Wednesday, July 02, 2008

Heaven is 9% off 

The morning paper here in Honolulu (whose website looks remarkably like the St. Cloud Times!) announces the grim news:

The median price of a single-family home on O'ahu tumbled 8.8 percent in June to $625,000 as dwindling demand convinced many sellers to take less than they probably could have gotten a year ago.

The drop, the largest this year, was due in part to the median price having set a record high of $685,000 in June 2007.

I have looked at the property values here and that median price covers a wide array of homes and there's quite a number here as monthly home sales fell 31% from last June. Condos go for half the price of homes.

I spent time talking to a waiter at the hotel I'm at (which is really great) and pointed to the headline. He said, so, do you want to buy? I told him of yesterday's post and Mrs S, and he just smiled, "she doesn't know what she's missing." Perhaps she's missing a coming bargain. Those of us my age see retirement in a decade coming and wonder where it will happen. A 9% discount is an opportunity for some who've put themselves in a position to take advantage.

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