Honolulu Real Estate Core Value Strength Explanation!
September 1st, 2009 categories: For Buyers, For Sellers
As Honolulu Realtor, I can’t say that our market has not experienced a decline from the highs of 2005 and 2006. However, it seems core Honolulu houses and condos have fair better than the neighbor islands and other parts of the United States. Today’s Honolulu Advertiser is reporting that Oahu has the highest hotel occupancy rate of “the top 10 competitive international island destinations”, this may mean that Waikiki’s hoteliers have had to cut back less than the neighbor islands (Maui, Kauai, the Big Island and Molokai).
“While we ranked well against our primary global competitors, it is notable that most of our competitors are also suffering a similar magnitude in hotel industry revenue losses that Hawai’i has had to endure over the past 15 months,” said Joseph Toy, president and chief executive officer of Hospitality Advisors LLC.”
CLICK HERE TO READ THE ENTIRE HONOLULU ADVERTISER ARTICLE
Honolulu has a healthy tourism market, but it also has a much more diversified economy than other parts of Hawaii. We have military bases, the seat of State and Federal Governments for Hawaii, banking, the home for much of Hawaii’s large professional services companies, hospitals and much more. As a result Honolulu’s multi-faceted economy is in a much better position to withstand a sector that has a particularly rough period. So how does this impact real estate market?
Core Honolulu’s real estate market is robust in the segments that a local buyer can purchase (homes under $1,000,000 and 2 bedroom 2 bathroom condos around $500,000) and much of this strength, in my opinion, results from a broad and diversified economy.
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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