, ditch the banks and check your credit union first.