Steven M. Starnes

Data from Hawaii Information Service for the period 1/1/2009 to 10/14/2009

Residential Sales: 16 sold. Average Sale Price: $191,243 Median Sale Price: $206,500 Average Day on Market: 93 Average Sale Price/List Price: 96.1% Average Home Price at the market peak (7/2005 to 6/2006): $237,112

Land Sales: 29 sold. Average Sale Price: $24,355 Median Sale Price: $22,000 Average Days on Market: 108 Average Sale Price/List Price: 85.7%

Average Land Price at the market peak (7/2005 to 6/2006): $56,023

It is a good time to invest in vacant land in this subdivsion.

Fern Acres Subdivision, Mt. View Hawaii is located a couple of miles off Hwy 11 at an elevation of 1200 to 1600 ft. above sea level. Approximately 2,000 lots which are 2 acres; there are a few that are larger or smaller. The drive to Hilo takes about 20 to 30 minutes depending on traffic and location within the subdivision. The main access roads are paved. These are private roads maintained by the community association. However, there are no CC&Rs. Cool climate is goof for coffee, tea, orchids, gingers and a number of tropical and subtropical fruits. It may be a bit cool for some low elevation crops like cacao, durian, mangosteen and rambutan; nights may drop to the low or mid 50s in the winter.

Leilani Residential: Number of Sales: 14 Lowest Sale Price: $115,000 Highest Sale Price: $310,000 Average: $186,150 Median: $190,000

Average Day On Market: 165

Average Sale/List Price: 91.8%

Average Residential Sale Price during the market peak (7/2005 to 6/2006) : $302,028

Land: Number of Sales: 28

Lowest Sale Price: $17,700 Highest Sale Price: $111,000

Average Sale Price: $33,078 Median Sale Price: $23,000

Average Day on Market: 140

Average Sale/List Price: 89.7%

Average Land Sale Price during the market peak (7/2005 to 6/2006): $65,988

Data for the period from 1/1/2009 to 10/7/2009 from Hawaii Information Service

Leilani Estates is a nice subdivsion composed of 2232 lots (mostly 1 acre). There are CC&Rs and a community association; http://www.leilaniestates.org/ . Most of the roads are paved and in good condition. Elevation is around 1,000 ft. asl and most tropical plants will grow well. Undeveloped lots are typically forested with ohia and other natives. However, some areas have introduced invasive plants growing. The entire subdivision is located in Lava Hazard Zone 1. Although there have been no active lava flows threatening the subdivision, lenders require additional hazard insurance.

Data summary is for 1/1/2009 to 9/23/2009:

Number of Home Sales: 96, Average Sale Price: $312,067 Median Sale Price: $288,500 Average Sale Price/List Price: 94.2% Average Days on Market: 116

At the market peak in 2006 there were a total of 304 home sales with an Average sale price of $397,828 and a median sale price of $369,000. Hilo and areas close to town have seen a smaller drop in value than rural areas. Overall, the real estate market in town has been a bit more stable than in Puna and Ka'u districts.

Data is from Hawaii Information Service (our local MLS provider). Areas covered for this data are TMKs 3-2-1, 3-2-2, 3-2-3, 3-2-4,3-2-5, and 3-2-6. TMK (Tax Map Key) is used to identify property. See the map below showing the location of homes sold in September, 2009.

It is a good time to invest in property on the east side of the Big Island. Just compare the difference in sale prices at the market peak (late 2005/early 2006) and this year.

Orchidland Estates Land Sales: Number of Sales: 16

Median Sale Price for 2009: $37,500.00 Average Sale Price: $40,093 Lowest Sale Price: $20,000 Highest Sale Price: $130,000 Average Sale Price/List Price: 84.6%

Average Sale Price at the market peak in2005/2006: $81,871 Average Sale Price/List Price: 92% Number of Sales(2005/2006): 112

Home Sales: Number of Sales: 8

Median Sale Price: $240,000 Average Sale Price:$252,112 Average Sale Price/List Price: 95.6%

Average Sale Price at the market peak in 2005/2006: $282,328 Average Sale Price/List Price: 94.6% Number of Sales: 31

The market in this area peaked in price and number of sales for the period 7/1/2005 to 6/30/2006. Near the end of 2006 the market begin to flatten and the number of sales and pricing began to slowly drop. Land prices have been affected more than residential. It is a good time to invest in Hawaii. The land prices are down to approximately 1/2 of the peak price.

Orchidland is a 2500 lot subdivision with lot sizes ranging from 1/2 acre to 3 acres. Most lots are either 2 or 3 acres. The main access roads are mostly paved. Cross streetsare gravel. Lots on or near pavement typically sell for more than lots in the middle of the block. Elevation ranges from about 500 ft. to 1000 ft. above sea level. Climate is typical of windward side of the Hawaiian Islands. Warm sunny or partly sunny days with rain in the evening, early morning or late afternoon. Winter temperatures are around 78 F to 80F in the day and 59F to 65F at night. Summers are a bit warmer with average daytime highs in the mid-80s and night-time lows in the 68 F to 70 F range. This is a large subdivision located approximately a 20 minute drive from Hilo.

Data is from Hawaii Information Service (our local MLS). 2009 data covers 1/1/2009 to 9/2/2009.

Ainaloa estates is located about 16 miles from Hilo. Most lots are 12,000 sq.ft.; there are a few larger and smaller lots at the ends of some blocks. Data from Hawaii Information Sevice on 7/28/2009

Number of Active Listings: 62 Low List Price: $11,900 Highest List Price: $40,000

Pending Sales: Lowest List Price: $9,900 Highest List Price: $15,000

Number of Sales 1/1/2009 to 7/28/2009: 13 Lowest Sale Price: $8,000 Highest Sale Price: $26,000

Average Sale Price: $13,576 Median Sale Price: $12,000

This subdivision is a good buy right now if you are looking at the lower priced lots and don't need or want acreage. When the market peaked in late 2005 and early 2006 (6/1/2005 to 6/1/2006) the median sale price was $35,000 and the average was $34,783 with 303 sales during that period. It appears that we are either at the bottom of the market for this cycle or getting very close. Vacant lots priced at around $11,000 or $12,000 are selling. The higher priced lots are sitting on the market unless they have been cleared and fenced; the highest priced sale had a rock wall along the front and was mostly cleared and appeared to be ready for construction.