Hawaii Real Estate News

What may not be good for the investors who bought condos intending to "flip" over the past couple of years, has turned into good news for buyers and investors who waited.

According to our local Board of Realtors, condominium sales in the Grand Strand dropped 41 percent in the first quarter of 2007.

Although this is lower than the same quarter in the past three years, it's still higher than it was before the condo boom of 2005. Prices of real estate along Myrtle Beach's sandy coastline nearly doubled at that time, and condo sales reminded one of our twice a year run of "spots", a local small fish that migrates through and permeates our waters in October and March.

When the spots run, you can throw in an un-baited hook and pull up a fish as fast as you can take it off and throw it back again. Such was the way condo buyers hit the beaches and resorts during the 2005 craze. If you had a preconstruction condo project, and you announced it publicly, you had sales... or at least deposits for them.

Many people made a lot of money in the very early days of the rush. Building was slow and the first developments that sold out were built and skyrocketed in price. The problems began after things continued to boom. Construction companies and builders were unable to handle the business load, and began to double the building costs to get a piece of the action. Eventually their prices made it nearly impossible to finish the projects that sold originally for lower prices.

The doom-sayers started predicting bubbles long before there were any, and after a while the investors grew scared so sales began to slow. Developers who could have afforded the padded building costs became unable to sell the last few units required to obtain the bank funding. Although North and South Carolina never did have a "bubble", per se, the condo rush slowed to a trickle, and many of the projects never materialized.

Over the past 6 or 7 months, prices have dropped somewhat on Myrtle Beach condos. A 2 bedroom that was originally $70,000, and had jumped to $130-$150,000, has now leveled off to $110-$120 instead.

But for buyers right now, this is a great time to pick up that perfect vacation home for a solid savings...as coastal real estate will continue to increase in price, most say in about 17 months.
There won't be a better time to buy than right now. Just be prepared to hold on and enjoy it for a couple of years, and you'll have an investment to take pride in.

Contact the Myrtle Beach Condo Store for your vacation condo needs. We specialize in condos and resorts on the Grand Strand.

Myrtle Beach Condos For Sale
The Myrtle Beach Condo Store
407 22nd Ave North Suite
Myrtle Beach, SC 29577
(843) 626-9527
(843) 222-9800

You can also find more Myrtle Beach real estate information and Real Estate Blogs.

Searching for homes here on Oahu can be very fun and exciting. Honolulu is one of the most exciting cities in the world to live. Honolulu real estate can be whatever you need it to be: family home, corporate condo, vacation getaway, or international pied a terre. American Dream Realty specializes in Oahu real estate, and we keep our eyes and ears open every single day, to give our clients the "insider's track" to prime opportunities. Hawaiian property comes up on the market fast, and goes just as quickly, so it's important to work with an aggressive, energetic realtor to secure your dream home.

Here at American Dream Realty, we don't just "sit in the office." Instead, we listen to you to get a feel for what you need in a property as concerns price, size, and proximity to marinas, beaches, nightlife, parks, schools and healthcare centers. We also ask you what character of neighborhood you are looking for. Lively? Quiet? Central or, perhaps, on the water? Then we get to work, searching every available property, and pounding the pavement to find others.

Honolulu is Hawaii's capital city, and boasts a population of 1,000,000. Located on the southern part of Oahu, this city is home to many different ethnicities, and is an international business center. There are cultural festivals, events, art shows, and all the dining and shopping an urbanite could wish for, while still being within walking distance to such famed outdoor spots as Waikiki Beach.

Within Honolulu, there are a wealth of different lifestyles available. We can get you into the heart of the financial district, so that your commute time is negligible, or we can help you find a home ideally situated between the urban center and a quiet beach. We have a reputation as the hardest-working realtors in Hawaii, and we can prove to you that it's well deserved!

Recently I had contacted San Diego Realtor Bob Wilson about investing in a second home in San Diego.  He was very honest, helpful and had great knowledge of the market. He gave me the straight truth of what it was doing. He had explained to me that the market had been making a major correction over the past couple years and it may take a couple more before the market stabilized. He also has an awesome San Diego real estate site with great relocation information. I had explained to him that we had relatives that lived in Rancho Santa Fe and it would be nice to pick up a place by family.

