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Waiki’i Ranch Land Update – 20 Acre Lot Sale Closes

A 20 acre lot just closed in Waiki’i Ranch at $311,500 with a listing price of $375,000.

20 acre lot in Waiki’i Ranch with lots of character – SOLD

This lot is one of the 20 acre lots along Saddle Road. And this particular lot has quite a bit of  “character” in it as portions of the lot are quite rocky.

The original listing price for this lot was $495,000, but there was a large price reduction down to the $375,000 on February 4, that 3 months later resulted in bringing in a buyer.

For more information about any of the numerous lots or homes for sale in Waiki’i Ranch, contact me.

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Beth Thoma Robinson, R(S)

June 22, 2010

It is fascinating to see that at Waikii, buyers are very discriminating. There are lots for sale under $300,000 that have been on the market years with no takers, and others selling closer to $400,000 for the views and location.

Beth Thoma Robinson, R(S)

June 22, 2010

It is fascinating to see that at Waikii, buyers are very discriminating. There are lots for sale under $300,000 that have been on the market years with no takers, and others selling closer to $400,000 for the views and location.

T.K. Backman

July 6, 2010

I dont think it’s a matter of being “discriminating” at all.

It’s a matter of the whole real estate market throughout the US is moribund — with expectations of further deflation. All around the USA, there is a huge surplus of properties without much in the way of buyers. The recent $8k buyer credit which lapsed at 6/30/2010 has only made this worse now since it frontloaded demand.

I see houses in the Seattle area that are down >25% in the last six months alone. Very few people want to buy and even fewer can get fiancing still. Until the whole psychology changes from being “hunkered down”, to believing that everything will be “ok”; the entire market will suck — it’s not even really a “buyer’s” market since I doubt we have hit bottom yet.

It’s really a deseperation short sale market with nobody wanting to take ownership of more real estate that may depreciate.

T.K. Backman

July 6, 2010

I dont think it’s a matter of being “discriminating” at all.

It’s a matter of the whole real estate market throughout the US is moribund — with expectations of further deflation. All around the USA, there is a huge surplus of properties without much in the way of buyers. The recent $8k buyer credit which lapsed at 6/30/2010 has only made this worse now since it frontloaded demand.

I see houses in the Seattle area that are down >25% in the last six months alone. Very few people want to buy and even fewer can get fiancing still. Until the whole psychology changes from being “hunkered down”, to believing that everything will be “ok”; the entire market will suck — it’s not even really a “buyer’s” market since I doubt we have hit bottom yet.

It’s really a deseperation short sale market with nobody wanting to take ownership of more real estate that may depreciate.

Katie Minkus, R(B)

July 7, 2010

@T.K. – what an interesting perspective! You might not realize it, but your comment shows clearly why it’s so very important to have local, and sometimes even hyper-local knowledge and the assistance of an experienced Realtor prior to buying real estate. It’s a fascinating idea to compare Seattle’s real estate market with the vastly different, mostly rural Big Island real estate market, but ultimately I don’t believe it to be a valid comparison. The buyer who was taking advantage of the $8k tax refund is simply not the same person who spends $400,000 on 20 acres of raw land in Waiki’i Ranch.

In the resort segment of our market – which comprises an enormous amount of our island sales – what we are seeing mostly are buyers who have been visiting the islands – and watching housing prices for years and years and years – and realize that now is the time to buy. I was talking to a client last week – their family has been coming to stay at the Mauna Kea Hotel for the past 30 years – they’ve decided it’s time to put a few million $$ into the land of the place they love so much they come to visit year after year. Yesterday I was chatting with some buyers who have been watching the market for 8 years and have decided prices in North Kohala have come down far enough for them to now buy their vacation home. And then there is the baby boomer couple who wants to retire in five years, has been visiting the Big Island for 15, and is buying now because in five years when they retire and move to Hawaii, they know prices aren’t likely to be lower than they are right now.

I’m sorry to hear the Seattle market is still so depressed and gloomy. Things seem a little brighter here in paradise… I’m not sure if it’s the weather, or the fact that the vast majority of our market has already decreased 50-75% in value over the past two years such that there is simply no need to hunker down. Best of luck to you (and it sounds like maybe a vacation in Hawaii would help??). Warm aloha, Katie Minkus, R(B). Broker-in-Charge, Big Island Sales.

Katie Minkus, R(B)

July 7, 2010

@T.K. – what an interesting perspective! You might not realize it, but your comment shows clearly why it’s so very important to have local, and sometimes even hyper-local knowledge and the assistance of an experienced Realtor prior to buying real estate. It’s a fascinating idea to compare Seattle’s real estate market with the vastly different, mostly rural Big Island real estate market, but ultimately I don’t believe it to be a valid comparison. The buyer who was taking advantage of the $8k tax refund is simply not the same person who spends $400,000 on 20 acres of raw land in Waiki’i Ranch.

In the resort segment of our market – which comprises an enormous amount of our island sales – what we are seeing mostly are buyers who have been visiting the islands – and watching housing prices for years and years and years – and realize that now is the time to buy. I was talking to a client last week – their family has been coming to stay at the Mauna Kea Hotel for the past 30 years – they’ve decided it’s time to put a few million $$ into the land of the place they love so much they come to visit year after year. Yesterday I was chatting with some buyers who have been watching the market for 8 years and have decided prices in North Kohala have come down far enough for them to now buy their vacation home. And then there is the baby boomer couple who wants to retire in five years, has been visiting the Big Island for 15, and is buying now because in five years when they retire and move to Hawaii, they know prices aren’t likely to be lower than they are right now.

I’m sorry to hear the Seattle market is still so depressed and gloomy. Things seem a little brighter here in paradise… I’m not sure if it’s the weather, or the fact that the vast majority of our market has already decreased 50-75% in value over the past two years such that there is simply no need to hunker down. Best of luck to you (and it sounds like maybe a vacation in Hawaii would help??). Warm aloha, Katie Minkus, R(B). Broker-in-Charge, Big Island Sales.

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