Well, that was a pretty short breather. After several months of stagnant or slightly falling prices, in April Oahu real estate resumed a somewhat torrid pace with prices for condos and single family homes rising 10% and 8%, respectively, as compared to the same month in 2006. What does this mean for condos on Maui and Kauai? I'd say it means a stronger market, as Oahu is something of a proxy for the Outer Islands and is perhaps even more exposed to economic winds because the rich and super rich are less likely to park it on the Crowded Isle. In general, this fuels the thesis that retiring Baby Boomers will push second-home prices further into the stratosphere as they look for places to put their ridiculous levels of liquidity. And here I thought we had at least a few months to shop around with no pressure. Sigh.

—Alex, 05/03/07