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glenn paul
Waverly, NY
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Judged:
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Jappie wrote: House prices will keep falling in most places because those prices are still dangerously high compared to incomes and rents. Banks say a safe mortgage is a maximum of 3 times the buyer's yearly income with 20% downpayment. Landlords say a safe price is a maximum of 15 times the tenant's yearly rent. Yet in coastal areas, both those safety rules are still being violated. Buyers are still borrowing 6 times their income and putting only 3% down, and sellers are still asking 30 times annual rent, even after recent price declines. Renting is a cash business that reflects what people can really pay based on their salary, not how much they can borrow. Salaries and rents prove that prices will keep falling for a long time. Anyone who bought a "bargain" this time last year is already sitting on a very painful loss. More on patrick.net Jappie., you make some very good points. I don't think anyone can argue with you. Aloha from Northeast PA.
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bubba
Kapaa, HI
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The price of real estate had changed the demographics of our neighborhood, with only people from afar able to afford to buy anything. This was a sea change from our land being here to provide homes for the residents. Hope it keeps dropping, it's the only way local people can afford to still live in their homes. With each sale that rose in value, so did everyone's taxes go up, making it difficult for long time residents. And when the property value was so high,the foreigners set about building resorts in our residential neighborhoods, now coming to the bank with business plans. Sorry for the families that are loosing their homes, happy for the developers that lose it.
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vilionosai
Kula, HI
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yeah maui congrats....been over priced for a long time
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JoeLocal
Honolulu, HI
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I wonder how many of the foreclosures are in Kihei, Lahaina and Paia? A lot of haoles moved in and now are moving out. And since these are their second homes, they just let them go down the tubes. But don't worry, even though they are here only 4 months of the year they have a years worth of complaining to do. Cane smoke, whales, locals....
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wow
Aiea, HI
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With the influx of haoles came the inlfux of fake wealth and debt. Look for Kailua and Kaneohe to get slammed next. What is so appealing about Maui and Kailua anyway?? Plenty haoles??? Or.... it is SO different from the haole town I'm from.
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Da kine
Yonkers, NY
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Da is cero news for an island da is another "State"
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Kimo
Honolulu, HI
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Judged:
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If you don't have the cash, don't buy it...
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Kimo
Honolulu, HI
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wow wrote: With the influx of haoles came the inlfux of fake wealth and debt. Look for Kailua and Kaneohe to get slammed next.
What is so appealing about Maui and Kailua anyway?? Plenty haoles??? Or.... it is SO different from the haole town I'm from. You can thank Lingle and Hanneman--they opened the doors to needless construction and development for very high-ended/expensive housing/condo' and the only Buyer's were FOREIGN and not necessariy CAUCASIANS. In fact the majority of Buyer's are from Taiwan, Japan, Phillipines, and Europe, and then some Mainland/Caucasians... Linle/Hanneman/Inouye gave them huge TAX CREDITS which allowed Mainland Developer's and Local Developer's to enjoy HUGE PROFITS--at YOUR EXPENSE! Study the facts before you point you're finger, because it's your brother's who created the problems, not the Vultures from the Mainland who came to pick the bones off the carcases of the dead and dying...
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Maui Realtor
Cortlandt Manor, NY
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Record High Defaults=CHECK Record High Foreclosures=CHECK Record Low Sales=CHECK Record Price Declines=CHECK Folks, DO NOT buy any housing right now. There is no stabilization in housing until we get back to early 1990's prices, possibly even early 1980's. Let housing prices and rents collapse and don't get in the way. Let it crash.
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Martin Turow
Honolulu, HI
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So where is Harvey Shapiro's shibai commentary/spin? We've hit bottom. Market turning around. This is finally the end.
Truth is this is just the beginning. Hawaii hasn't seen anything yet.
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Martin Turow
Honolulu, HI
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Yes, let's blame everything on them damn haoles. I believe the first real estate speculator was Captain Cook.
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Bonnebaker
Honolulu, HI
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The neighbor islands are definitely skewing the data for Oahu (the island that is doing the best). Fortunately many areas on Oahu are starting to move. I believe we have already hit bottom in the market. Just look at the latest market statistics...http://bonnebaker .com/2009/10/06/honolulu-septe mber-2009-housing-statistics
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Dollar bill
Kerrville, TX
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Judged:
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Agree with some of the posters on not buying what you can't afford . I lived on Maui for many years ,yes it is a tourist island and not too much other types of businesses. The reason people liked it so much is it is beautiful -wow and can't be beat easily .Yes it is overpriced ,flakey and crowded and the rents are nuts expensive . Sad many people's kids have felt the need to go to the mainland for their futures and being able to buy a place ,sad. Truth is Maui is a 'paradise lost' for some and paradise found for some too -just be ready to pay for it -it comes at a big price.
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Fisherman
Lanai City, HI
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Dollar bill wrote: Agree with some of the posters on not buying what you can't afford . I lived on Maui for many years ,yes it is a tourist island and not too much other types of businesses. The reason people liked it so much is it is beautiful -wow and can't be beat easily .Yes it is overpriced ,flakey and crowded and the rents are nuts expensive . Sad many people's kids have felt the need to go to the mainland for their futures and being able to buy a place ,sad.
Truth is Maui is a 'paradise lost' for some and paradise found for some too -just be ready to pay for it -it comes at a big price. You're right about the big price, don't end up in a bucket full of crabs.
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