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Market
Conditions Report
* Hilo *
You asked for it! We'll
now be periodically providing Market Condition Reports
on specific areas on the Big Island, and we'll start with
Hilo ...
Area Characteristics:
Hilo is located on the east side of the Big Island of
Hawaii. It is the second largest city in Hawaii with a
population of approximately 60,000. Generally this is a lush
green area with fair amounts of rainfall. The population
makeup tends to be more local (native Hawaiians) then that
of the Kona area, or west side of the island. The county,
state, and federal offices are all located in Hilo, as well
as the University of Hawaii at Hilo, a major contributor to
the local economy and culture.
For the individual thinking of relocating to Hilo, you
will find the people warm and friendly, and there are
numerous opportunities. Unemployment is extremely low, and
well paying jobs may be hard to find. On the other hand
housing is relatively affordable when compared to other
parts of Hawaii or the continental U.S.
If you are looking for a small town feel with all the
amenities of a larger city, Hilo is the place to be.
Buyer’s or Seller’s Market:
On a scale of 1 to 5, with 1 being a buyers market and 5
being a seller's market, Hilo is at a 2. This is a buyers
market.
Recent Price Trend: On a
scale of 1 to 5, with a 1 reflecting sales prices down and 5
reflecting prices up, Hilo is "Down", with a rating of 2.
Market Report Narrative:
Hilo has not really been affected by the market downturn
over the past 1.5 years. Sellers are still listing their
properties at nearly the same price range as last year. The
difference is, there is greater inventory on the market, and
sellers are often willing to take less than asking price in
order to move their properties. Over the last year those
properties that were listed on the MLS in the Hilo area (up
to 1 million) sold for an average of $375,434. Currently,
there are 143 properties listed that fit this description,
with an average listing price of $428,059. As these
properties linger on the market, most of these sellers will
accept less. While this is definitely a buyer’s market
sellers, particularly those of high end properties, are
still getting fair value. |
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Mortgage Rates
U.S. averages as of August 30, 2007:
30 yr. fixed: 6.45%
15 yr. fixed: 6.12%
1 yr. adj: 5.84%
View current rates
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Wondering
What
Your Home is Worth?
Let us show you
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Spielberg Slept Here!
Featured
Property
Kawainui
Estate
$3,750,000
Click Here for More Info |
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Spielberg Slept Here!
Spielberg and Lucas landed in Hilo on July 9th to
work on the fourth Indiana Jones movie, reportedly
given the working title “Indiana Jones and the City
of the Gods“.
Plenty
of speculation and reports regarding where they were
staying, and where filming would occur, surfaced
(per the Hawaii Tribune Article), but we knew
exactly where Spielberg was staying . . . right here
at our very own
Kawainui Estate.
As a matter of fact, the exquisite Kawainui Estate —
where Spielberg stayed throughout July — is
currently listed for sale through Kelly.
For
additional information regarding the purchase of
this luxury estate, please see
www.Kawainui-Estate.com or
contact Kelly today. |
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The Mauna Kea Astronomy Education Center
. . .
. . . has been renamed
to 'Imiloa Astronomy Center of Hawai'i and is now officially
open to the public.
Courtesy of our favorite Big Island Information and
Activity portal,
Instant
Hawaii,
join us for their latest review of the wonderful educational
surprises waiting for you at this spectacular $28 million
dollar science and learning center.
Situated near Sunrise Ridge overlooking Hilo Bay, 'Imiloa is
an impressive modern exhibition center and planetarium. A
spectacular 40,000 sq. ft. building consists of three titanium
coated inverted domes, representing the volcanoes Mauna Loa,
Mauna Kea, and Hualālai.
Built at a cost of over $28 million 'Imiloa provides a
mixture of Hawaiian culture and modern astronomy with exhibits
and shows designed to please everyone from children to adults.
Primarily funded by NASA, one of the mandates of 'Imiloa
is to help illustrate the importance of Hawaiian culture and
how it is related to the astronomical discoveries made daily
on top of Mauna Kea.
The planetarium features the new
Evans & Sutherland Digistar 3 Fulldome Digital Theater System.
This state-of-the-art planetarium projection system features
the very latest digital (computer) visual system and includes
8 watts of laser projection power.
In the 12,000 sq. ft. Exhibition Hall, the exhibits are a
tasteful blend of Hawaiian culture and advanced scientific and
astronomical discovery, offering much to learn about both as
well as learning how the two work together. Not to be missed
...
CONTINUED >>>>
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What Is The Fed's Discount Rate And Does It Affect Housing?
The Federal
Reserve rate cut in August failed to
stop the bleeding in the U.S. stock market. That's because the
Fed cut the "discount" rate, not the federal funds interest
rate. What's the difference and how will housing be impacted?
