While the economy persists in a very weak state nationwide, the local real estate industry, thankfully, remains steady. Research shows that the Oahu housing market has been performing differently from the mainland market.

According to Harvey Shapiro, research economist for the Kaimuki-based Honolulu Board of Realtors, the mainland housing prices have been dropping by double-digit percentage points, and some cities' have dropped over 30 percent in just one year. In Honolulu, our housing prices are stable.

"We're off about 25 percent from last year in terms of the number of sales, but prices have been pretty flat," Shapiro explained. "I know it's hard to believe, but we have very limited housing out here. And even with the small demand that we're seeing in the market now, the prices have been holding steady."

Demetria Wingfield, owner and principal broker of Hawaii Kai Realty, a full service brokerage that provides sales and rental, says she's also been seeing a lot of recent activity in rental properties, where owners are negotiating with tenants for lower costs.

The Oahu housing market has been acting normally; the prior trough took place in the mid-1990s, and then the market peaked in 2005, Shapiro says.

"We had an over eight-year unprecedented growth in the Oahu housing market, and rates got so low in the early part of this decade that it fueled housing price increases," he stated. "Because we had such high demand for our housing and not that much housing available, the prices were bid up. That cycle ended in the third quarter of 2005, and since that time, our sales have dropped off," Shapiro continued. "It's the normal progression of the market."

Therefore, Shapiro advises that the key to surviving this current recession is to be debt-free and try to go about your life as normal.

Jack Leslein, owner of East Oahu Realty, adds, "The best advice I can give is to work with people who are knowledgeable and experienced, and check with a reputable lender or realtor."

Though Leslein, who has four children and seven grandchildren, has had to sell personal properties that he was planning to save for retirement, the 69-year-old says he is determined to get through the recession and doesn't plan on retiring.

"Right now, I'm just trying to keep 100 people positive," Leslein stated.

Cherie Tsukamoto, the Broker-In-Charge at East Oahu Realty who works very closely with Leslein, says she and Leslein feel fortunate that they haven't had to take great strides in terms of streamlining the business.

"We haven't had to lay off any employees, and we haven't cut back any employee's hours," Tsukamoto noted. "We are looking at recruiting more agents because when you recruit agents, that helps generate income for the company."

However, since the sales volume has clearly dropped off, the real estate firm was forced to cut back on some of the little things, like its Christmas party, Tsukamoto, 52, says.

"The Christmas party this year was not as elaborate as it has been in years gone by, yet it was still very beautiful," she said. "So there were certain little measures we've taken just to help with cash flow."

Even Wingfield, 46, says Hawaii Kai Realty, a small, four-employee office, has been cutting back on expenses such as advertising.

Tsukamoto credits experienced agents for East Oahu Realty's continued survival and success through the rough economy.

"Like most businesses, we've been through down cycles before," she said. "So part of our preparation involves understanding the cyclical nature of real estate. If you've gone through the bubble burst, the recession, the highs and the lows, you have the skill and training to help clients. The board island-wide loses agents, and people drop out of the industry because they simply can't succeed. It may be unfortunate for them, but it benefits the seasoned agents who have the stamina, perseverance and the skill set to help people who really need the help in this current climate.

"Basically, we teach and train our agents to continue to provide the good service to their clients," continued Tsukamoto, who has been working as a real estate agent for 30 years. "So it boils down to just continuing to work diligently."

As for her family outside of work, Tsukamoto and her husband, Art, who works in the car sales industry, have found their own simple ways to support two children in college and one on his way out the door to college.

"Being in a commission-based industry, we've learned over the years that you've got to set money aside for leaner years," Tsukamoto shared. "We have some very heavy expenses and via knowing the uncertainties of the marketplace certainly gives us cause for concern as it does for everybody. We're just cutting back on those things that are not necessary to quality lifestyle. We maybe eat at home a little bit more, and there are fewer Christmas presents. We're just a little bit more conscious of money, where it goes and trying to cut corners.

"I've liquidated some things just to make sure that there's some cash on hand in case money gets frozen or the stock market comes tumbling down even worse than it already has," she added.

For more information, visit East Oahu Realty at www.eastoahu.com or Hawaii Kai Realty at www.hawaiikairealty.com.