He also had great suggestions on where to stay while house hunting. One of the suggestions was to stay in one of the great San Diego vacation rentals in Mission Beach.  Once he found out that we loved the water and would rather be there instead of up in the hills by Rancho Santa Fe by the relatives.

Being a realtor myself, I was really impressed with Bob attention to detail and his honesty.  I will definitely use him when we buy that second home.  I will also recommend him to any one I know that is relocating to San Diego.

During the first quarter, the number of sales declined from last year and the median prices (home values) were stable. It looks like we are in a more normal market compared to a couple years ago, when it seemed like the wild west. Multiple offers and buyers paying over appraisal. It is kind of nice that things have calmed down a bit and buyers have a little more time to make a sound decision.

Below are the median sales prices broken down by area on the island of Oahu.

Single family homes:
Metro Oahu (Town) $ 689,500, Diamond Head $990,000, Hawaii Kai $838,000,
Kailua $800,000, Kaneohe $672,000, North Shore $800,000, Central Oahu Mililani $550,000, Leeward Coast $375,000, Ewa Plain $525,000, Makakilo $566,500,
Waipahu $577,300 & Pearl City $575,000.

Condominiums:
Metro Oahu (Town) $325,000, Diamond Head $472,500, Hawaii Kai $542,500, Kailua $415,000, Kaneohe $357,500, North Shore $360,000, Central Oahu $300,000, Leeward Coast $173,000, Ewa Plain $285,000, Makakilo $320,000, Waipahu $299,500 & Pearl City $305,000.

Oahu real estate still seems to be a sound long term investment. You can search for Oahu real estate online on Jeff Manson website www.adrhi.com for the newest opportunities

The vacation rental struggle continues.  The city & county of Honolulu cuts fines in an effort to stop illegal rentals. In an effort to stop the rentals, the city raised daily fines from $50 to $1,000 in 2005. The city has found that collecting the money has not been so easy.

Approximately 40 fines of an estimated value of $200,000 issued since January 2006, the city has only been able to collected somewhere around $30,000, according to Michael Friedel, the city's code compliance chief.

This new strategy seems to be working.  There has been several owners that have agreed to stop renting out there illegal rentals and receive much reduced fines, as much as 75% off.

Tourism officials suspect the illegal rentals are popular with repeat visitors who are looking to stay somewhere other than in Waikiki and get away from the rising hotel prices.

There are approximately 1000 homeowners that have a certificate to operate legal vacation rentals to rent rooms less than 30 days.à The city has not issued any new permits since 1989.  There are legal vacation rentals on Oahu, Maui, Kauai and big island that can be rented.  Allot of times these vacation rentals are much more cost effective for families and groups that a typical hotel.

Vacation homes are a great option when visiting the Hawaiian Islands or house hunting here.  If you stay in one you can see how it really feels to live in a neighborhood you may be considering.

Oahu is known as the gathering place, home to Honolulu the state capitol. Oahu used to be the county as well. Before being renamed as Honolulu city & county.

When house hunting for Oahu real estate.  You may soon find out that the island has many different neighborhoods and communities to offer. The main regions are Honolulu, East Oahu, Windward, North Shore, Leeward and Central.  Within these regions are various towns, communities and neighborhoods each with their own distinctive characteristics.

Honolulu region has six main areas:
Moanalua - Salt Lake
Downtown - Nuuanu
Ala Moana - Kakaako
Makiki - Manoa
Waikiki

East Oahu has four more main areas:
Kaimuki
Waialae - Kahala
Hawaii Loa Ridge
Hawaii Kai - Portlock

Windward side if the island has three main areas:
Kailua
Kaneohe

North Shore region is a major area as well.

Leeward Oahu region has six main areas:
Aiea - Pearlridge - Pearl City
Waikele
Ewa
Kapolei
Makakilo
Ko Olina

Central Oahu has two main areas:
Royal Kunia
Mililani

Contact us if you have any questions about these neighborhoods and communities on Oahu. If you would like view Oahu homes and condos. Contact American Dream Realty at 808-792-7000.

