Aloha, friends! Here are some snippets of activity from HawaiiHousingNews.com to keep you going through the sunny weekend:
A writeup by Janis Magin in Pacific Business News reports low appraisals on the Big Island are keeping home sales figures down. It’s not news to anyone that foreclosure rates on the largest island in Hawaii have been a problem. Foreclosed homes and short sales makeup such a large percentage of the total volume that this distressed inventory is keeping the entire market down – even affecting homes that aren’t in any distress situation at all. Is this something we change or do we have to plow ahead through the distressed inventory until we can right the ship? And is that even a possibility with the statewide foreclosure moratorium just put into law?
Here’s one for all you commercial real estate folks — or those of us who just like to shop. It looks like Ward Centers is going to put on a new face. Plans for a new parking garage and more retail stores are underway, all part of renovations by the Howard Hughes Corporation. Initial work will primarily be cosmetic – paint and landscaping. However, it’s the 900-stall parking structure that should help alleviate the circling around as people head to the movies, Dave and Buster’s or Big City Diner.
Shopping for a Waikiki condo for yourself or as a rental investment? Coldwell Banker Pacific’s 3rd annual “Waikiki is Open” will showcase multiple units throughout the tourist mecca. Try not to bump into clueless visitors in obviously “Hawaiian” $5.99 floral t-shirts abruptly stopping in the middle of the Kalakaua sidewalk poring over their maps to make sure they can find the nearest Starbucks.
Next up: your retirement. What? You don’t have one? It disappeared somewhere around 2005? Not to fear – a self-directed IRA can put you back in the driver’s seat. My friends Dan and Bill at Entrust Hawaii are having a FREE seminar this Sunday in the Paki II room over at the Bishop Museum from 3-5pm. I have one and it’s a fantastic financial vehicle for the right type of investor (hint: it’s called “self-directed” for a reason). Register HERE.
Governor Neil Abercrombie made some news this week and it had nothing to do about foreclosures. Our state leader is taking on Hawaii’s ever-growing homeless problem and we applaud his efforts. Let’s see how the new plans materialize, but anything to help people in need should at least be given some respect and some attention. Good luck to ya, Guv!
Lastly, it looks like the south and west shores is where the surf’s up this weekend with some modest 2-3s on both sides. Me? I’ll be doing some waterfall exploring behind Manoa before taking my longboard out to Cliffs. Have fun, everyone!