As a state where the land that is
available for private ownership and new construction are in short
have been gradually increasing.
Some residential sectors should
see higher sales volume in coming months. Hawaii has a strong
banking system, with credit available and money to lend. Along with low interest rates, we expect that this will
offer continued incentive for resident Buyers to make their purchase, as more mainland buyers are choosing to relocate here.
The most populated island in the Hawaiian chain of eight
major islands has continued to experience an increase in housing prices, and
a continuing population increase has led to a scarcity of housing in recent
There is a lesser inventory of properties for
sale. Since people still need places to live, there is continuing
Although new single family home construction in town is
down (with most new home construction in communities outside of Honolulu),
several high rise properties are planned for the future, or under construction. As the
international crossroads of the Pacific for air travel and shipping, and
the center of commerce, tourism, and government administration for the
state, properties in Honolulu's housing market continue to be in demand.
The current market seems to favor Sellers today. Although we see
that the best properties sell sooner, and overpriced properties may sit.
Accurate pricing is key.
continuing revitalization and upgrading of hotel properties in
the heart of Waikiki, and the construction of the new towers,
continue to enhance
Waikiki's value and appeal to a more upscale clientele. We already have the world's best known resort beach (Waikiki) and
resort landmark (Diamond Head), as well as 365 days of warm weather to go
with crystal seas, verdant greenery, and spectacular sunsets.
This continues to drive interest in purchasing by resident and mainland buyers.
Waikiki is still in demand for
vacation condominiums or investment properties. Baby boomers still
want to purchase for their retirement. Working people and retirees also
like the convenience and amenities. Sales prices have been improving,
and we expect them to continue to improve as the economy
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