Hawaii is one of the most exuberant destinations that are bestowed with nature’s finest artistry. Hemmed in with lush blue sea, immersed in a soothing climate and pleasant ambience, Hawaii has evolved as the dream destination. Hawaii is also known as Big Island. It is homeland of thousands of people. South Kona, North Kona, Mona Kea and many more destinations are globally reckoned for their phenomenal beaut. No wonder, thousands of tourists throng on Big Island every year every season.
When the world was hit hard by the global economic meltdown, everyone predicted that the real estate market of Big Island would witness a sharp downfall. Contrary to predictions, the Big Island real estate market successfully weathered the global meltdown and here we are—people in huge numbers in queuing up to get home in the Big Island.
The finest things about the Big Island are its connectivity and rapid growth and development. These factors make nook and corner of Big Island perfect for accommodation. However, the biggest problem lies how and where to find a good home in the Big Island. If it had been early 70’s, the answer would have been-- go and knock door of every agent and find a home according to their choices. Thanks to technology, finding a home is so easy now!
Internet allows you to go through the scores of agents and their services. They give you multifarious options in terms of budget, location, accommodation space and so on. In addition, you can even carry out a competitive analysis to find the best agent. The only thing recommended is that go through the geography of Big Island before hammering out any deal!
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Aloha, Harold. Interesting post! You have a very descriptive way of writing!! I have to disagree with you, however, about the Big Island real estate market "successfully" weathering the global meltdown. When I look at the statistics, I guess I'm not seeing the same thing as you.
ReplyDeleteWhat I see is twofold: 1. In about every segment of the real estate market - from the least expensive condo to the most expensive luxury estate, prices are down considerably from the pricing high's of mid 2005. In some places like Waikoloa Village (where our two Brokerages are engaged in several transactions together right now) for example, prices are off nearly 60% in some cases from the market high. While that's great news for today's buyers and especially investors, I can't agree that it shows we weathered the economic storm particularly well.
2. The number of Real Estate agents and mortgage brokers who are in business has decreased substantially since the height of the market as well. As Vice President of the Kona Board of Realtors, I'm far too aware that we've had well over a 30% drop in membership since 2005, and are anticipating losing another 25% of Realtors THIS YEAR alone.
I agree with you that the Big Island is special and wonderful, gorgeous and a really amazing place to live, work and play every day. But with 11.5% unemployment (up from 3.5% in about 9 months time, yikes!) substantially decreased prices for real property, not to mention more short sales, foreclosures and REOs than you can shake a stick at, it seems to me we haven't weathered the worldwide economic crisis very well at all.
warm aloha,
Katie Minkus, R(B)
Broker-in-Charge
Hawaii Life Real Estate Services, LLC
www.hawaiilife.com/big-island-real-estate/