Friday, January 10, 2014
RECORD HIGH HOME PRICES ON OAHU
For reasons that somewhat befuddle me, my recent postings on Hawaii real estate have drawn the most viewers to this blogsite. Maybe my friends are interested in my moving from 2101 Craigside to 15 Craigside.
Anyway, the Honolulu Star-Advertiser this week had a front page headline article on how home shopping is getting pricier:
The median for single-family homes is now at $650,000 and forecast to hit $800,000 next year. And get this:
The average sale price should jump to $1 million by 2017!
Said Paul Brewbaker (I worked with his father, Jim, at the University of Hawaii):
If history is our guide, even ramping production up like was done in the last cycle will not prevent the 10 to 20 to 30% annual increases.
In the condo market, the number of sales rose 12% last year, where inventory is supposedly now low. If purchase volume continued at last month's level and no new homes were put on the market, inventory would be exhausted in 2.9 months for apartments. Six to ten months is considered a balanced market.
So, now is the time for someone with any smarts to purchase my apartment, which is now officially up for sale. All you need is the capability to obtain a $950,000 loan, or pure cash would also be accepted. Consider also the fabulous rainbows and sunsets you will see for the rest of your life. There is another penthouse also on sale in the other Craigside tower, and this one, last I checked, is valued at $9.8 million. Sure, it's a lot more fabulous, but ten times more? For noisier traffic from Pali Highway and the same rainbows and sunsets?
Call Abbie Ichino at Horita Realty, 808 258 4803, to arrange for a private showing.