Neighborhood Profile
Most weekday mornings I can be found at my desk in the beautiful Mauna Kea Resort working away. When hotel guests stop by to say hello and talk real estate, they are typically surprised to find two bedroom condos, some on the fairway, all with ocean views, well under $1M. Today the asking prices for those Kumulani condos start at $550,000. Located within Mauna Kea Resort, Kumulani is an amazing value for tennis, golf and beach buffs.
January through October 2011 Kohala Coast condo sales are up 36.6% and prices are down 7.7% over January through October 2010.
Third quarter 2011 Kohala Coast condo sales are up 25.5% and prices are down 9.1% over third quarter 2010.*
October 2011 Kohala Coast condo sales are down 36.4% and prices are down 29.8% over October 2010.
January through October 2011 Kona condo sales are up 9.4% and prices are down 21.8% over January through October 2010.
Third quarter 2011 Kona condo sales are up 5.5% and prices are down 9.1% over third quarter 2010.*
On the front page of West Hawaii Today, Tuesday October 18, 2011, the second lead story headline blazed: Home Sales Dip… Hmm, that doesn’t sound right. Using Hawaii Information Services data, my research since late 2010 has found home sales climbing in North Kona and South Kohala while prices continue to slip.
So I expanded my research to include all West Hawaii single family and condo sales from South Kona to North Kohala, January through September 2011 vs 2010. Again, my research still found sales for improved residential higher this year than last: 999 to 859. The 2011 January-September median sales price was $323,000 compared to $344,000 last year.
Not only the wealthy are actively buying West Hawaii real estateWhat got me digging into these records were recent news reports that Mercedes Benz unit sales in the United States recently broke a record; an Italian handbag retailer experienced difficulty keeping its $1,000+ handbags on the shelves; and the top two luxury purchase types by wealthy consumers were either a $1,000+ case of wine or piece of jewelry.
Lawrence Yun, the National Association of Realtor’s Chief Economist, said last month that homes sales will rise this year. Well, those of us familiar with Kona and Kohala Coast real estate here on the Big Island took this as old news. Real estate isn’t just local, these days it is hyper-local. What’s happening in Puna is completely different than what’s happening in South Kohala. When I talk to mainland residents looking to buy a vacation home, they often incorrectly assume what’s happening in their local market is what’s happening in our market.
April-June 2011
There’s been significant activity at Mauna Kea Resort lately. Here are the second quarter property sales:
1. $640,000; 2/2; Kumulani condo #B3; located on golf course with ocean view
2. $909,500; 3/2; Wai’ula’ula condo #M202; located on golf course with ocean and Maui views
3. $1,300,000; 3/3; Moani Heights residence #8; located on golf course with ocean and Maui view
4. $1,525,000; 3/3; Moani Height residence #9; located on golf course with ocean and Maui view
5. $2,600,000; 4/3.5; Kauna’oa condo #1A; ocean view
6. $2,400,000; Kauna’oa lot #6; located on golf course with ocean view
7. $1,500,000; Mauna Kea Fairways North lot #12; located on golf course with ocean view
8. $2,000,000; Mauna Kea Fairways South residence #3; structure is either a tear down or will be a demolition remodel with an outstanding ocean view
9. $1,350,000; 2/2.5; The Villas at Mauna Kea condo #37; original 1987 condition with ocean view
For the past two years, nobody was buying Kohala Coast, Big Island real estate. Well, a few people were, but so few that escrow companies, lenders and real estate firms lost many employees and agents. That all changed in December. Buyers are back, especially for affordably priced homes. Ours are typically second home buyers, but lately, it’s the locals who are buying. That doesn’t mean there aren’t any second home buyers. They are shopping too, and the Kumulani neighborhood is a good example of where they are buying. For a list of recent Kumulani sales, please email me a request.
Last week the north and west facing shores of the Hawaiian Islands were hit with significant surf. Our small town paper, West Hawaii Today, wrote about it on January 6th, and January 7th I stepped out of my office here at Mauna Kea Beach Hotel with my video camera:
By today the ocean has calmed down, and families are again splashing in the blue waters of Mauna Kea Beach Hotel’s Kauna’oa Beach.
Through 2010 I felt like West Hawaii condo sales were bumping along the bottom here on the Big Island. Once we got through December, I predicted a faily flat trend line once I fed all the quarterly data into Excel. It turns out the South Kohala condo unit sales were trending slightly upward, and the North Kona condo sales were trending slightly downward.
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