Kona Kohala Blog

The list of foreclosed Single Family Residences (SFR's) and condos has just been updated.  For this list, click here.

Foreclosures are still on the rise but are selling quickly considering the market we're in.  Banks are pricing them below market value and relying on multiple offers to get the price up to where it belongs.  For those that don't sell within the first three weeks or so the price is lowered weekly until it does sell.  There is a large back log of foreclosed properties and banks want to get rid of them as quickly as they can.

This is good advice for all sellers since foreclosed properties are their biggest competitors.  It's too bad that foreclosures are driving down the overall price of real estate but it's a fact.  It's all about supply and demand; the banks have a large supply and there is little demand ergo, prices must come down.