Condo sale prices on Hawaii’s Big Island have climbed higher in 2012 year to date. With the exception of January where prices decreased by 8.7%, Big Island condo sale prices increased in February 6.2%, March 55%, April 3.7% and in May 18.3%. The 2012 monthly unit sales were more uniform than last year, but with bad economic news continuing to come out of Europe, I fully expect U.S. consumer confidence to wane into the summer. That should trigger a fall in Big Island condo purchases, as the island is largely a second home market.
Posts Tagged ‘2011’
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.*
While most Americans are not buying much due to the economy, in terms of wealth, what are the top 9% buying? The Luxury Institute recently reported that 24% of those wealthy consumers have purchased residential real estate since 2008. Early 2008 through early 2011, 38% of that group purchased at least one second home. Of those, nearly half took advantage of the lower prices to purchase a second home more than 500 miles away from the primary residence.
What 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.
Today I visited the summit of Mauna Kea courtesy of the Keck Observatory. It was the 2011 Keck Open House and I was fortunate enough to be invited by friend and Keck astronomer Julien Woillez. Julien is an interferometer scientist working on a project coordinating both Keck I and Keck II telescopes to create a virtual 85 millimeter telescope. Wow!