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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Maui real estate update

October 31, 2009 by · Leave a Comment
Filed under: Hawaii 

mauihomes240x200The picturesque island of Maui has captivated tourists and local residents alike for years past.  Today, the beautiful island continues to awe its temporary and permanent inhabitants with its small town charm and spectacular culture.  However, the island hasn’t been immune to the effects of the global economic recession that has depressed property values, affected personal home mortgages, and caused shakiness in the lending and credit business.  These factors have left an indelible mark on the Maui real estate market.  Allison Schaefers of the Honolulu Star-Bulletin reported on October 15, 2009, that “RealtyTrac ranked Hawaii 15th among states for foreclosure activity. Across the state, 969 properties — the second-highest number of the year — received foreclosure notices.”  This number is an increase of twelve percent from the previous month and 63 percent from the previous year.  “Maui’s foreclosure rate surpassed the national level in September and activity on Maui and Kauai overtook the nation during the third quarter, according to data released today from RealtyTrac.”  The article quotes real estate expert Daren Blomquist as saying Maui’s foreclosure rates have risen to almost uncontrollable levels by going from below national average to significantly above the national average.  However, he clarified, “One of the reasons for the gain could be Hawaii’s high percentage of second-home, resort and investment activity.”

Mauikitch3

More bad news for Maui homes for sale came with the publication of Janis L. Magin’s Pacific Business News article that claimed, “the median price of a single-family home in Maui County was $450,000, a 16 percent decline from $537,500 from September 2008 for real estate in Maui.”  However, condominium sales rose by twenty-five percent and the median price increased to $306,250, although this was still a remarkable decrease from the previous year’s median of over $388,000.

To put things in perspective, Harry Eagar of the Maui News wrote on October 13, 2009, that “single-family prices are down nearly 30 percent from 2006, when the average topped $1 million. Last year, the average was down to $877,000, and this year the average is down to $715,000.”  However, some analysts believe that because Maui is such a small market, changes are often magnified compared to relative changes in other housing areas.