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2014 Newsletter August

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Testimonial

 

“Well, there is not a whole lot to say about our home selling experience with Gretchen… other than to use the word “Great!” When we signed on we expected an experience that would be held to a higher standard, and that is exactly what we received. All went very smoothly and trouble-free from signing of the contract to the closing of escrow. We were very pleased with our experience transaction.”

Jim & Connie

Read more great testimonials on my website!

West Hawaii Real Estate Update

August, 2014: Volume 11, Issue 8

 

Kona had a solid month in July. House sales were 10 over last July at 46; condos were short just one with 31; and land sales were off by 4 at 16… but all in all a good month!

Our pending sales are still perplexing… last July they were 245, this July they are 155… 110 unit difference… that is huge but it isn’t impacting sales as much as you might think, and that isn’t really explainable… yet.

It could be that last year at this time we had more distressed sales in the pipeline and they were piling up and now the flow is smoother… but we have been dropping in pendings for a year now and although our overall sales are slightly lower than back then, we haven’t seen sustained drops so far.

The overall month saw 93 closings, which includes land. Our residential-only sales are higher than last July at 72 compared to 65. It will be interesting to see what August brings!

Notes From Gretchen

I got a chuckle out of several emails I received about my name change… it would seem the email gremlins didn’t let my April newsletter arrive to some of you so you missed that I married my long-time love Randy Osgood that month… so sorry for the confusion!

Hurricane Iselle did do damage to the Puna side, but the Kona side got less than a 1/2 inch of rain that day. Huge trees were knocked over in random odd locations In Puna, looking more like tornado damage than a hurricane, but to those living through it I’m sure the distinction doesn’t matter. Kona was very blessed.

My Soapbox Forum

Well we haven’t looked at luxury recently, and I thought midway through the year was a great time to check in with it! I’ll define it for this purpose as any listing over a million…

Available in Kona

Houses 82

Condos 15

Land 54

Pending Sales

Houses 10

Condos 9

Land 7

Sold this year—2014

Houses 42

Condos 12

Land 21

So this shows us we have roughly a 14-month supply of houses and land but only a 7-month supply of condos… hmm, they must be popular these days!

Hualalai Resort has captured the luxury condo market with 11 of the 12 sales… only 6 of the house sales were in the resort, as were 4 of the land sales.

Kukio also had 6 house sales and 9 of the land sales were in this resort. In all fairness they had one condo sale, but they have just a few even built in there.

Surprisingly only 3 house sales were oceanfront property and none of the land or condos were… amazing that island real estate can be luxury without being oceanfront!

Kona Residential Price Appreciation Under $1M

 

 

In 2011 prices bottomed out in the Kona market. In 2012 owners saw a roughly 6% appreciation; in 2013 another 12%; and in 2014 8.5% so far on top of that… for a total of 26.5%, that is substantial!

Out on the Town

Well just so you don’t think all of Puna blew away in the hurricane here is a photo from last weekend of Mango Grove on the Puna Coastal Waterway… it is just as pretty as ever, with an occasional fallen tree but no major damage… here is another one of the coast and you can see it looks pretty much the same as the last time you were there (hopefully you have had a chance to go here, it is gorgeous!).

       

 Economic News:

  • The AP reports airfares are up 10.7% in the last 5 years… airlines are manipulating the supply/demand by lowering available seats on desirable flights to raise the prices… bummer for Hawaii!
  • Cruise ship arrivals in Hawaii are down 26% this year Pacific Business News reports… they blame it on fewer and smaller ships this year… darn!
  • Mauna Kea Beach and the Hapuna Beach Prince hotels are the only Hawaii founding members of the Healthy Destination Accreditation that measures health -related initiatives, amenities, facilities, and personnel.

Market Snapshot

 

 

Closed inJuly, 2014 

 

For Sale in August, 2014

Kailua-Kona:

36 Homes

31 Condos

16 Land

Sold

 Kohala:

23 Homes

18 Condos

7 Land

Kailua-Kona:

193  Homes

150  Condos

186  Land

For Sale

Kohala:

113  Homes

155  Condos

77  Land

Gretchen OsgoodHawaiian Isle Real Estate, LLC

Realtor(B)

Principal Broker/ Owner

Direct (808) 329-5667

 

#1 in Kona Transactions – 2013

#16 in State of Hawaii – 2013

Creative Advertising Award – 2012

Broker of the Year – 2010

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