The Hawaii lengend Don Ho dies at 76 years of age.  He had suffered heart problems a couple years ago and had to have a pace maker inplanted.

Ho entertained some Hollywood's biggest stars and 1000's of tourists for four decades. For Many people a trip to Hawaii was incomplete without seeing his Waikiki show.

Many people will sure miss this great entertainer.  Hawaii has lost a great son.

National Relocation.com has relaunched their site on a new PHP platform. They were previously on .net and found it to be not as flexible as they needed it to be.

National Relocation is in the early stages of building out a major real estate relocation portal. It is a one stop shop for all relocation needs. National Relocation features Realtors that can help buyers and sellers locate real estate. The agents will also be able to help consumers with rentals as well. For the buyer who is looking for a great deal, there are foreclosures. There are many other services for the home buying or selling process such as home inspectors, movers and storages.

There are mortgage brokers that can give quotes on home loans. There are also insurance agents to help with homeowners insurance and other insurance needs.

National Relocation is definately on the right track to offer great relocation services to consumers when relocating.

During March, sales of 330 single-family homes and 541 condominiums were reported through the Board's MLS, a decrease in sales of 15.8 percent for single family homes and 22.3 percent for condominiums, compared to the same month last year. The median price paid in March for a single-family home was $643,500, while the condominium price was $321,000. On a year-to-date basis, sales volume is lower by 8.3 percent for single-family homes and 19.3 percent for condominiums, while the median prices for the first three months of 2007 were $620,000 and $320,000, a decline of 0.8 percent for single-family homes and an increase of 3.6 percent for condominiums, compared to same time period in 2006. Total dollar sales volume for the first three months of the year was $1.187 billion, a decrease of 11.4 percent, or $153 million, compared to the $1.340 billion generated in the housing market in the same time period one year ago.

There is a 1.0% decrease in Single Family Homes Median Sales Price from last year,
while a 2.9% increase in Condominium Median Sales Price in March 2007 compared to the same month last year.

"The housing market continued to perform as expected during March and there were some positive signs that the market may be picking up soon," said Berton Hamamoto, President of the Honolulu Board of REALTORS®. "First, the Days on Market indicator reversed direction last month, especially for condominium sales which sped up by nearly three weeks, from 59 days to just 40 days. Second, there continues to be a reduction in inventory, 4 months now of decline after 19 months of increases. This may be a significant factor as we move into the busy summer buying season."

"The short-term forecast for the residential housing market looks quite good, based on the number of properties that went into escrow this month," added Harvey Shapiro, Research Economist at the Board of REALTORS®. "While the production numbers still lag those of last year, we expect more closed sales with higher prices in both property categories in April. Finally, median asked prices for the available inventory have settled at about $750,000 and $350,000, for single-family homes and condominiums, respectively, after being higher for the past couple years."

More and more people are turning to American Dream Realty to help them find "their" slice of Kapolei real estate. This is the fastest-growing region in Hawaii, and the amenities are keeping pace. With eight golf courses, excellent and innovative schools, parks aplenty, and a location that is only 30 minutes from downtown Honolulu, Kapolei is a great choice for households of all sizes.

Kapolei real estate includes townhomes, family homes, executive golf-course living, residential resort communities, custom lots, and more. Whether you are a family of one or of six, all of the lifestyle offerings you want are available. There are events throughout the year, such as the Festival of Lights, the Outrigger Canoe Race, and the Ko Olina Triathlon, which offer something for everybody.

The American Public Transportation Association voted Oahu as having one of the best transportation systems in the country. There are buses, express trips to Honolulu, and vanpools available. If you prefer to move under your own locomotion, there are also bike paths and pedestrian walkways that wind along the water.

Here at American Dream Realty, we work with vigor to find our clients the properties they need. We are a team of five dedicated real estate specialists, and we know every nook and cranny in Kapolei and in greater Oahu. The best home for you is the one in which you can be healthy and happy, and have a balance of everything you consider essential, and we can help you find exactly that.