ranking real estate

created a slide show for Yamanaka Enterprises Inc., but I couldn’t get it to load.

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Source of data is from Hawaii Information Systems. 3rd Quarter 2009 Stats as of 10/2/2009

YOY – Residential Sales  for the Entire Island rose 25.27% from 273 (2008) to 342 (2009)

Increase in Residential Sales by District:

Puna sales rose 23.23% from 99 sales (2008) to 122 Sales (2009)
Kau sales rose 108.33% from 12 sales (2008) to 25 sales (2009)
South Kona sales rose 25% from 8 sales (2008) to 10 sales (2009)
North Kona sales rose 67.44% from 43 sales (2008) to 72 sales (2009)
South Kohala sales rose 13.33% from 45 sales (2008) to 51 sales (2009)
North Kohala sales rose 150% from 4 sales (2008) to 10 sales (2009)

Decrease in Residential Sales by District:

South Hilo sales decreased 11.11% from 54 sales (2008) to 48 sales (2009)
North Hilo sales decreased 66.67% from 3 sales (2008) to 1 sales (2009)
Hamakua sales decreased 40% from 5 sales (2008) to 3 sales (2009)

YOY – Residential Median Price for the Entire Island was down 18.75% from $320,000 (2008) to $260,000 (2009)

Increase in Median Sales Price by District:

North Hilo median price rose by 204.49% from $156,000 (2008) to $475,000 (2009)
South Kona median price rose by 20.58% from $311,000 (2008) to $375,000 (2009)

Decrease in Median Sales Price by District:

Puna median price decreased by 19.35% from $215,000 (2008) to $173,400 (2009)
South Hilo median price decreased by 13.78% from $333,450 (2008) to $287,500 (2009)
Hamakua median price decreased by 60.00% from $400,000 (2008) to $160,000 (2009)
North Kohala median price decreased by 30.77% from $827,000 (2008) to $572,550 (2009)
South Kohala median price decreased by 19.33% from $445,000 (2008) to $359,000 (2009)
North Kona median price decreased by 24.41% from $549,000 (2008) to $415,000 (2009)
Kau median price decreased by 34.50% from $229,000 (2008) to $150,000 (2009)

* all increases and decreases need to take into account overall activity. less actual sales will allows for dramatic shifts in percentage of increase/decrease in data.

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So now you have a blog on Active Rain or you Tweet all your listings (cough, cough) and you have 20,000 Followers. Does that improve your business?

What does all this connectivity provide? Should I create a fan page for my Company on Facebook? I am already interconnected to 3,000,000 people on LinkedIn. Every time I write a blog post, a blast goes out on Twitter and it posts on LinkedIn… I’m keeping Facebook to my self. I have millions (well maybe hundreds) of people getting some glimpse of my job, my profession and me, but what does that really equate to in dollars and sense? Will it ever equate to anything in dollars and sense?

Is it possible that the concept of social media as it equates to real quantifiable dollars for some industries just… hope? I mean if I have some Twitter special for Happy Hour, I can see that being of value, as a customer might be moved by that Tweet to visit your establishment for some libations and to get a cheap drink, but I do not see anybody dropping their IPhone to write a contract when I drop a listing $10K, but its still gonna cost you $120K for a house. Maybe this is short sighted, but I don’t see the masses looking for real estate advice on Twitter, maybe on a blog… but who chooses their Agent based on a blog post?

Any comments? I do not see the top earners in my market taking the time to write a blog post… So I guess the question remains does Social Media help your Real Estate Business or is it just the HOPE that it will someday help?

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What is going on with the Hilo residential market? From June to August we have seen the year to date number of sales continue to drop, but at a slower rate, while the actual year to date median home price has shown a slight uptick.

June YTD – Sales Activity <17.65%> Median Home Price $256,250
July YTD – Sales Activity <14.42%> Median Home Price $257,500
August YTD – Sales Activity <16.39%> Median Home Price $263,750

Summer months tend to be months with higher activity and the added sales will always have an effect on the overall median price. While it is far to early to call a bottom in price drops, it is interesting to see a 3 month period in which median prices did not fall sharply.

The next 3 month period leading up to December should be extremely interesting to see how the Hilo market reacts. Will we begin to see any effects from job cuts by the State, as well as the constant talk of a foreclosure wave due to Alt-A loans coming due, as well as the effect/non-effect of Government Stimulus money on our local economy and will our jobless rate continue to hover around 10%?

