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Chronic Housing Shortage in Hilo

Updated: Feb 16, 2021

The City of Hilo is the most populated on the island of Hawaii, and the second largest town after Honolulu in the State of Hawaii.

Migrants from the island of Oahu or from other states continue to steadily increase. Medical & educational facilities and government offices concentrate in Hilo, and many people want to buy homes in Hilo because of the convenience.

But there aren’t many available homes for sale, and many buyers are having difficulties finding homes they like.

In addition to those who want to live here, there is a great need for second homes in east Hawaii which is a paradise with year-round comfortable weather, abundant fruit trees and tropical flowers.

A major reason for the housing shortage in Hilo is that the majority of home owners are using houses as primary residences and not for investments or second homes, and consequently they rarely put their homes up for sale.  Also, there haven’t been any major housing developments since the 1980’s, so there’re some older homes in not the most desirable condition which have been on the market for some time. However, any homes in decent condition priced under $400,000 are snapped up by buyers within days.

You see smaller new home projects here and there in Hilo, but most of those new homes cost more than $500,000. Condominiums and townhomes are also hardly built since the 1970’s. When a townhome unit hits on the market, it’s gone very quickly, even if it’s a 40-year-old structure with less than an appealing look. If you are looking to develop a new townhome complex, you can bank on not having any competition and having buyers eagerly rushing to sign up. Here is a great 4.37 acre lot, zoned multi-family, RM-1 (one unit per 1,000 sqft). Priced $1,400,000. Here are the details & pictures.

#return #builder #townhomes #condos #investment #multifamily #condominiums #develop

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