Gary's Blog

Tuesday, December 14, 2010

Resort Real Estate Sales See Rebound

The turnover in resort real estate is expected to top $1 billion this year, marking a turnaround after a five-year slide.Ricky Cassida of Data@Work in Honolulu publishes an analysis of the market, released last week. He said sales statewide through three quarters indicate that total sales are "up almost 50% from a year ago".

Foreclosures made up only about 10% of the resales, but much lower on Maui, where he expects only 25 forced sales this year, compared with 434 market sales. That would put foreclosures closer to 5% on Maui.

RealtyTrac Inc. says home foreclosure sales fell 28% statewide to 404 in the July-September quarter. Foreclosure sales only rose in three states in that quarter. Sounds like the worst is behind us.

With Americans' net worth increasing, the Canadian dollar strong as it has ever been, and prices down on average around 35%, and interest rates near record lows, Maui real estate may never be as good of a bargain as it is today!

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