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Canadian Home Purchases in Hawaii on the Rise

The day of the tsunami last week, I received a phone call from potential buyers in British Colombia. I’ve been getting more inquiries from Canadians—especially from British Colombia—over the past 6 months. Looks like having Hawaii in the news reminds Canadians of an important aspect of the housing market.

My Canadian buyers were impressed with Hali’i Kai for its sunsets, amenities, and security

As the U.S. dollar declines, the Canadian dollar strengthens. What is just a good deal to Americans is a bargain to a buyer holding Canadian dollars. A buyer last year told me that the B.C. market has been heating up. In 2010, housing prices escalated by 5%!

An odd aspect of the Canadian buyers I’ve worked with is that they have all been all-cash buyers. This tells me that folks up North who are sitting on assets recognize the great prices the weak dollar affords. For the most part, they are people who plan to retire in 2 to 5 years and think that Hawaii properties are priced well now.

The Canadians I showed around last weekend were interested in the upscale properties. We looked at Hali’i Kai in Waikoloa Beach Resort. They liked it because of the location convenient to the beach, shops, restaurants, and the amenities like pools and the private restaurant. They also wanted a development that was safe for their children, so the Hali’i Kai’s gate and security were attractive.

Whether you are Canadian, American, or Scandinavian, Hawaii oceanfront condos are a very good buy in the spring of 2011. Let me know what your requirements are, and I will find you a Big Island home that makes you happy.

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Beth Robinson R(B)

March 19, 2011

Michele, I am currently working with a ton of Canadian buyers as well. Dollar parity is a beautiful thing for them! You can also tell your clients that there are several Canadian owners already at Halii Kai. Actually, one of my listings is from a Canadian who owns two units there and now that they’ve moved back to Toronto she wants to sell one of them…

Beth Robinson R(B)

March 19, 2011

Michele, I am currently working with a ton of Canadian buyers as well. Dollar parity is a beautiful thing for them! You can also tell your clients that there are several Canadian owners already at Halii Kai. Actually, one of my listings is from a Canadian who owns two units there and now that they’ve moved back to Toronto she wants to sell one of them…

Katie Minkus, R(BIC)

March 20, 2011

MIchele – It’s true that we sure do love our northern neighbors! They make up an incredibly important part of our “snowbird” economy here on the Big Island. It’s hard to believe that their real estate market is still so strong, perhaps we have something to learn from them…

Katie Minkus, R(BIC)

March 20, 2011

MIchele – It’s true that we sure do love our northern neighbors! They make up an incredibly important part of our “snowbird” economy here on the Big Island. It’s hard to believe that their real estate market is still so strong, perhaps we have something to learn from them…

john

March 21, 2011

Last I read was the Toronto market is ready to implode?

I have noticed several contingent listings have changed back to active. Why are the deals falling apart? I can’t imagine it’s financing …. if these were short sales, I would bet available funds had to submitted with the offers. 6E, 9C, 18H, 17E ? Looks the only SOLD deal was 14C at $675,000. So are banks nixing the deals or ????

john

March 21, 2011

Last I read was the Toronto market is ready to implode?

I have noticed several contingent listings have changed back to active. Why are the deals falling apart? I can’t imagine it’s financing …. if these were short sales, I would bet available funds had to submitted with the offers. 6E, 9C, 18H, 17E ? Looks the only SOLD deal was 14C at $675,000. So are banks nixing the deals or ????

Beth Thoma Robinson R(B)

March 21, 2011

@ John, since Pam and I closed most of the successful short sales at Halii Kai last year, I can attempt to answer. Whether here or elsewhere, the lengthy process often means that buyers get impatient and end up buying something else. Or sometimes their offer is low, and the bank’s appraisal comes in higher than they want to pay. Those are the primary reasons for us going through multiple offers before one sticks.

BTW, HK14C is not sold, it is another short sale that went through multiple offers, and is one of three short sales at HK showing contingent.

Beth Thoma Robinson R(B)

March 21, 2011

@ John, since Pam and I closed most of the successful short sales at Halii Kai last year, I can attempt to answer. Whether here or elsewhere, the lengthy process often means that buyers get impatient and end up buying something else. Or sometimes their offer is low, and the bank’s appraisal comes in higher than they want to pay. Those are the primary reasons for us going through multiple offers before one sticks.

BTW, HK14C is not sold, it is another short sale that went through multiple offers, and is one of three short sales at HK showing contingent.

john

March 21, 2011

HK 14C : has the bank inked the buyer’s offer?

Of the recent deals falling apart would know is the bank not liking the offer or buyers walking?

john

March 21, 2011

HK 14C : has the bank inked the buyer’s offer?

Of the recent deals falling apart would know is the bank not liking the offer or buyers walking?

Daniel

March 29, 2011

If you are looking at Halii Kai specifically, I just tried purchasing a HK short sale. Seller accepted the CASH offer which was a $388 per square foot offer. 2010 sales ranged from:
low of #2C @ $314 to a high of #8C @ $596. Overall ave of 2010 solds were +/-$340 per square foot.
The bank did not accept the offer and it was implied they had another party willing to pay more if we did not up our offer.
The subject property continues to be listed as active which puzzles me as they supposedly had another buyer to step in at a higher price?

Daniel

March 29, 2011

If you are looking at Halii Kai specifically, I just tried purchasing a HK short sale. Seller accepted the CASH offer which was a $388 per square foot offer. 2010 sales ranged from:
low of #2C @ $314 to a high of #8C @ $596. Overall ave of 2010 solds were +/-$340 per square foot.
The bank did not accept the offer and it was implied they had another party willing to pay more if we did not up our offer.
The subject property continues to be listed as active which puzzles me as they supposedly had another buyer to step in at a higher price?

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