Volume 1, Issue 1
Welcome to the inaugural resort properties report! I have spent the last few weeks building my statistical database in anticipation of the launch of our new website, and it is interesting to see the trends that pop out in the graphs.
Sales of luxury properties in West Hawaii in October numbered 11, the same as September. That would be 8 houses, 2 condos and 1 piece of land. Two of the 8 houses were in Hualalai Resort, 1 was in Holua Kai at Keauhou, the new oceanfront development, and the rest were scattered throughout Kona. Of the condo sales one was at Kohanaiki and one at Hualalai Resort. The lone land sale was also at Kohanaiki for just over $1 Million.
Of the two houses at Kohala there were one each at Mauna Lani Point and 49 Black Sand Beach. The condo looked like a free standing house and the sale was at KaMilo at the Mauna Lani.
Video Update: November, 2016 Luxury Report
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- Visitor counts top 780,000 people in August, a new record for the state. That is a 3.1% increase compared to last August. Visitors increased from the mainland and foreign countries but declined from Japan and Canada.
- University of Hawaii Economic Research Organization says the construction industry will begin to slow down by 2018. They think it will be more of a plateau than a decrease after all the high rise towers in Honolulu finish up. Currently there are 5,000 construction workers in the state.
- Holua Kai, the newest oceanfront project in West Hawaii, has its models open in Keauhou and they are gorgeous! Now before you think about heading over and checking them out, make sure you take me with you. They have a strict registration process to get representation and you don’t want to miss out on that! High-end finishes, dipping pools, air conditioning, and there is a whole row available perched on the edge of the Pacific Ocean… call me today!
West Hawaii Luxury Residential Listed Over $1 Million
The luxury market has stayed fairly consistent with pendings and sales, however available inventory started rising in August of 2015 in anticipation of Festive Season on the Gold Coast, and has only dissipated slightly since.
Luxury Condo Sales
When you look at the stats and you see 8 West Hawaii luxury houses sold… remember that is out of 107 available properties. Now granted they come in all kinds of flavors and locations but that is a steep curve. Statistically speaking that is a 14 months’ supply.
In condos, we saw 2 sales in West Hawaii with 35 available… that is an 18 month supply if we sold 2 each month.
In land in West Hawaii, you will be overwhelmed by the inventory in every resort. With only 1 sale, last month, if that were to hold true it would take them… well I think you have this one: 58 months to sell out… hmmm.
Resort Market Snapshot
When it comes time to sell your property there is no one with more expertise then Gretchen. We followed her advice about property improvements, pricing and inspection and our condo sold very fast. And that was in a crowded market! This is our first experience with her on the selling end of real estate and from start to finish it was smooth sailing!!
~ Tom & Heather Bandt
Notes from Gretchen
Title and escrow companies are the unsung heros of actually recording a sale.
They have to make all the numbers work for the buyers/sellers/agents/lenders and coordinate all of the documents needed to make it happen, including ordering the deed and reviewing it for accuracy.
Make sure you ask your agent why they are suggesting the title company they are because it is definitely true, they are not all created equal!
- Title insurance and coverage
- Customer service attitude
- Response times when you call/email
- Ability to answer questions
- And lastly, ability to work with lenders.
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