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“Words do not express how much we appreciate all you have done in helping us acquire the new house. You have blessed our family beyond measure with your hard work and integrity. Thank you for your perseverance and determination to stay the course when it didn’t seem like there was hope and the deal was down the tubes… more than once.” D & J Rogers (read more)
West Hawaii Real Estate Update
December, 2012: Volume 9, Issue 12
In Kona in November the sales did not reflect the actual volume of activity in the market with only 49 closings.
Over 70 houses and condos currently have pending short sale contracts stuck in this slow cumbersome process and it is affecting our sales numbers. They represent 36% of the escrows.
That said, how many are available to buy in the distress market? Answer: Not many! In the MLS there are 15 foreclosures and 28 short sales available… and most of these have damage, back maintenance fees or other issues that make only the most risk tolerant buyers consider them. They now represent 6% of the available inventory in Kona, down from over 25% in the recent downturn.
Pending sales are up to 210, a 25 unit increase from last month… and 50 up from this time last year… wow!
Luxury Real Estate
Kona saw only three luxury sales in November… far off the pace of the higher months of 2012. Here is a snapshot of luxury ranges today:
Sold to Date in 2012
Sold to Date in 2012
Local Economic News
Notes From Gretchen
I attended the Christmas parade in downtown Kona last night and marveled at how great it was that such a thing still thrives in our tiny town.
Huge crowds lined the streets from Palani to Coconut Grove to see young and old alike participate. Large employers, small employers, cycling clubs, banks, churches, nonprofits—all decorated themselves, their animals, their cars and carts to celebrate Christmas.
Our old-fashioned, home-made parade is loved by all and a testament to small town living at its best… we had a fabulous time… all of us!
Hope you can attend next year… it is truly heartwarming!
Out On The Town
Congrats to last month’s winner! The correct answer was Keo’kea Beach Park in Hawi. An eagle-eyed Keauhou Estates owner won and he responded literally within 2 minutes of the email being sent… wow, you’ve got to be fast!
Okay, this month’s should be fairly easy and we had such a terrific time that day. This motley crew was not wearing their finest but we laughed till it hurt we had so much fun. So, for all you great guessers out there, and there are a few of you, where was this photo taken?
As always first correct answer wins a $20 Starbucks card and if I need a tie breaker, whichever one knows the name of the tour is the winner. Good luck!
P.S. Hawaii REALTORS®, and anyone in the photo, are not eligible to win. 🙂
Gretchen L. Lambeth
Broker of the Year – 2010
75-170 Hualalai Road, D-115