Benefits of investing in Hawaiian real estate

May 1, 2010 by · Leave a Comment
Filed under: Hawaii 
Hawaii #16 - Baby wolphin
Image by Mark Interrante (aka pinhole) via Flickr

Hawaii has long been known for its tropical beauty and outstanding sceneries. It boasts a unique charm and lively, floral appeal that is enough to refresh and enthrall your mind and body and fill you with abundant energy. Such is the beauty of Hawaiian resorts. From crowded beaches amid sparkling waters to magnanimous mountains and hilly regions to the lush growth of flourishing flora; the place is indeed one of its kinds. Every year millions of tourists from all around the world are attracted to this tropical paradise. Some of these are new visitors while there are still those who are so captivated by the place’s beguiling beauty that they return frequently to spend their vacations.

Hawaii with its beautiful six islands offers a rich geographical variation to its visitors. With a unique blend of cultures, the place holds the power of turning your simple vacations into a highly distinctive and enjoyable experience.

Out of the large number of tourists who visit Hawaii every year; a majority opts for rental houses or condos, while on the other hand there is an equally large population in search of a suitable property on this perfect holiday destination. People may opt for a real estate property on any of the six Hawaiian Islands namely: Kauai, Oahu, Molokai, Maui, Lanai and Big Island

You will find a huge variety of houses, lands, villas, apartments, single bedroom cottages, condominiums and duplexes on the islands. Whether you are single, newly wed couple or a large family, investing in a real estate that lies in a tropical paradise is indeed worth it.

For real estate buyers, there are abundant opportunities available. Even though the market lacks it usual galore due to the recent financial crisis all over the globe, the chances of finding a suitable accommodation that best suits your likes and budget are still very high. Furthermore, with the recent decline in the real estate property prices, the time is indeed ideal to invest.

For some the investment in Hawaii homes may seem rather dis-satisfactory owing to the declining prices and market clumps. However, it is worth mentioning the fact that this fluctuation is not a new one and that the chances of recovery by leaps and bounds are indeed very high.

Furthermore, another benefit of investing in a Hawaiian real estate other than its breathtaking views and floral charm is that of lower interest rates. This means that the buyer is actually able to purchase more property than he thought from his given amount.

Investing in Hawaiian real estate is also beneficial because overall the cost of living in Hawaii is very high. This major tourist attraction is also one of the most expensive places to live in and thus one has to consider all the housing costs too.

In addition, the cost of rentals is extremely high, especially if you wish to live on the main land. For this reason, the idea of investing in a real estate is more economical. The prices of Hawaiian homes are still very high; however, they have dropped considerably in the last few years giving the buyers more chances of finding amazing deals. So make sure you buy yourself a slice of this heaven on earth before the property prices soar again. Many buyers tend to foresee this economic trend as an ideal future investment.

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Hawaii real estate update

October 5, 2009 by · Leave a Comment
Filed under: Hawaii, Home Searches 

hawaii“Hawaii’s home prices have been slipping for the last year but we’re still the most expensive housing market in the country.”  That was just one of the headlines of local television news station KGM9 News on September 22, 2009.  With the median value of a single-family dwelling settling at about $560,000, analysts place the pricing of many Hawaii homes for sale in line with other prestigious markets in Washington, D.C., San Francisco, and even some of the pricier neighborhoods in Los Angeles.  The report even stated that “Hawaii’s median home price is $86,000 more than the Washington D.C. median, which was ranked 2nd highest.”

hawaii2The notion of still high real estate prices in Hawaii has been confirmed by a variety of sources.  Real estate in Hawaii was mentioned in Randi Petrello’s September 23, 2009, article in the Pacific Business News when stating that the average sales price for a “four-bedroom, two-and-a-half bath house in Honolulu in 2009 was $712,500, well above the national average of $363,401.”   Apparently, “the most affordable houses in Hawaii are in Kihei on Maui, where a four-bedroom costs an average of $540,044.”  Interestingly, Jessica Holzer wrote in the Wall Street Journal on September 23, 2009, that the FHFA monthly index, calculated using purchase prices for homes backing mortgages by Fannie Mae and Freddie Mac, climbed 1.6% in Hawaii while most other regions saw declines between 0.3% and up to three percent.

Local economist Howard Dikus reported on his webpage that military construction and spending dollars has helped to stabilize the Hawaii real estate by ensuring dozens of transactions and property purchases every day.  He also stressed that Hawaii is not out of the woods, yet.  In fact, median home prices continue to be very fluctuant, although not nearly at the drastic rate that was predicted earlier.  While many people are afraid to enter the Hawaii market now, it may be the best time as homes are sometimes selling at significantly discounted prices.  The problem typically is that prospective buyers are ready for the significant different valuation.  Many mainland buyers are used to paying small amounts for large, beautiful houses while many properties in Hawaii sell for much more and only include a small, old cottage.  Overcoming this variation in expectation is a key component to increasing the rate of home sales in Hawaii.