Silicon Valley adds fuel to Hawaii’s real estate boom but there’s a downside
Before the pandemic, buyers were snapping up condos. Now there’s high demand for single family homes. Interest rates are low, inventory is low and high tech workers from the mainland want to come to Hawaii to work remotely.
Patti Nakagawa, global luxury director of Coldwelll Banker Realty, says the majority of buyers are local, but a good chunk are from California.
Fannie Cline of Realty Group Hawaii oversees rentals that come fully furnished. While she’s grateful for the boom in business, she’s worried about the downside.
“My concerns are with the local community and those that aren’t earning those higher incomes,” said Cline. “The remote workers are earning more than the people who are living here and can afford these higher rents.”
This content was originally published here.