For Tom Tezak of Wailea Realty Corp., the recovery in residential real estate is nothing new.
Tezak, named one of Hawai'i's Top 100 Realtors for 2013 by Hawai'i Business Magazine, said, "It's been busy for the past three years."
Asked how that translated into dollars, he estimated his sales volume for the first four months of 2013 at $24 million. Tezak found the period notable not so much for the sales total, but because people who normally would have paid cash chose instead to borrow the money. With interest rates at historic lows, he said, this seemed like a better option for some of his clients.
Tom Tezak, a leading Wailea Realtor, recently returned from a property showcase in Beijing.
Talking about the cyclical nature of real estate, Tezak predicted that the "highest high" of the current recovery cycle will be higher than the prior high (around 2007), but the "lowest low" won't dip below the point set in the cycle just past.
Tezak recently returned from a property showcase in Beijing. The event was attended by thousands of "high net-worth individuals"--all newly rich and interested in buying property outside of their home country.
He came home with "50 or 60 leads," adding that he was surprised at the number of people who "didn't know where Hawai'i was, didn't know that it was one of the United States and never heard of Maui."
He predicted that was about to change.