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Big Isle and Kauai sales up, but home prices decrease


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POSTED: Tuesday, October 06, 2009

Home sales rose in some categories on the Big Island and Kauai in September, but prices in most markets continued to slump.

The median price of a single-family home on the Big Island fell 29.7 percent to $226,500 from a year earlier, while the condominium market was flat, according to statistics released yesterday by Hawaii Information Service.

Falling prices spurred a 44.2 percent sales increase in single-family homes and a 16 percent rise in condominiums.

“;The bottom feeders and bargain hunters are here, and we have lots to offer,”; said Denis Fuster, co-owner of Aloha Coast Realty LLC in Pahoa, where $299,000 buys a home with an ocean view.

Multiple closings at the Hilton Kauai Beach Resort sparked a 75 percent rise in condominium sales, said Phil Fudge, principal broker at Kauai Landmark Realty.

“;Almost everything else was down on the residential side,”; Fudge said, adding that Kauai's single-family home sales fell 28.6 percent in September from a year earlier. The median price paid for a single-family home dropped nearly 5 percent to $499,000, and the condominium median price fell nearly 32 percent to $337,500.

“;More investors have started to come out, but most are making low-ball offers so that they have a cushion if the market drops,”; Fudge said.