Larry Baird a local West Hawaii Appraiser said “I’m still seeing prices being reduced. Until we see less of that, we still haven’t found bottom.”
Baird said he’s also aware of foreclosed homes being held by banks, some for as long as a year. He described those homes as “shadow inventory,” and said it’s difficult to predict what impact the eventual listing of those properties will do to the market. Because not all seized properties have been listed, getting an accurate foreclosure count is also difficult. “We have had a lot of activity. That’s been going on for about a year. There’s adequate demand. …There’s positive indicators but there’s still a lot of cloud hanging over.” -West Hawaii Today 10/18/2011
Some Key Points for Kohala Area:
- North Kohala (from Kohala Ranch, Kohala Waterfront to Hawi ) – Sales are up 7.3% from this time last year.
- South Kohala (Mauna Kea, Mauna Lani, Waikoloa) – Sales are up 33% from this time last year.
- Cash is driving more than half of the purchases in both North and South Kohala.
- Home Loans continue to be challenging.