You won't find the answer on financial news sites. They
talk in jargon. So here's a little lesson in American federal
money flow management.
The Federal Reserve is the bank of the federal
government and the guardian of the U.S. economy, and as such,
regulates monetary and credit policies such as buying and
selling securities, setting the cost of credit (interest rates,)
how much money is available to banks for borrowing, and how fast
and at what rates the money has to be repaid. The idea behind
the Federal Reserve is to keep things running smoothly, so banks
that are members of the Fed are federally insured, which is
reassuring to depositors like you and me.
To
accomplish the flow of money, The Fed operates 12 regional
banks, who monitor the economy and loan money to "member"
depository banks -- (member FDIC).
There are two ways banks can borrow money using
Fed-insured funds. They can borrow money directly from the Fed
using the "discount" rate, or they can borrow from each other
using the "federal funds" interest rate. Both are short-term or
overnight rates.
The discount rate is designed to ...
CONTINUED >>>
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Upcoming
Island Calendar of Events
TAHITI FETE OF HILO
Date: October 6 & 7
Place: Afook-Chinen Civic Auditorium, Hilo Tahitian Dance
companies from Hawaii, Japan, and Mainland USA, will compete in
this two-day event showcasing the finest in Tahitian Dance and
Music. Hawaiian and Samoan Dance and Music exhibitions will also
be featured. Call: (808) 935-3002.
LOCAL SYTLE HALLOWEEN:
Three "Obake" Story Tellers on One
Dark Night
Date: Saturday, October 20, 2007
Time: 7-8:30 p.m.
Place: Motonaga Garage Gallery at Akiko’s B&B.
This is not an invitation to an event - it is a warning to stay
CLEAR of Akiko’s B & B, in Wailea Village on October 20th. Three
of Hawaii’s strangest storytellers will be calling forth the
spirits in what promises to be a VERY spooky encounter. ‘Tita’
Kathy Collins, Alton Chung, and Jeff Gere agree: DO NOT BRING
SMALL CHILDREN (who do not shave yet) to this event. IF you are
easily prone to nightmares, STAY AWAY. If you are attracted by
such tales, we feel sorry for you. Park at the Hakalau Baseball
park and walk 3 minutes into the village. $10, $8 children under
12. For reservations call Miss Akiko @ 963-6422 or email:
msakiko@hawaii.rr.com
For additional Island events, see the
Big Island Calendar of Eco-Cultural Events.
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Area Spotlight
Each
month we'd like to spotlight a local area, and this month we present
. .
A Spotlight on
The Lower Puna District
This area is
known for more favorable east side weather, less expensive land (and
more of it available), better access to the water front and somewhat
liberal and independent attitudes. Long ignored by mainstream
buyers, Puna has been discovered recently, and it is fast changing.
 The
Lower Puna district not only has favorable weather--it has some of
the best values on the planet--especially for first time home buyers
that want a brand new house "in the country." Many are
not, and never will. The place is basically dotted with every income
level, and it's eclectic in the people it attracts. That is the fun
of Puna.
The Sunday market off the highway between Maku'u and
Pahoa features French crepes made by a Peruvian woman, the Banana
Boys, antique silverware and vintage clothing, batik sarongs, and
Easter Island style statues.
Puna has incredible tide pools for snorkeling,
naturally warm ponds by the sea, and black sand (clothing optional)
beaches with terrific African drumming on Sundays.
This vast area has some incredible deals now, is still affordable for most first-time home buyers or builders,
and is especially attractive to people who like to have fun
outside! Here are just a few examples ... check them out:
The Puna area includes Kea'au, Hawaiian Paradise Park, Orchid
Land Estates, Hawaiian Shores and Beaches, Ainaloa, Pahoa town,
Leilani, Nanawale, Kapoho, Kehena, Kalapana and other nearby
neighborhoods towards the water.
Contact Christine Mingo,
REALTOR®
Salesperson,
Accredited Buyer Representative
Hilo Brokers, Ltd.
(808) 960-8826, Toll Free: 800-769-4456
Agent Website:
www.ChristineMingo.com
HiloBrokers.com Tools & Tips
To search for property in a specific
area, and even more specific subdivision, use our "Resources" page.
To jump right to specific "Districts"
select this option from the yellow nav box to the right.
Here, there's a handy Big Island map
with links and color mapping for each district.
Select the district, and you'll be
provided with an Overview, the Major Towns, and the Major
Subdivisions.
Each Subdivision offers a quick link for
searching in or near that area, and there are also quick links for
each Major Town.
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More
Articles
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Daily News and Advice
Read about the events shaping the Real Estate
market today, find current interest rates, or browse the
extensive library of advice and how-to articles written by some
of the top experts in Real Estate. Updated each weekday.
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