My Home: A series about the home buying process through the eyes of a first time home buyer.
If you recall, awhile back I posted that I my daily email updates on the Hawaii housing market was getting scarce…a few changes here and there, and then at the beginning of this week I received an update with 4 price changes…DOWN. Well, yesterday I got another update…this time with 3 more price changes and one status change from ‘In Escrow’ to ‘Active’ meaning the sale didn’t go through. One house was reduced 9.5% or $62,000!
I’m hoping this is just a blip, because I hope the slowdown is a gradual one…could this week just be an annomaly or a sign of what’s to come? If the drop happens to quickly, our economy might take a major hit…
- From $652,000 To $590,000
Price change: $62,000 or 9.5%
Single Family
Beds: 4
Baths: 2
Living Sq Ft: 1396
Land Sq Ft: 5385
Island: Oahu
Tenure: FS
Remarks: Price to Sell!! West Lake Terrace duplex, great location. Next to Shopping Center. Newer construction, 2 car garage. Easy access to freeway, schools and shopping. Sold ‘As-Is’. Newly Painted, Seller will also give a $3000.00 credit for new carpet.
- From $698,000 To $685,000
Price change: $13,000 or 1.9%
Single Family
Beds: 6
Baths: 2
Living Sq Ft: 2172
Island: Oahu
Land Sq Ft: 8250
Tenure: FS
Remarks: PRICE REDUCED!!!! 5% ($34,250K) CREDIT TO BUYERS AT CLOSING!! Beautifully renovated duplex in Kalihi Valley ready to move in. Lush, green, breezy. Perfect home in a desirable location. Two story home with separate entrances, 3/1 up and 3/1 down, two brand new kitchens! Upstairs rent for $2031/month, lease is month to month. Downstairs rent for $1900/month, lease until November 2006.
- From $599,000 To $579,000
Price change: $20,000 or 3.4%
Single Family
Beds: 3
Baths: 1
Island: Oahu
Living Sq Ft: 819
Land Sq Ft: 52000
Tenure: FS
Remarks: Well priced $46K below April appraisal!Sellers ready to sell!Will look at all reasonable offers!Lovely valley vws from private home.New kit w/granite cntrs,new bath w/ceramic tile,bamboo lam. flrs,custom paint,& elec. upgrade!1.2ac,apprx 13,000sf zoned R5,rest is beautiful mountainside preserve.Vibrant family home, great loc!$500 one time AOAO Assoc. fee for group CPR maint.
I don’t want to become a housing blog, but it’s getting a little scary…Stay tuned.
Kira
September 6, 2006 at 7:45 am
Oh I like reading these little updates.. makes me hopeful that things like that will start happening in my area and I can afford a house.
LAMoneyGuy
September 6, 2006 at 8:19 am
Hey, is this a housing bubble blog? Haha. I’m dealing with the same thing. Maybe I’ll start a housing bubble blog. I think there’s already too many.
Those are some serious reductions. #2 is a much larger reduction than it appears. I always wondered why sellers would want to do that. They should just cut the price. Instead they pay more in realtor fees.
D
September 6, 2006 at 9:17 am
My email today held a house for $87k. I couldn’t believe it. I haven’t seen prices like those in 10 years. Even though it is not in the best of neighborhoods, it is so weird to see anything under $100k.
You could own multiple properties in our area at this rate. Although that particular home is about 40 minutes from my place.
freedumb
September 6, 2006 at 2:52 pm
Kira, I hope you can afford something soon too!
LMD, I didn’t even really think to include the 5% credit from #2…but if you add that in, the drop is really significant…
D, 40 mins? That’s too far from you! Haha…I have thought a few times about moving though…There’s just too much here…
D
September 7, 2006 at 10:47 am
There you go rubbing in the “paradise” factor again. When I grow up I want to be you.