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Monthly Newsletter Archives: February, 2011

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West Hawaii Real Estate Update

February, 2011: Volume 8, Issue 2

The start of ’11 in Kona was short of my expectations with only 50 sales… but in checking the historical stats it turns out that it is very common. Eighteen out of the last 20 years showed that January’s sales were smaller than the preceding December’s… most likely because of the holidays… so it looks like we are still okay.

Pending sales are up to some of the highest levels we have seen since last summer’s tax credit inflated ones at 184, up 17% from December, so this is very good news.

Cash sales continue to thrive, making up 50% of all transactions in ’10 which continued in January.

Foreclosures… an interesting aspect that you may not realize is that since timeshare can be sold as fee simple property, it is often included in the numbers quoted for state foreclosures. And since the Big Island probably has more than other areas, be cautious assuming that the numbers you hear are exclusively whole properties.

In Kona for February there are only 66 foreclosures for sale (28 houses – 34 condos – 4 land) and another 52 with pending sales… out of 843 available and 184 pending. For info on the Kona market call me today!

 

Luxury Real Estate

Sales in West Hawaii of luxury real estate in January were lack luster with one exception… the $8.2 million dollar house that sold at Kukio, seller took $1 million less than asking!

The good news in Kona is that we have a fair amount of pending sales, 11 at the start of this month. One of them in particular stands out with its $18.7 million price tag and oceanfront location at Hualalai Resort. Situated on a half acre with over 5,000 sf of living area and a pool… looks absolutely stunning!

In case you are thinking that you would have liked to get in on that beautiful oceanfront location, don’t worry there is another one over in Kukio that the Gettys are selling for $25 million, bigger lot and almost 2,000 more square feet of living area. It is currently the most expensive house for sale on the coast. I had the opportunity to preview it a few weeks ago and it is spectacular!

In Kohala they only had one sale of a luxury home and it was a foreclosure… for $1 million. Nothing really unusual in the 9 pending sales out there, just mostly $1 million to $2 million properties.

The most expensive house for sale in Kohala is in the Mauna Lani for $14.9 million… the kicker? Its been on the market for 1,179 days… wow! Perhaps they need to consider a price reduction since the Hualalai house was only on the market 128 days and it was more expensive.

Economic News…

  • Big Island unemployment is at a two year low as of December of 8.7%, down from a high of 10.9% in June ‘09.
  • Continental Airlines will have new daily flights added in June between Los Angeles and Hilo and San Francisco and Hilo… hmm, odd choice, guess we’ll just have to wait and see how that goes.
  • Alaska Airlines has new flights too, between Bellingham, Wash. and Honolulu… more air seats to Hawaii… yeah!
  • Delta Airlines now has nonstop flights from Honolulu to Nagoya, Japan, that’s an encouraging sign!
  • Hawaii state has 12% more people than 10 years ago… 1,360,301.
  • Bankruptcy filings declined 11% from the 276 in January ’09 to this year at 245… we are going in the right direction!


Notes From Gretchen

West Hawaii has been super busy the last few weeks for Realtors. I must have met with over a dozen clients by phone or in person that want to sell… written multiple listing agreements in a day… and gotten multiple offers each week… wow! I’m hopeful that all of this activity leads to a more balanced and productive market in the near future.

Interest rates are rising and I do not expect any long term decline, so if you are going to be using lending we need to find you a place soon… call or email me today!

Kohala Stats

Kohala inventory was down again this month, pending sales are up to 128, but sales were low at 27. Cash sales were through the roof with 67%.

With the exception of the lower sales due to the holidays all of this is good news… the market is recovering, albeit at lower prices than sellers want but the inventory is being absorbed which is excellent for the buyers getting the deals and the overall health of the market.

There are 38 foreclosures available out of the 519 properties listed for sale and an additional 30 pending sales… not as bad as the news makes it sound.

Market Snapshot

Closed in
January, 2011
For Sale in
February, 2011

Kailua-Kona:
20 Homes
25 Condos
5  Land

Sold

Kohala:
13 Homes
13 Condos
1 Land

Kailua-Kona:
322 Homes
276 Condos
245 Land

For Sale

Kohala:
179 Homes
217 Condos
122 Land


Gretchen L. Lambeth
Hawaiian Isle Real Estate, LLC
Realtor(B)
Principal Broker/ Owner
Broker of the Year – 2000

Direct (808) 329-5667



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

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