As I work and live in the Mauna Lani Resort, I am frequently asked by buyers and clients both to find them a condo in their favorite complex, or neighborhood at last years prices! Hmmm, if I only had a crystal ball. I do not know what next year’s prices will be either, by the way, although I do have some strong indication.
The trends are obviously showing supply and demand has adjusted the values accordingly. There are those buyers that sat on the fence long enough to wish they had jumped (or slid quietly) off to make their best purchase from the available inventory.Â I know them, and hear from them stressing they want the deal they missed. We have a saying here in Hawaii… “No can!”Â It’s just that simple.
It’s like a sale…when it’s over. Well, you get it. The remaining items are the “leftovers,” and while the buyers may have the “sales prices” in their minds, the items will eventually sell to someone who may (in 3 months) see them as a bargain, also in hind sight.
I love it when a savvy buyer actually accepts the inventory for what it is, and makes the best deal they can for a product they want. I am always up for a challenge, mind you, but reality is so much easier than fiction! Is it really what you wanted, just because you got it on “sale?”
The recent Griggs Report (local appraiser/Realtor, Michael Griggs, who writes his own reports based on NAR statistics) was just released showing price reductions from 2006 to present on the west coast at very close averaged drops of 39%…same as in Hawaii (again on average), with significantly higher drops in areas like Nevada and Arizona (57%).
I find this interesting as I deal with buyers who are sure that Hawaii is still going to drop another 20%!! Must be from Arizona!
A hui hou.
Living and loving the resort life!