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“She’s the best! We have known Gretchen for many years and have long admired her wisdom, integrity and professionalism. So when the time came for us to sell our Kona home, she was the obvious choice to be our Realtor… ” Scott & Sandi. Read more of this great testimonial on my website!
West Hawaii Real Estate Update
April, 2013: Volume 10, Issue 4
Kona is showing huge progress this first quarter in sales despite the severely restricted inventory available. We closed the quarter with 223 houses, condos, and land sales more than any other first quarter since 2006. To put this in perspective the first quarter of 2009, we recorded our lowest quarter of the down turn with 86. We’ve come a long way baby!
Inventory continues to decline making it more and more difficult for buyers to find something to buy. In houses under $500,000 we only have 35 fee simple ones including distress… that is astonishing! And to top it off, prices have gone up 6% when measured Q-1 2012 to Q-1 2013 in this range.
This is great news for sellers who have been waiting for their properties to rise enough in value that it makes sense to sell… well now might just be that time! Call me today to find out your property’s value in today’s market!
Luxury Real Estate
Well huge changes out in our luxury market this week in agents… almost a musical chairs of sorts!
Kukio changed up its lead broker, replacing their long time one with one who owns in the project, a shift predicated on the development moving to owner control versus the previous developer control. It’s a shame since Carrie Nicholson had done a spectacular job steering this luxury resort through the downturn… we wish her well in her new endeavors.
More changes outside of the resort in luxury… two top agents with Windermere have parted ways with them… Frank Schenk opting to partner with Ed Rapoza to form a new luxury company specializing in Kukio and Hualalai resorts and we hear Steve Horowitz is returning to his previous partner, Bob Chaucer, to do something out at the Mauna Kea.
This might not mean a lot to those not affiliated with the resorts but I would expect to see BIG changes in who the listing agents are in the near future. At Kukio and Hualalai watch for more buyers to be represented by other than developer agents.
Notes From Gretchen
Well I thought I was going to catch a break when the season ended after Easter… but I was wrong! I have actually been busier than during season and I’m wondering if it will slow down at all this year!
Buyers are keeping me busy pounding the pavement looking for properties for them. A lot of them are leaving frustrated that they can’t find what they want at the price they can afford and that is only going to get worse.
Note to buyers… if you find it, like it… buy it now! Don’t hesitate… or it will be gone! Call me to talk shop today!
North Kona Q-1 Sales – 1999 thru 2013…
Kohala saw fewer sales this last month (40) and quarter (102) than I would have expected. The supply under $400,000 is down to 15 options which would seem to be driving this issue and 4 of those are short sales.
Available inventory continues to decline each month, now down almost 30 properties since January.
The pending sales are high with 130 so I’m hoping this is just a lag in closings.
The good news for sellers is that the price point for the first quarter for houses under $400,000 in 2013 is up 5% over the same time last year and days on the market are down by a third to 103 versus 154 in 2012.
Check out my website for more great information on this market!
Out On The Town
Well I guess I made that one a little too tough since I didn’t get many responses! Had a winner, thanks to Ron Lloyd who had just been there a few weeks before! The correct answer for last month’s corny photo is that it was shot at Cholos Cantina on Oahu out in Haleiwa and their signature drink is a margarita.
These photos accompanied an afternoon filled with shrieks, laughter, and gut wrenching adrenaline rushes but we had an absolute-no-holds-barred BLAST! Now this tour operator has a very specific claim to fame and these shots clearly show it… name the island, the area of the island and the name of the zipline provider the name of the zipline provider… to win your Starbucks gift card! And while you’re thinking about it… make a reservation of your own for a day you will never forget!
Gretchen L. Lambeth
Hawaiian Isle Real Estate, LLC
WHAR Creative Advertising Award 2012
75-170 Hualalai Road, D-115