The Princeville real estate market, a part of the Kauai housing market, rallied according to some indicators in the month of May, although in other respects it showed continued weakness. According to a June 7, 2010 article from Pacific Business News, “Single-family home sales on Kauai were up by 80 percent in May, while condo sales were up 38 percent compared to the same month last year. There were 27 homes sold on the Garden Isle last month, up from 15 in May of 2009, according to statistics from Hawaii Information Service.” The piece went on to state that “The median price for a single-family home, however, fell 30 percent in May to $420,000, down from $600,000 in May 2009. Condo sales were up last month, with 18 units sold compared to 13 units sold in May 2009. But the median price dropped 50 percent to $164,000, down from $330,000 in 2009.”
The number of distressed properties in the Princeville real estate market increased in the month of May, although the number of foreclosures seemed to be declining. According to a June 10 2010 article in the Honolulu Star Advertiser, “The figure was 29 percent higher than the 816 filings in May 2009, and though the increase was significant, it represented the smallest percentage-point rise for any month in more than a year. ‘The pace of increase appears to be slowing,’ said Daren Blomquist, marketing communications manager for California-based RealtyTrac.” The piece, composed by Andrew Gomes, went on to say that “Hawaii’s rate was one foreclosure filing per 486 households…Kauai had the next-best rate atone filing per 372 households, based on 80 total filings.”
If the rate of foreclosures did indeed slow in the most recent tracking period, Princeville homes for sale are likely to be sold for higher (non-foreclosure) prices in the future. According to a June 9, 2010 article from Pacific Business News, “The number of Hawaii homes receiving foreclosure filings in May was on the rise, but the rate of increase slowed from the month before. The number of foreclosure filings in Hawaii, which include default notices, public foreclosure auctions scheduled and bank repossessions, was up by 29 percent in May…”
With all the incentives being offered these days in the United States to buy a new home, many people are thinking about taking the opportunity and moving to another area or buying new homes. If you are one of those people, you may want to consider Hawaii Real Estate. Consider the main island of Hawaii, or the others next to it – Oahu, Kauai, or Maui. Since the prices for Real Estate in Hawaii fluctuate, this offers an excellent opportunity for investment. Hawaii has many good points to make it your next home. Some of the best characteristics of this Island Paradise will help you make the decision.
Hawaii has the best climate and weather. The weather is warm, pleasant year round and the skies are clear. The beaches are pristine and the natural beauty of the island is breathtaking. You will have perpetual summers in Hawaii and will feel that you are on vacation permanently.
If you are a nature lover, Hawaii will capture your soul. Hawaii Real Estate is perfect for nature lovers and people who like the outdoors. The most beautiful beaches in the world, gorgeous mountain views, and lush and green forests that invite you to explore them will surround you. You will also enjoy a variety of activities such as hiking, surfing, snorkeling, body boarding, and much more. You will enjoy the city life and nightlife as you will find some of the best nightclubs in the city. Shopping will be a rich and diversified experience as you will find upscale malls, but also downtown areas where you can find small markets with special treasures and items that are special to the culture and made by local artisans.
The people of Hawaii are diverse and you will find a rich culture with many roots. If you love diversity, Hawaii will give you that as it attracts people from all over the world and with different backgrounds. You may say that the population is eclectic at this point, and the natives are proud of their heritage and willing to share it with newcomers. You will experience different beliefs, races, cultural backgrounds, ethnicity’s, as well as many tourists from all over the world who are on vacation, or that come to visit often. Many people have second homes in Hawaii too – people from many other countries. You will have the opportunity to enrich your knowledge of different cultures as well.
The Hawaii Real Estate Market offers you the opportunity to buy a home to live there, but also an investing opportunity as well. You can buy land for future use, or to rent it. You can also buy a second home for vacations, or to rent it when you are not occupying it. The possibilities are countless, and the best thing is that the prices have come down in this paradise destination due to the recent economic changes in the United States and abroad.
Think Hawaii for your next home or investment opportunity. It has much to offer and it is a desirable real estate market.