According to Dana Peiterson, an executive vice president for CBRE Group Inc.’s Hawaii Region investment properties firm in Honolulu, the retail market in Hawaii is seeing more movement than previous years in total volume, and there has been a big jump in prices.
Peiterson’s statement was made after the 2012 third quarter numbers were in. We’ve seen some interesting activity, in retail. Property Development Centers, a real estate subsidiary of Safeway Inc. purchased the Lahaina Cannery Mall on Maui at an undisclosed price in June. In 2012, 30 percent of about 150 investment transactions were multi-family properties.
“A lot of these deals are bite-sized and it is perceived to be lower risk,” Peiterson stated, also pointing out that he thinks Hawaii has definitely passed through the bottom of the market, adding, “Looking back, folks will kick themselves if they haven’t purchased in 2012.”
He did admit that transactional numbers were only up incrementally, but that the signs point to a climbing market. Peiterson specializes in commercial investments, however. If you are considering a Maui home purchase, you should think the matter through carefully. If you are in the market and need any South Maui real estate advice, don’t hesitate to use our contact information at the bottom of the page. Mahalo!