My Home: A series about the home buying process through the eyes of a first time home buyer.
In the daily email update I receive, there were 5 houses mentioned…FOUR were price changes, and 1 had new photos added. Lately the updates have contained maybe 1 or 2 listings, but I was kind of suprised to see 4 price changes in one update. Keep in mind that these updates only come for areas I’ve selected, so it doesn’t represent the whole state. That’s why four is kind of a lot for only about 5 neighborhoods on my update list.
Here are the four price changes:
- From $729,000 To $699,000
Price reduction: $30,000 or 4.1%
Days on Market: 145
Beds: 3
Baths: 2
Island: Oahu
Region: Diamond Head
Living Sq Ft: 1380
Land Sq Ft: 7500
Tenure: FS
Year Built: 1956
Remarks: Price reduced to SELL! Seller is motivated – just closed on new property! Sweeping Valley and Ocean VIEWS from 300 sf deck in front. An eat-in kitchen with newer appliances,built in bookshelves in family room, ceiling fans in every room in this comfortable home,close to town. To be sold AS IS condition.
- From $649,000 To $619,000
Price reduction: $30,000 or 4.4%
Days on Market: 71
Beds: 4
Baths: 2
Island: Oahu
Region: Diamond Head
Living Sq Ft: 1196
Land Sq Ft: 5387
Tenure: FS
Year Built: 1940
Remarks: PRICE REDUCED below tax assessed value by motivated seller! PRIME LOCATION near Kahala Mall, H-1 freeway, U.H. and Kapiolani Community College. Property has LOTS OF POTENTIAL with space to build dream home or renovate existing structure. Will be sold in ‘AS IS’ condition. Great investment opportunity in this DESIRED NEIGHBORHOOD!
- From $649,999 To $629,000
Price reduction: $20,999 or 3.3%
Days on Market: 68
Beds: 3
Baths: 2
Island: Oahu
Region: Diamond Head
Living Sq Ft: 1613
Land Sq Ft: 5250
Tenure: FS
Year Built: 1953
Remarks: Extensive mountain view, gas stove, newer refrigerator, steady tradwind from the Koolaus and a quiet neighborhood. Close to town. Vacant, easy to show. Sold ‘AS IS’.
- From $670,000 To $665,000
Price reduction: $5,000 or 0.75%
Days on Market: 213
Beds: 3
Baths: 2
Island: Oahu
Region: Diamond Head
Living Sq Ft: 1314
Land Sq Ft: 4865
Tenure: FS
Year Built: 1989
Remarks: Upgraded split level single family (CPR) home nestled in Kuliouou Valley. Freshly painted and ready for your family to move in. Close to schools, shopping and the beach. Walking distance to neighborhood park. Homeowner’s insurance included in monthly maintenance fee. Home to be sold in ‘As Is’ condition.
The houses are not that bad. I wouldn’t expect them to be on the market for 200+ days! 
I think the owners for home #4 are still trying to hold on to the hope that they can sell for close to the original price…I wouldn’t be so confident, especially after 213 days on the market!
I’ll keep waiting…
D
August 30, 2006 at 10:50 am
I’ll take #1 or #3. ……………………………………………………………………………………..I wish….
I will never have that kind of money. The views are awesome.
Here’s the part where I try to make myself feel better…………………………………………………………………………………..So Tsunami’s in Illinois and I can get out of the way of Tornado’s. The earthquake was a little creepy though, but why complain the bed was a rockin’. LOL!
freedumb
August 30, 2006 at 3:38 pm
D, I like #3…the house is too big though…#1, has too many stairs! #2 might be okay…I need to see the rest of the lot.
If the prices were 500-550, I _could_ consider it, but that’s still a lot…I’m gonna keep saving until I have a big down to minimize the amount I need to borrow…
By the way we just had an earthquake last week! It was pretty strong…We definitely can’t get out of the way of a hurricane or tsunami…well, tsunamis at least we can move inland…but hurricanes…they suck.
Financial Freedumb and Brownie - A PF Blog » 2006 » September » 01
August 31, 2006 at 9:15 pm
[...] Wow, Check Out the Decline in Hawaii Housing Prices in ONE Day… [...]
tiredbuthappy
September 1, 2006 at 6:52 am
Wow, this is scary. My mom and my brother just bought a rental property in Kaui six months ago. They were in escrow when that big flood caused dams to burst on Kaui. I hope their property values don’t plummet.
freedumb
September 1, 2006 at 8:25 am
tiredbuthappy, It’s tough to think about…I know some folks that just bought homes too…I recommended against it, but it’s not easy resisting the urge to get a home…I know that first hand. The neighbor islands (like Kauai) may not be as impacted because they are vacation destinations…
Financial Freedumb and Brownie - A PF Blog » 2006 » September » 06
September 5, 2006 at 8:09 pm
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OMG
October 5, 2007 at 9:09 am
OMG …. LMAO…
I had seen this same property in the whee 2006, the 1st week of the open house… when these properties were owned by a trust… (one of the Big 5′s)that got a whole zone converted to feesimple status… so win for affordable expensive housing(OXYMORON, OOPS)
What dissappointed me was the quality of the house outright for the amount that they wanted back in 2006. For some folks this might be a reasonable opportunity if you were drugged/clubbed/drunked into stupor.
Overall the neighborhood was quiet. But would I live there at the overpriced neighborhood at those prices? You can get the same prices with larger sq ft/house space at waipio gentry for a 3 yr old house and pay less …. whats wrong with that picture?
The only difference is Location, but really, waiting it out till 2009 LOL…