Oahu Real Estate Market

April 6, 2010 by  
Filed under Real estate

Oahu from the air.

The Oahu real estate market continues to face strong economic repercussions from the recession that started well over a year ago. One particularly visible example of the continued weakness in the area was reported by a March 9, 2010 article in the Maui News, which reported that “A foreclosure auction has been scheduled for 72 units of a 99-unit industrial condominium complex on Oahu. The units at the Waipio Business Center are to be sold in bulk March 24. The complex developed at a cost of an estimated $60 million was completed two years ago.” The piece noted that “The developer, WIC Partners LLC, sold 27 units in 2008 for close to $22 million. But then the market dried up with the financial crisis, and no units sold last year. Lender GE Business Financial Services Inc. filed a foreclosure lawsuit in June.”

There is some sense of hope for Oahu homes for sale, in the form of a nationwide effort to alleviate foreclosures. According to a March 26, 2010 article from KITV 4 News, “Hawaii banks and other lenders said Friday President Obama’s new initiatives to prevent foreclosures could be a great help in keeping local residents in their homes. Hawaii foreclosures are at record highs with 11,164 homes in foreclosure in the state, 5851 on Oahu, 2215 on Hawaii Island. 2141 on Maui and 957 homes on Kauai.” The article, composed by Denby Fawcett, continued to say that “Bank of Hawaii said the new features in the Obama plan should help prevent more foreclosures. ‘It will give our customers another tool they can use to help keep them in their homes.’ said Tim Padgett, Bank of Hawaii Senior Vice President for Loan Management Services.”

The resort market, which is crucial to Oahu real estate for sale, has started to improve, according to a March 25, 2010 article in the Pacific Business News. The piece continued to state that “Home sales in Hawaii’s resort market began to show a rebound in 2009, with just a 2 percent decline in sales from the previous year, according to a new report. The 2 percent decline followed a 37 percent drop in 2008 and was the smallest decline since the market began to drop in 2006, according to the residential resort market report from Data @ Work.”

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