CLOSE TO AIRPORT HARBOR AND TOWN Great visibility, lots of parking, busy intersection, private restrooms. 2880 SQ FT Warehouse available W/2 roll up doors, office space available 1/3–1/2 Acres View Lots Holualoa $279,000 to $345,000 Owner Finance up to 70% Holualoa Pualani Estates Hualalai St. Pualena St. Queen Kaahumanu Hwy-11 To Kona Puapuaanui St. DON’T LET YOUR CHANCE TO BUILD YOUR Barrie W. Parker (B) RB 16438 (808) 334-0000 Offered by West Hawaii Real Estate | March 16, 2016 19 areas,” Emmons said. Gains have been less than complete in some of the cities that were at the center of the housing bubble. In Las Vegas, housing prices are 38 percent below the level reached in April 2006, according to the Case- Shiller index. Homes in Miami, Tampa and Phoenix are all fetching at least 25 percent less than they did at their peaks. Even so, property values in Las Vegas have recovered 61 percent from their low. “We don’t want to return to peak - that was craziness here,” said Stephen Miller, economist at the University of Nevada, Las Vegas. “The housing price recovery has been nice. What we have is a goldilocks - not too much, not too little.” “Underwater” homeowners are still an isolated concern. In Nevada, almost one-fifth of properties were upside down, followed by Florida, Illinois and Arizona. Among 10 large metro areas, Miami had the largest share of properties with negative equity - about 22 percent in the fourth quarter, according to CoreLogic. “People are living with it, and waiting for things to get better,” said Michael Orr, real estate professor at Arizona State University in Tempe. “The market is back to stable. It was the peak that was abnormal.” Greg Zorn, a real estate investor in Naples, Florida, bought a twobedroom duplex in 2006 for $310,000 and has rented the property for a decade. Ten years ago, Naples was ranked by IHS Global Insight economists as the most overvalued housing market in the nation, after prices surged 140 percent from 2001. Zorn, 70, thought he had made a “pretty good deal” in a market where investors lined up to buy properties. Then the market cratered. “We tried to sell it and there was no activity,” he said. With prices having recovered most of the losses, he has put the property on the market for $280,000.
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