I have serious doubts the real estate market will tank in Hawaii. It might settle down, but I don't think you'll see a decrease in median home price anytime soon. This is especially true for places the rich transplants want to live like Kailua and Haleiwa.
There is simply too many people with millions sitting in a brokerage account who can work from anywhere and think Hawaii is the greatest place on earth. Interest rates mean nothing to them. They will pay to get their piece of the pie just like they do in San Francisco, Malibu, and Newport. These people aren't upper middle class buyers just barely qualifying for a loan.
Kailua is probably 6 miles from one end to the other and bordered by a beach on one side and mountain range on the other. There is no more land to build on. The demand is much greater than the supply.
There is simply too many people with millions sitting in a brokerage account who can work from anywhere and think Hawaii is the greatest place on earth. Interest rates mean nothing to them. They will pay to get their piece of the pie just like they do in San Francisco, Malibu, and Newport. These people aren't upper middle class buyers just barely qualifying for a loan.
Kailua is probably 6 miles from one end to the other and bordered by a beach on one side and mountain range on the other. There is no more land to build on. The demand is much greater than the supply.