So it looks like the long, crazy real estate run is over in Hawaii. The median price of homes sold on Oahu fell nearly 5% in November as compared to the same month in 2005. This is the first time the Oahu market has posted a price decline since the mid-1990s when the most recent real estate boom took flight. Sure, even after the decline the median home remained north of $600k (ouch). But this likely means its going to finally get easier to buy a piece'o'paradise. We sorta figured that to be the case after California speculators beginng buying up homes in the economically depressed Waianae region. Or is it really all downhill? The rabid buyers who snapped up all of the planned Trump Tower units in a single day -- coughing up a collective $700 million -- would tell you otherwise. As the Euro and the Yen continue to appreciate against the dollar, foreign buyers could easily pick up the slack.

Related Posts: Trump Tower Sells Out

—Alex, 12/04/06