||Well, if people didn’t believe it last quarter, they can’t ignore it now. Oahu is totally a Buyer’s Market right now! If you’ve got money there are some great deals out there.
January Oahu Home sales came in at 281 closed and recorded; that breaks down to 122 single family and 159 condos. That’s out of an inventory of 1,903 SF and 2,494 condos (4,397 total homes) on the market in the Multiple Listing Service. We now have around 10 months of inventory remaining. And to top it off 496 single family and 674 condos came on the market to add another 1,170 to the inventory.
In the Commercial sector the “Experts” are finally admitting what I’ve been talking about for months: the Tenants are in charge! The tenants have more options open to find multiple move alternatives if they are unhappy with their current space or the landlord is asking for too much rent when the lease comes up for renewal. By forcing the landlords to compete for tenancy they can negotiate better base rent, and I am seeing more free rent and build out allowances in my commercial tenants. Keep in mind that if you don’t have to move, work with your existing landlord to get a win-win situation. Moving to a new office or warehouse is costly for a tenant, including downtime.
So in a nutshell, it is a great buying opportunity out there in the residential sector and a great time to be a commercial tenant. Commercial sales are slowing down as the commercial lending market is drying up. Wonder what March will bring? Any people with a real Crystal Ball out there contact me…
Aloha from Hawaii,
Archive for ◊ February, 2009 ◊
Yea, I know it’s been a while…I’ve been getting the HawaiiRealEstateBiz Neighborhood Crusin’ videos going. The concept is to allow people to view online what they would see if they were sitting in my car with me in my normal day to day commuting around Oahu.
Anyone can see info about a house in numerous locations on the web. But how often can you experience the neighborhood?
Click Neighborhood Crusin’ and hop in the car with me! Just push those papers on the front seat to the floor…do you want a bottle of water?