Market Conditions in 96778>Question Details

Bob Bantz, Other/Just Looking in 34951

We have 2 adjoining lots in Nanawale Estates, is this a decent time to try to sell?

Asked by Bob Bantz, 34951 Sun Sep 23, 2007

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You may want to consider the condition your lots are in,. especially if you do not live here in the area - MANY lots here in Nanawale Estates are going to need a lot of heavy-duty clearing work. Hurricane Iselle brought down hundreds of albezia trees ranging from 60 to 120 feet tall. Most are twisted in two around nid-height, plus, since the lava shield prevents deep roots, the trees are lying over Nanawaleon their sides with root masses 20-30 feet in diameter sticking up. Also, there are lots of holes in the ground, making it easy for workers to trip into and possibly beak a leg. If you do have tree work done be sure your tree copmany is bonded. All this, and I am assuming you are aware of the lava flow we are preparing for - the USGS predictions are that it will miss our neighborhood by at least half a mile, but if the lava continues to flow it will block the only access road into this area - and eventually may block the two alternate gravel roads that the county is working on.

Guess this is a long way around to say this is probably not a good time to sell (or buy) in the Lower Puna area if you don't have to. Pay your property taxes and wait until things stabilizer here.
0 votes Thank Flag Link Sun Oct 5, 2014
Aloha Bob,

The question on if you should sell now depends on several factors. Are you going to use the money from the sale of this property to buy somewhere else. In that case then selling in a low market and buying in a low market is a wash (even steven). If you find yourself in a situation where you need to have the cash, then now would be a better time to sell then in 6 months. Market is still going down and there are a lot of lots on the market in this subdivision. If you do not need to sell and are not going to be buying somewhere else and do not mind holding on to the property for possible a couple years then my advise would be to hold on to them and wait for the market to come back. If you would like to get an estimate of value on your lots, give me a call or email me and I will help you out.

Bill Parecki RS, ABR, RECPro, SFR, E-Pro
0 votes Thank Flag Link Sun Mar 25, 2012
Aloha Bob,

If you don't have to sell, then don't sell because currently we have 100 lots for sale in Nanawale and starting price is $4500. Within the last 6 months only 10 properties sold..... Pretty sad if you ask me. If you need more information please feel free to contact me anytime.
0 votes Thank Flag Link Wed Jan 19, 2011
Aloha Bob: This appears to be pretty much the bottom of the market. The prices from 3-5 years ago are down considerably. So, if you don't have to sell now, I would advise that you wait until the market improves.
Joanie Lehr, B
0 votes Thank Flag Link Wed Jan 12, 2011
If you are looking to maximize a profit, then the answer is no.

Summary of Comparable Listings that have sold

# Lowest Highest Average Median Mode
Listings 13 $8,800 $15,000 $11,584 $11,999 N/A
MLS Sale $ 13 $8,000 $14,000 $10,538 $10,500 $8,000
DOM to sale 13 4 545 110 55 119

This is the three month history and the median and mode numbers indicate a continued correction.

Contact us or come by our office in Pahoa for more information
0 votes Thank Flag Link Wed Nov 12, 2008
I think that sale prices are down all over Big Isle. Myeranch list Nanawale at 26K , but they are actually selling for half that. Lots in Paradise Park topped out at 90K 2 years ago, but are now selling in the 40K to 50K's...and I think you can get one for 30K if you have cash....sorry to all who bought during frenzy at top of market. My girlfriend bought a lot at 90K, but by the time she went to get construction loan her equity had dropped 30K...she was astounded. Only a 32K gift from her family allowed her to qualify for building loan.
0 votes Thank Flag Link Wed Nov 7, 2007
Hi Bob, There are three things that will help mature a sale: Location, Condition, and Price. In parts of Hawaii, we can get extreme differences in price even though the properties are relatively close together.
A good local realtor can properly assemble that information for you. They should also advise you that days on market and the degree of advertising can have a distinct effect on price as well.
0 votes Thank Flag Link Fri Oct 5, 2007
Average sold price in Aug 2007 for vacant lots was $13,500. Average 279 days on market.
I find this website is great for sold data in Puna
0 votes Thank Flag Link Thu Oct 4, 2007
Hawaii real estate is obviously a different animal than the mainland. You can visit many websites to try to track the statistics for a specific neighborhood or development. Anaylze the number of sales, days on market, and price over a six month period. Then take a look at how price per square foot has changed in the area. Take a look at the trend, then contact an agent and find out if they know the top buyer agents in your area.
0 votes Thank Flag Link Tue Oct 2, 2007
You need to go to the local courthouse, and see what sold that is comparable to your property, and when it sold. Do not go by the national media...go by your area, and the zip code in that area. Zoom in, and remove your doubt by facts, not TV fiction.
Once you do that, you will be able to make a much more educated decision
Web Reference:
0 votes Thank Flag Link Sun Sep 23, 2007
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