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KäneKïHö`alu
Akahai
64 Posts |
 Posted - 03/07/2008 : 1:43:57 PM
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Aloha kākou,
Just wondering what kamaʻāina thoughts are about all these new high-rise condos being built in Honolulu these past few years, especially around the Ala Moana/Ward areas. I think that this is what's behind all the expensive housing prices nowdays. So many local people are moving to the mainland because they can't afford it anymore while rich foreigners are the only ones who can afford the $1 million per unit condos. It's really changing the face of Hawaiʻi, and, in my opinion, not for the better. The demand that these new wealthy residents have is causing more and more mainland companies to come to Hawaiʻi and establish business (Walgreens, Whole Foods, etc.) The new Safeway on Kapahulu looks exactly like a mainland shopping center. More and more local businesses are closing. I'm not saying that foreigners or any of these mainland corporations are bad, but it just seems to me that Hawaiʻi is losing a lot of the things that make it so special. I'm sacred to think what it will be like 20 years down the road.
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E mālama pono a e hoʻomaha ma ka maluhia o ke Akua,
Matt |
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ypochris
Lokahi
USA
398 Posts |
Posted - 03/07/2008 : 3:24:18 PM
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I think putting more homes on a small lot in an urban area prevents sprawl, which is a good thing. Better than building up the side of the mountain! Plus, those wealthy condo owners aren't competing for land or houses outside of the city, which is a good thing price wise (assuming you don't want to sell!)
Incidentally, the owner of Safeway lives in an extremely modest home in Pu'uanahulu on the Big Island- a friend of the family. Doesn't that make it a "local" business? I must say the quality, selection, and especially service in the Kona Safeway is over the top, since it is where the owner always shops...
Chris
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Darin
Lokahi
USA
294 Posts |
Posted - 03/07/2008 : 3:31:24 PM
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Hi Matt,
I live down the street from the Moana Pacific that just went up and have a bunch of friends in the new condo buildings (e.g. Ko`olani, Hokua, etc.). I actually think the glut of high-end condos is actually helping to push the prices downward, or at least flat for the moment. There's lots of condo inventory in Honolulu, and more new units are coming online this year. It's actually made ownership possible for some of my high school friends. So, I think the big supply of new condos has some positive effect for young locals looking to buy. |
Darin
http://www.hawaiiguitar.com/ |
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javeiro
Lokahi
USA
459 Posts |
Posted - 03/07/2008 : 4:55:43 PM
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quote:
Originally posted by ypochris
I think putting more homes on a small lot in an urban area prevents sprawl, which is a good thing. Better than building up the side of the mountain! Plus, those wealthy condo owners aren't competing for land or houses outside of the city, which is a good thing price wise (assuming you don't want to sell!)
Excellent point, Chris! That is the intent of zoning laws. Concentrating the density in the urban centers frees up open space in other areas. In some European countries, they actually encourage higher densities (via lower taxes) if you build more units on your land in the urban centers. Picture all of those thousands of units in Honolulu high rises spread out over the rest of the island.......how nice would that be?
As you also pointed out, appreciation in real estate is not necessarily a bad thing. For instance, we know a young couple that sold their home in Kapolei and had enough cash to buy their home outright here. Like most families living in Hawaii, they both had to work to make ends meet. But here she can be home with the kids while he works and they have a very comfortable life. True, they aren't living in Hawaii but they are very happy here and are glad that they made the move. It just depends on what you value and what you want. To them it was important to be more financially secure and for her to be home with the kids.
Unfortunately, it's a fact of life that the people with the most money will live in the best places. It is basic supply and demand. It's also a basic American right to live where you want to live....as long as you can afford the mortgage payments or the rent! I don't know how you can change that without something akin to communism or socialism. |
Aloha,
John A. |
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