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West Hawaii Real Estate Update
August, 2016: Volume 13, Issue 6
Kona houses sales, especially under $1 million, are still climbing. We closed 45 overall and 42 of them were under $1 million. There are currently 153 available which would be great if they were in the ranges the buyers wanted… namely under $600,000.
There are currently only 19 houses listed under $500,000 and 34 for more between $500,000 and $600,000. At 42 sales a month it won’t take us long to run out.
For buyers it means you need to stop waiting. With Interest rates as low as we have ever seen them now is the time to move before prices get beyond your reach.
Now condos are another story… we have 239 for sale and only sold 22 in June and 24 in July. If you are shopping for a deal this is the category to look into. Our second home buyers are in short supply these days so we have extra condos. There are currently 65 listed under $300,000.
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Notes from Gretchen
It has recently come to the industry’s attention that there are potential issues with non-judicial property foreclosure resales. Resales are being stopped by title insurers who are refusing to insure them.
The reason is a very recent lawsuit claiming that the required process was not verified by a judge as it would be in a judicial foreclosure and is therefore suspect as to how it protected the due process rights of the foreclosed party.
Some title companies excluded the foreclosure from the title insurance which means they have no one to defend them so be sure to check your title policy to make sure you are covered or contact them to find out.
Kona House/Condo Sales Listed Under $1 Million
The rapid increase in condo inventory makes this residential graph startling in the first quarter of 2016. It is gradually dropping but is creating great pressure on condo pricing.
3 Bedroom / 2 Bath / 976 sqft / Maintenance Fee $486/mo
Alii Lani, this 3 bedroom turn-key furnished end unit is a standout within one of Kona’s best-loved condominium communities…. and it has a view of Keauhou Bay!
A spacious kitchen with white cabinets, ceramic tile counter tops and an eat-in nook make for easy living, and along with the recently updated wall paint and carpet enhance the ambiance. Enjoy your favorite island dishes from a separate dining area, or choose to take in the ocean breeze while dining out the lanai. Plenty of sunshine and vaulted ceilings create a sense of space in the great room which opens on to the lanai. The great room also has a brand new AC unit.
K ona houses listed under $1 million in 2015 sold for an average of $546,000 in the first seven months of last year. There were 239 sales by the end of July 2015.
In 2016 that amount is $569,777 (4% increase) and we have sold 225 houses in the first 7 months.
Kona condos listed under $1 million in 2015 sold for an average of $276,772 in the first 7 months and we sold 234 of them.
In 2016 the average condo price is $300,698 (8% increase) and we have sold 209 so far.
This upward pricing pressure is eroding affordability of the properties when the mortgage, taxes, and association fees are bundled together.
Hawaiian Isle Real Estate, LLC
Principal Broker/ Owner
Direct (808) 329-5667
Top 100 Agents in Hawaii – 2013 & 2014