Honolulu Downsizers Might Be Slowing
July 29th, 2009 categories: For Sellers
Pacific Business News is reporting the slowing of a recent trend by longtime house owners down sizing to condominiums.
“During the most recent condominium construction boom, many people sold their houses on Oahu and moved into brand-new condominiums in and near downtown Honolulu. Today, with nearly all of the developer units sold, the downsizing trend has leveled off as investors line up to buy properties in town.”
CLICK HERE TO REAL THE PACIFIC BUSINESS NEWS ARTICLE
Here is my perspective, with the economic upheaval in the last year, it is too soon to say any trends have stopped or started. I suspect there are many people whose kids have left home and the time spent maintaining a large home is becoming arduous. If we were in good economic times, those that have yet to move to a simpler housing situation would still like to do so. Since there is still uncertainty in many aspects of our national financial world, like many potential buyers, these empty nesters will stay put until there is less risk in making a move. Once the horizon looks safe and clear, these people will become buyers and this will do two things.
1. They will be looking for condominiums in core Honolulu close to shopping and senior services. Therefore they will put pressure on the middle to upper level apartment market.
2. Their existing homes are in very desirable areas, so as they sell we should see some very nice homes come to the market.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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To count with a real estate property in Hawaii is every American´s dream, includng me !
Nice post, just saved it for later reading.