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2014 Newsletter October

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Testimonial

 “We are in the house of our dreams! I really appreciated your style- introducing us to a big variety of properties, pointing out the pros and cons of each one and letting us make the final decision without any preferences indicated on your part. Mahalo, too, for the quick, easy and trouble-free sale of our condo!”

Stone & Jim

Read more great testimonials on my website!

West Hawaii Real Estate Update

October, 2014: Volume 11, Issue 10

 

Sales remain tepid in the under $1 million category for houses and condos, but prices are climbing, especially in houses, see box below.

Land, especially out in the resorts, is flying off the proverbial shelves at a record pace, telling us that either there isn’t enough inventory or people don’t like what is available and/or the pricing of it.

On my street in Sunset/Kona Vistas there are currently 7 homes under construction… that is a lot of lumber!

A recent article on mortgage rates leads me to believe that by 2017 interest rates will be back close to 6% and when that happens, I think we will find the top of our market. Currently they are the lowest of the year at just under 4% so if you have been waiting, now is the time to jump since I don’t think they will last the week!

Warmer weather across the U.S. is expected this winter and that might impact our tourism again… stay tuned!

Notes From Gretchen

Figuring out how the market will respond to your property is always the toughest thing to gauge… but I will tell you if it is clean and priced right you will know because you should have an offer in the first two weeks. If you don’t receive an offer, you have missed something: It doesn’t show well, the photos aren’t representative of it, or you are priced too high.

If you would like to see a copy of my marketing plan to better understand how to market and sell your property with me, when the time is right I would love to email it to you!

Economic News

  • The state Department of Health that manages wastewater has proposed new rules for approval that include installing a septic tank within 180 days of the sale of a property… these aren’t law yet, but they have been proposed. A fair amount of outrage by the public has been noted in the press… we should know more in the next month or so.
  • The county is eyeing how to revise our tax code to make verification of owner occupants mandatory. Seems there are big chunks of owners who claim residency but live elsewhere and rent their units out. That tax category carries a rate almost double that of owner occupant and has no exemptions. By removing those that aren’t qualified for the owner occupant breaks, it would raise more funds for the county coffers.
  • Still no word on the aquifer debate with the National Park Service… this outstanding issue is probably pushing some of the building we are currently seeing to avoid getting caught up in any negative results.

Kona Average Price Listed Under $1M

 

 

Condo pricing has been stagnant most of the summer but houses are really climbing.

Out on the Town

Hurricane Ana missed us by a few hundred miles for which we are very grateful! The photo is one of the two rainy days we had from her affects but we didn’t even have any high winds. There was some wind damage down in South Point and on Maui but for the most part it was just rainy days for Kona… yeah!

Of Note…

  • Mauna Kea Beach Hotel earned two prestigious national accolades—Successful Meetings 2014 Pinnacle Award and inclusion in Golf Magazines “Top 100 Courses You Can Play in 2014” list.
  • Accessible Hawaii accepted a $9,000 check generated from the annual Charity Walk at the Mauna Lani. The check will enable them to place complimentary booklets in ADA rooms in West Hawaii hotels, providing residents and visitors with physical disabilities information about accessible beaches and adaptive activities. For more see: AccessibleHawaii.com

Market Snapshot


Closed in

September, 2014

For Sale in

October, 2014

Kailua-Kona:

38 Homes

27 Condos

15 Land

Sold

 Kohala:

17 Homes

23 Condos

5 Land

Kailua-Kona:

203 Homes

153 Condos

177 Land

For Sale

Kohala:

114 Homes

164 Condos

81  Land

Gretchen Osgood
Hawaiian Isle Real Estate, LLC
Realtor(B)Principal Broker/ Owner
 
Direct (808) 329-5667

#1 in Kona Transactions – 2013#16 in State of Hawaii – 2013Creative Advertising Award – 2012

Broker of the Year – 2010

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