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2014 Newsletter September

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Testimonial


“Gretchen, we will enthusiastically recommend you to friends or colleagues needing a Realtor. You just have a way of making customers feel like they’re your most important clients. Thank you once again for handling our transaction perfectly! We hope to enjoy our condo for years to come.”

Ron & Janet

Read more great testimonials on my website!

West Hawaii Real Estate Update

September, 2014: Volume 11, Issue 9

 August only had 73 overall sales in it… that is a 12% decrease from July. We are hoping that September will help us play catch up on the 20 ‘missing’ sales.

The available inventory totals are roughly the same as last year at this time, however there are more condos and less land available.

In August there were 38 house sales, 23 condo sales and 12 lots… that is 23 shy of last year’s numbers.

At a recent economic summit held here on the Big Island by First Hawaiian Bank, they say that tourism took a huge hit the first half of the year and is now beginning to recover… and I’m beginning to think that has something to do with our sluggish condo sales this summer.

Our strong price appreciation seems to be weighing on the buyers as well and you throw in a frustrating lending process and you probably always get sluggish sales… so we are looking forward to fall!

Notes From Gretchen

Big change in our office, we have added a property manager, Kyra Bronson. She has personally owned rental property since 2008 so she understands an owner’s perspective and before that she was a tenant… so she has both sides of that coin.

She has also worked with Hawaiian Isle for almost two years now with me and understands how we like to do business.  She is very excited about jumping in and getting to know all of our owners and tenants so if you have any questions give her a call at 808-769-5230.

Economic News

  • Big Island job growth accounts for 4,300 new jobs since our low in 2010. Our island unemployment rate has dropped from 11% in 2011 to 6% in 2014… way to go!
  • The downturn created a huge hole in construction jobs in 2008 when we lost over 3,000 island-wide jobs… we have gradually now recovered 800 of them or 26%.
  • Visitor arrivals peaked in 2007 at 1.62 million to the Big Island… 2013 saw 1.45 million, however, the chart shows a severe drop off at the end of 2013 that surprised everyone and it is just now starting to recover… email if you want the chart.
  • County land values are expected to reach $25.1 BILLION in 2015… giving the County $232 million in revenue without raising the tax rate… in 2013 the revenues were approximately $200 million so that is a $15 million dollar a year raise for the County… wow!
  • After a long, long wait the final section of the Mamalahoa Bypass road broke ground in July… this will take it from Hokulia’s gate to the Napoopoo Road junction… and represents $27.9 million in construction spending to boast our economic recovery!

Kona House/Condo Market Listed Under $1M

 

 

A picture is worth a thousand words and this one is… it shows we have leveled off, sales are holding over 50 and inventory is dropping, slowly.

Out on the Town

I thought it would be fun to showcase one of my siblings’ talents… you’re in luck in that he gets paid big bucks to perform all over the world so you will want to click on the link below and see what you’ve been missing! He is available for conventions, corporate events and has even done a birthday party in Turkey (yes, the country :>)… so feel free to contact him or just enjoy the great video on his website.

South Kohala:

This past month saw sales almost exactly the same as July except they sold one less piece of land… interesting. Inventories are rising slightly but nothing to really be concerned about as we move into our high season soon and our influx of visitors should knock that down quickly.One thing though that won’t go away quickly is timeshare. Hilton has requested and received approval to turn 601 hotel rooms in their Ocean tower into 450 timeshare units… on top of all the other inventory they have built out there the last few years, it has to be making a serious dent in vacation rentals… darn!

Market Snapshot

Closed inAugust, 2014

For Sale in September, 2014

Kailua-Kona:

38 Homes

23 Condos

12 Land

Sold

 Kohala:

23 Homes

18 Condos

6 Land

Kailua-Kona:

190 Homes

146 Condos

179 Land

For Sale

Kohala:

117 Homes

162 Condos

77  Land

Gretchen Osgood
Hawaiian Isle Real Estate, LLCRealtor(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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