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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

 

Copyright 2005 Pacific Basin Communications, LLC

 

 

 

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