September Market Trends in Kona
On a downward slide since the beginning of 2006, the market on the Big Island has witnessed property values dropping to 2003-2004 values (about a 20-30% decrease)! The talk on the street among Realtors is that there are GREAT deals out there. Even Donald Trump is talking that now is the time to buy property, that you will get much more for your dollar than you might have dreamed possible. Interest rates are below 6% (a 35 year low)–but are predicted to go up in January (check that: MUST go up in January!). The slow market is creating great opportunities for the astute, and certainly, the ultra-luxury properties are selling as never before (if you can afford the $20-30 Mil price tags). For the “Boomers” that have been waiting for these times…don’t wait too long! Interest rates have to go up, the credit is tightening, prices have, by and large, bottomed, and people are starting to pick deals up. We have even been hearing of multiple offer situations for some properties…especially at the entry level. Historically, as the stock market becomes volitile like we have witnessed lately, assets get moved to tangibles like real estate, precious metals, and treasury bonds. Real estate is generally income producing, can qualify for significant tax deductions, and could have a lot of upside over the near term, and get be greatly leveraged needing only a small down payment.
You can search my site linked into the MLS for all Big Island of Hawaii listed properties with pictures, maps, data, etc. Go to www.CoastPropertiesHawaii.com or call Stathie at 808.895.4187 for more information.
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