Hawaii 50% Off Sale

Ready to Pop pointed out this article about Canadians buying property in Hawaii now that the Canadian dollar is strong and some homes and condos are selling for half what they were worth in 2008:

“In some areas prices have dropped 40 to 60% and it’s as bad as Phoenix.”

He gets calls and emails from Canadians daily.

“Some are waiting for a bell to ring that says we have hit absolute bottom,” he jokes. “Others have pulled the trigger because in Maui we’re having a half-off sale.”

The loonie, valued at 62 cents US almost a decade ago, hit $1.05 in April. That means a million-dollar property in Hawaii, that would have cost a Canadian about $1.6 million in 2002, is now under a million.

The best values are on the big island.

“In Maui, you need two wallets — on Hawaii you can survive on one,” Dinits says. “You can get a nice house on Hawaii today, six blocks from the ocean, for $66,000. That would be a bank owned foreclosure, or REO (Real Estate Owned) deal.”

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Anonymouse
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Anonymouse

"Dinits recently sold two oceanfront condos to a Lillooet couple: a one-bedroom for $250,000 and a two-bedroom for $300,000. Both are available for vacation rental, which is important, as strata fees can be $800 a month. "

$800/month? Crazy.

bubbly
Member
bubbly

This must be because unlike Vancouver, Hawaii has unlimited land.

bubba
Guest
bubba

Here we go again.

Florida Swampland exists everywhere.

WTF would one buy in Hawaii ?

Watch Hawaii 5-0 re-runs

The downside is various factors…like disposable income….cost of jet fuel…..and the "poop shute pain" of US taxation for Non US residents .

If it flies ,….floats …or give you a woody…RENT it.

Not much of a name..
Guest
Not much of a name..

@Anonymouse: And they probably used a HELOC to pay for it.

Not much of a name..
Guest
Not much of a name..

@bubba:

If it flies ,….floats …or give you a woody…RENT it.

The same can be said for Vancouver RE!!!

other ted
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other ted

But vancouver has good weather why would I want to buy in Hawaii. Oh wait hawaii has better weather.

I have said this even at peak prices hawaii was a better buy than vancouver. Now that Hawaii is tumbling I just might buy something there.

Alum
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Alum

Excuse me, is this blog Vancouver condo or Hawaii Condo ?

lorem ipsum
Guest
lorem ipsum

"The loonie, valued at 62 cents US almost a decade ago, hit $1.05 in April. That means a million-dollar property in Hawaii, that would have cost a Canadian about $1.6 million in 2002, is now under a million."

Including change in price of the property from 2002-2011?

Troll
Guest
Troll

@other ted: You make all your RE decisions based on local climate?

Li Kai Shing
Guest
Li Kai Shing

What peeperz do-nut realize was Hawaii 5-0's classic line "Book -Em – Danno"…….was coded language by Bilderberg group on how to invest.

If McGarret (Jack Lord's) hair was parted 7 + microns to left…it was a signal to short Chevron Stock.

R-U round eyes in basement suites in "rock – paper – scissors" mode so stoopid?

If not believe…simply access old "H… 5-0" episodes and see the quantifiable correlation.

Otherwise …4Q !!!!!!!!!!!!

PliXXXX

patriotz
Member

@bubba:

Non-residents of the US are taxable only on US income (if any), just as non-residents of Canada are taxable only on Canadian income.

Exception is that non-resident US citizens are taxable on all income.

patriotz
Member

@lorem ipsum:

Including change in price of the property from 2002-2011?

I think the point is that nominal prices are now the same as they were in 2002.

Best place on meth
Member
Active Member
Best place on meth

Flights from Bellingham to Hononulu in November start at $377 US, all in.

bubba
Guest
bubba

@patriotz:

If in Sync….

" NON certifiable " US citizens…aka foreign property owners … are now subject to a Global Income tax.

Aka…..within a given chronological parameter……say 2-3 years..if one's accumulative " presence" in the U.S exceeds 200 + days… whether it be within 1- 2 -3 years…the U.S has the internally -designated -fiscal " circumscion machine" that can NAIL the "owner" of given "U.S. deeded parcel" for Global Income.

aka ………..

If anyone has U. S . holdings BAIL ASAP……….. before the fiscal cornholio starts………..thus hast an IRS bulls-eye on one's back.

Parties within our family did this ( Point Roberts)

Here endeth the latest lesson……

Li Kai Shing
Guest
Li Kai Shing

@Li Kai Shing:

PliXx !!!!!!!!!!!!

I try to give round – eyes good advice…(patent – pending)

Instead…they pee into wind…

I mean…..yes……. it's warm…"green"….enviro – friendly….but don't ask me why THEY not get date on Saturday Night.

Green is also colour of mould on dirty thong – underwear…most old cheese……….. and Bok Choy !!!

This is why Ca-Na-DUH concerned re: Wanker Incubi…..Darwin predicted basement site troglodyte ………..inherit the earth………at least Surrey.

Madashell
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Madashell

"Chinese fugitive Lai Changxing faces deportation from Canada…a prolonged legal fight to remain in Canada that had gone on for more than 10 years."

"high-rolling ex-peasant admitted skirting the law, but said he was merely taking advantage of perceived loopholes at a time of murky custom regulations"

From Todays Globe and Mail.

Should had showed him the door ten years ago!

Anonymous
Guest
Anonymous

Larry has posted an interesting look at income levels required to own a home in the GVRD and FV… and it comes from the CMHC. Westside income = 496k, chump change for HAM.

http://www.yattermatters.com/2011/07/vancouver-ho

jesse
Member

"You can get a nice house on Hawaii today…"

As much as this might be true, there are going to be ongoing maintenance costs with this type of property. If it's a vacation property, you'll need to hire groundstenders etc. Plus it's an REO. There is a reason why some properties for sale state "Non-REO" in their description. $60K sounds nice but there are some legitimate reasons why prices are low.

Not much of a name..
Guest
Not much of a name..

@Anonymous: Bear in mind, the less you put down, the more you need to earn.

Best place on meth
Member
Active Member
Best place on meth

@Madashell:

>>>Should had showed him the door ten years ago!<<<

Should have but couldn't because he might be "tortured" back in China.

You see, it's ok for Canada to freely trade with these totalitarian pricks but we can't send back their criminals because their government is not very nice, apparently.

Alum
Guest
Alum

Pardon me, is this blog Vancouver condo or Hawaii condo ?

Hovering
Guest
Hovering

in Kitsilano..

Violence broke out at an Arbutus Walk condo board meeting today when the owners of Unit 501 (926 sq ft, south west corner, 2 bed / 2 bath)(on sale for $800,000)..

http://www.realtor.ca/propertyDetails.aspx?proper

..tried to throttle the owner of Unit 604 (936 sq ft, south facing 2 bed/ 2 bath)(on sale for $650,000).

http://www.realtor.ca/propertyDetails.aspx?proper

tee hee..

Anonymous
Guest
Anonymous

@Hovering: Same realtor for them both too.

Best place on meth
Member
Active Member
Best place on meth

@Hovering:

The listing says the building has an "extremely proactive strata" so I'm sure the whole mess was quickly sorted out.

Hovering
Guest
Hovering

lol

same realtor

love that

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