Hawaii Real Estate Resource

head_left_image

Kauai REO Properties--How Big A Share?

With all the talk about abandoned homes and bank-owned properties (known as REO's) across the nation, I was curious about the impact of this on Kauai.  With no good source of detailed REO information. I decided to do a little research. 

How many Kauai REO's are out there?

First of all, the current issue of Pacific News published information obtained from Title Guaranty Escrow Services suggesting that there are "at least 334 bank-owned houses and condominiums in Hawaii - the majority on Oahu, with 141, and the Big Island, with 108".  According to my math, that leaves 85 REO's apportioned between Kauai and Maui counties.  Based on the relative size of those two markets, I'd guess about 25 of these are on Kauai.  Clearly that's not many at this time.

How many Kauai REO Sales?

Next I looked at the number of REO sales as reported in the Kauai multiple list service.  Unfortunately there is no robust method of searching out these type of sales.  However, a search in agent remarks for commonly-used terms used to designate REO sales showed 12 such sales in 2008 and 8 so far in 2009.  This amounts to only 2% of 2008 sales but 8% of 2009 sales. 

Where are we headed?

That 8% figure is an eye-opener and suggests that REO sales are destined to be a significant portion of the marked as we move forward. 

[Clearly these figures are only approximations and other methods could give different results.]

Aloha, 

Search Kauai/Big Island | Search Maui | Email | About Me | Visit Website | Phone/Text (808) 651-4550Richard Dolbeare (RA), Century 21 All Islands logo

Engineering Hawaii Dreams Today--Helping Buyers Find Dream Homes & Sellers Find Buyers

Visit www.KauaiRocks.com for Hawaii real estate information

Richard T. Dolbeare, R(B) photo

 

Richard T. Dolbeare, R(B)

Keller Williams Realty(808) 651-4550

Aloha@RichardDolbeare.com 

www.MauiSandCastles.com and www.KauaiRocks.com 

 Hawaii multi-island specialist, Maui & Kauai
Richard Dolbeare eBusiness Card

Google+ Twitter icon Facebook logo Youtube logo

Comment balloon 2 commentsRichard T. Dolbeare • April 13 2009 02:35PM

Comments

I was just thinking about this today! I'm going to use your idea as inspiration and go gather the same data for my area. I am not in a hard hit area but cannot imagine that this threat is not lurking out there. Thanks!

Posted by SarahGray Lamm, Realtor - 100K Hours of NC Real Estate Experience (Allen Tate Realtors Chapel Hill, NC 919-819-8199 ) about 10 years ago

Best wishes Sarah.  I still have fond memories of my NC beach cottage in Nags Head.  I sold when the market was still headed up which is a good thing of course.

Posted by Richard T. Dolbeare, R(B), ABR, CRS...Hawaii Multi-Island Specialist (Keller Williams Realty Maui) about 10 years ago

This blog does not allow anonymous comments