Some of these questions should be answered over the next few months…

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Interesting notes and highlights for July 2009 Big Island of Hawaii Real Estate Market.

Year over Year (for July) Residential sales (excluding condos) were up 16% from 100 transactions to 116.

For the same period Residential sales volume was up 5.39% from $38,836,650 to $40,930,001
For the same period Residential Median Sales Price decreased 12.39% from $299,000 to $261,950

As compared to June 2009:

Residential sales transactions were up 13 from 103 (in June)
Residential sales volume was down <$12,173,499> from $53,103,500 (in June)
Residential Median Sale Price was down <$28,050> from $290,000

Overall:

All numbers have to be taken with a grain of salt as total number of transactions is fairly low and can change significantly based upon 1 or 2 sales which might be away from the norm. Nevertheless the Big Island Market in general has continued to show an overall softness with certain segments of the market fairing only slightly better then others.

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rankingrealestate.com will unveil its daily top 10 real estate listings on Twitter starting 7/24/2009. Listings will be ranked on one criteria RETWEETS.

To list your property:

1) post your property listing (with link) to Twitter (enter as many properties as wanted)
2) include #rankingrealestate

This is not an exact science, more an excuse to list the Top 10 “Retweeted” properties on Twitter for the day. I will be using TWEETMEME as the official Retweet ranker. I would like to say that the ranking will be pulled at the same time every day, but at this point that would be untrue. I will pull the data in the evening and post the results. My hope is that as time goes on and the applications to track Retweets become more sophisticated, I will be able to provide a better, truer ranking of properties on the market.

Comments are welcome.

Please Retweet this post and participate.

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Sold July 17, 2009

51 Kalakaua Building – located at 51 Kalakaua, Hilo, HI
Commercial Building consisting of 2,481 sqft building on 6,378 sqft lot

List price: $359,000.00 Sold price: $325,000

Located in beautiful Downtown Hilo on the Big Island of Hawaii this commercial property originally built in 1938 offered many opportunities to both end users or investors. Originally used as a Dry Cleaners, the property offered 3 distinct commercial spaces as well as a “old plantation style” home in the back.

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Round and round we go. The first time I’ve been able to get on my laptop since last Thursday. Pleasure and Play in Vegas and a lot of posts to write, but no time now. For now, I am in Orange County and have only a few minutes.

Quick thoughts…

1) The Mandarin Hotel on the Strip is amazing. It is something different… more Wynn then Bellagio.
2) Planet Hollywood selling Fractionals… That really makes sense and I wonder if we will start to see a lot more Fractional properties on the Strip. It really makes sense.
3) A lot of Vacancy in the Commercial market, although it looks more like a Tenant issue rather then anything such as location or property condition. If one Anchor goes, so does the rest of the property, especially in this market. I could be wrong, but really there seemed to be no reason why some properties seemed healthy and vibrant while other’s were virtual ghost towns.
4) There is a lot of activity in the Residential market, especailly in the Under $200k range.

So much more to comment on, but I am in the OC now and its been awhile since I’ve been here. Will be meeting with a few acquaintances over the next few days… very excited to see what might be happening here…

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I am here in Las Vegas, one of the hardest hit Real Estate markets in the nation. I have heard stories of “good buys” in the market due to the glut of inventory created by the foreclosure rate.

While it is true that prices have been cut (sometimes at over half of peak pricing), I still have some concerns about residential as an income producing purchase… So, I stopped by a local Real Estate office to try and educate myself further.

Some interesting tid bits:
1). In bottom price brackets (under $200k) there are many multiple bid offers and activity is up.
2) vacancy rates are currently low (but with another suspected wave of foreclosures on the horizon and high number of rentals coming on the market from “investors”) vacancy rates should be on he rise.
3) two differing trains of thought… Under $200k will not continue to fall as price has hit a threshold which investor class will not let pass. Other thought is that prices will continue to fall just not at pace seen over last few years. Either way nobody I spoke to is looking at valuation.
4) In looking at rental rates for various residential property you see gross potential rental income nearing the 1% rule.
5) Jobs on the Strip are being cut.

While the market is interesting there are pros and cons to buying in this market.

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Shipman Industrial Park Increment 1-D
Lot #1 – TMK (3) 1-6-151-001
65,340 sqft lot
Sold 7/6/2009
Sale Price: $687,070.00 [$10.50 per sqft]

Located only minutes from Hilo, Shipman Industrial Park offers some of the only Fee Simple General Industrail Land on the Big Island.

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