COVID-19 has changed the way we lived. Some people are financially struggling and many businesses are closing. With increased COVID cases in Hawaii, I wonder if we will ever make it back to our old normal.
Just last week, three well known restaurants announced that they will close. Chart House, Nobu's Kakaako, and House of Pure of Aloha at Ala Moana Center.
Let's not forget retail giants like Pier 1 Imports and Jimmy Choo closed up shop too. What business is next?
Not all commercial real estate is struggling though. There has been some very large transactions recently. Amazon bought Servco Honolulu's property for an undisclosed amount, H Mart signed a lease to building out their second Oahu space, and the fee simple land beneath a Waikiki multifamily building sold for millions.
Since the start of the pandemic, residential real estate has been steady. Inventory seems lower than normal, but homes are still closing. Greg and I opened escrow on our Craigside listing, Robin and I are helping a buyer purchase a condo in downtown, and I'm helping another first time home buyer with his single family home purchase.
The COVID-economy is quirky. You would think the entire financial markets would collapse, but it has not. However, what is confusing is many people are unemployed, but the stock market is booming. In addition, many people cannot pay their rent or mortgage, but homes and other properties are still selling.
As we work our way through the COVID-economy, it will be interesting to see how things unfold.
Stay safe and healthy.
Roda