January 5, 2007
Real Estate: An Affordable Trend
Affordable housing throughout the Islands has been
elusive, if not entirely nonexistent, since the
residential real estate market started its rapid rise a
few years ago. But local experts say 2007 will be the
year we start to see some relief. Real estate developer
Christine Camp Friedman, principal of Avalon Development
Co., says that, because all four counties have made
affordable housing a top priority, primarily in the way
of tax relief, more developers will have an incentive to
build.
"I expect to see a lot more affordable housing rentals,
elderly housing and affordable housing for sale, either
starting construction or being delivered next year,"
says Christine Camp Friedman. "Each of the counties put
an emphasis on affordable housing, and I think we'll
see, by the middle to end of next year, a lot more
people scrambling to build affordable housing. There
have been many projects that have already received tax
credits that are under planning or permitting now, and I
expect that to continue in all four counties."
What she doesn't expect, however, is an overall
softening of the residential market. "Anything below or
at $400,000, new or existing, if it's in good condition,
there will still be a lot of interest from buyers," she
says. "It's not like the market disappeared. There's
still a pent-up demand from people who want to own their
own homes."
-Jacy L. Youn
Hawaii Business Magazine -
January 5, 2007
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