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West Hawaii Real Estate Update: December, 2011

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Testimonial

You not only sold our condo in no time at all but saved us from having any due diligence re-negotiations by using the prelisting home inspection so the buyers knew everything about the condo. The process was as painless as could be. You’re the WOMAN!J & E Knister (read more)

West Hawaii Real Estate Update

December, 2011: Volume 8, Issue 12

Not the most exciting month we have had this year in terms of sales in North Kona… but we did inch over the 50 threshold that I had set for the month with 51… phew! We are up year-to-date 50 sales over 2010 at 747 and are still hopeful to cross the 800 mark by the end of the year.

Back when we started 2011 things were looking up and the market was growing… come August the ‘sky is falling’ with Europe in the midst of its own economic crisis, which in turn has slowed sales here. That said November has never been the top sales month ever as far as I can tell so some of this is most likely just the time of year… let’s hope so!

Inventories jumped up and houses went back over 300 available at the beginning of December. A good chunk of these were in the under $300,000 category but most are in need of major repairs or are in undesirable locations.

Pending sales increased some, making them our bright spot for this month.

Cash is still “King” with 47% of all sales closing without the assistance of any lending.

If you have held off buying long enough, call today to buy your piece of paradise!

Luxury Real Estate

When I think “luxury” on the Big Island, I think of our resorts in North Kona/South Kohala. But out of the 135 luxury sales over $1 million so far this year on the island, 23, or 17%, weren’t there. So where were they and what did they sell for… inquiring minds want to know!

The three highest sales were for large chunks of raw land, one being the old Jimmy Stewart ranch that sold for $3.6 million (1,593 acres in South Kona), then there was Ko Aina Ranch in the area just outside of Waimea (Hamakua) that sold at the luxury auction for $3.5 million (587 acres), and finally 17 acres, with almost a half a mile of ocean frontage, for $2.3 million in North Kohala.

For residential property, the highest sale was a 4,000 sf house on 5 acres in North Kohala with panoramic ocean views for $1.9 million. Next on the list was a South Kona home on 2 acres with sweeping ocean views and 3,500 sf of living area, that also sold at the luxury auction, for $1.8 million. The most land, 25 acres in North Kohala, with a 3,700 sf house closed at $1.7 million and taking 4th place on the list was a Balinese style lodge on 9 acres just outside of Hilo with over 3,000 sf of living area for $1.5 million.

So as you can see, not all of the sales are North Kona/South Kohala but they aren’t too far away either, with most of it still in West Hawaii… the place for luxury property on the Big Island!

Economic Update

  • Visitor spending in the state is up again… topping $1 billion in September, up 19.7% from a year ago… great news!
  • Hawaii bankruptcies are dropping, down 26% from November 2010… through the first 11 months of the year they are down 14.6%… definitely a trend we want to continue!
  • Hawaiian Airlines is adding a non-stop Honolulu to New York City route starting June 2012… the only non-stop from the state to NYC.
  • Hawaiian also added flights 3 days a week from San Jose to Maui and a bigger plane (A330) to the San Francisco—Honolulu flight… all great ways to get away from the drizzles and come to sunshine!
  • And all of these additions by HA have created 275 flight attendant positions… wow! The state says these new routes will add $310 million in visitor spending and $34 million in tax revenue… double wow!

Notes From Gretchen

Christmas is almost here and with that time of year comes the reminder that some are less fortunate than others. This year eleven state Realtor associations partnered with the Salvation Army to replace their paid bell ringers for the day across their states. I’m proud to say that Hawaii was one of them!

As you can see I opted to not just to donate but to bell ring as well and had an outstanding time encouraging shoppers to give. So if you haven’t dropped a few dollars… or a twenty or two in the bucket yet this year, please do so! All of the funds collected stay in your area.

Mele Kalikimaka e
Hau’oli Makahiki Hou!

Massage Anyone?

For those of you that enjoy a good massage, read on. For those of you that have never had one… this is a MUST do on your Bucket List!

Pau Hana Massage has a fabulous in-town location and is a tranquil place to spend a few hours under the expert hands of Pua or Phillip Bruneau, the husband and wife duo that created this divine place.

As a person with back pain issues, I have had hundreds of massages over the years and I can tell you Pua’s was one of the best, if not the best, that I have ever had. Think of the most graceful hula you have ever seen and then imagine a massage that feels like what you visually are seeing… just outstanding!

www.pauhanamassage.com

Market Snapshot

Closed in
November
, 2011
For Sale in
December, 2011

Kailua-Kona:
33 Homes
17 Condos
1 Land

Sold

Kohala:
17 Homes
13 Condos
3 Land

Kailua-Kona:
305  Homes
213  Condos
236 Land

For Sale

Kohala:
179 Homes
188 Condos
90 Land

Gretchen L. Lambeth
Hawaiian Isle Real Estate, LLC
Realtor(B)
Principal Broker/ Owner

Broker of the Year – 2010
Direct (808) 329-5667

75-170 Hualalai Road, D-115
Kailua-Kona, Hawaii 96740

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