It is true that you know how blessed you are when you are living in Hawaii daily. The shelter-in-place order meant to control the spread of COVID-19 was stressful for all of us. Hawaii has implemented quarantine in order to prevent the importation and spread of COVID-19. People arriving in Hawaii should be prepared to undergo 14-day quarantine upon arrival and closely monitor their health for the signs and symptoms of COVID-19. On July 13, the Hawaiian government has postponed the re-opening to tourists from August 1 to September 1 due to a surge in coronavirus cases. As the state slowly begins to re-open, some in the hospitality industry expect travelers to start their journey back. Airlines are expected to increase their flight volume from August. People can head to the ocean and try surfing or paddleboarding. Golf courses are open, one individual in a golf cart for social distancing. Tennis courts and paddleball courts are open for use. The wellness centers are available with minimal occupancy. Pools, too, are available with social distancing and limited numbers in the water.
Sales of high-end properties are on the upswing. Though real estate here is “sight unseen” in greater numbers during this pandemic, it is not at all uncommon for Hawaiian real estate brokers to offer luxury homes to buyers on the mainland or other countries in an unseen manner. Sellers in Hawaii have been utilizing 3D interactive tour software to show properties to the buyers. As soon as the travel begins to Hawaii Big Island, sellers look forward to seeing potential buyers for the first time after the closure of escrow.
The COVID-19 pandemic is slowing down the real estate an important sector of Hawaii’s economy. Experts are predicting how the pandemic will impact the real estate market in the coming days. Some experts are predicting a sharp decline in home prices. The declining price is an opportunity for long term investors. The significant decline is due to the tourism shut down and tighter regulation and regulations on illicit vacation rentals.
But some experts share other views about this sector. The record-low mortgage rates would support the weak market, making houses more affordable for first-time homebuyers. And foreign investment could recover, improving the high-end market. Hawaii is eventually going to recover. It’s likely to be a bit slower than what we’re doing in other states.
The Melo Melo residence is in a fully-furnished state with all luxury amenities which will be your best choice as a vacation home in Hawaii or retirement home or may as a Bed and Breakfast hotel for your business. For more information on the property details contact us