To receive our monthly newsletter, please Click Here to enter your mailing address.
View our Archived Articles Here
“ The selling of our condo was done in record time, at our asking price, and without any contingencies! From the first time we talked to Gretchen, through the close of escrow we were amazed at how fast and thorough she performed. We will be happy to talk to anyone who is considering her… mahalo!” J. & J. Burda (read more)
West Hawaii Real Estate Update
January, 2011: Volume 8, Issue 1
What a fabulous come back! Not only did Kona’s overall sales blow past ’09 but residential sales did as well with 685. This number is made up of 380 houses (up 24%) and 305 (up 47%) condos. Although improved, land sales had only 86. The final count for all combined was 771. This is 261 sales better than ’09 or a 51% increase!
The small, by comparison, 5% decrease in house prices in ‘10, shows an extreme slowing of the severe adjustments of recent years and marks the beginning of the next part of the recovery… pricing. Real estate pricing is about supply and demand, so let’s take a look at what the residential inventory (supply) and sales (demand) are doing. With 326 houses and 270 condos actively listed we are down almost 100 from January ‘09. And we sold more property in ’09 than we currently have listed so we have less than a one year supply. The tipping point is when we get to a 6-month supply in any market segment.
For answers to your real estate questions, email me today or check out all the cool graphs on my website that turn numbers into understandable pictures!
Luxury Real Estate
What a difference a year makes! Luxury real estate in Kona took a big jump up in sales with lots of great deals at its two high-end resorts, Hualalai and Kukio.
Sales totaled 81 for all categories (houses/ condos/ land) as compared to ’09’s total of 54, a 50% increase. The top sales price was actually low when compared to ‘09’s heart-stopping $26.2 million at Hualalai but it was still very nice at $14.5 million, again at Hualalai.
Hualalai Resort had 25 total sales representing a 31% market share and Kukio had 35 sales or 43% of the market… combined that is 60 sales leaving only 21 for the whole rest of Kona… wow!
Grand total for all luxury sales in Kona was $163 million. Of the 81 sales 70 were paid for in all cash… 86%… wow!
In Kohala it was a different story. Although sales were up it was just slightly from 37 in ’09 to 39 in ‘10. The highest sale was similar to Kona’s at $12.9 million for a house at the Mauna Lani. That resort also had the most sales with 12 or 30% of the market.
All cash was a big factor in 33 out of the 39 transactions or 86% of the deals. Total dollars spent on luxury real estate in Kohala topped $95 million. This gives the combined areas of Kona and Kohala a grand total of $258 million in sales… or over a quarter of a billion dollars… amazing for our sleepy little coastline!
Kohala’s overall sales had a stellar finish as well at 402 for the year. Interestingly the 1st and 4th quarters tied at 110 a piece for the high quarter of the year… one being pushed by the tax credit and the other by a sudden huge uptick in condo sales. For the year they are up 21% in overall sales.
Out of those 402 sales 358 were residential properties leaving only 42 lot sales for the year. Of those 180 were houses and 178 condos, almost evenly split.
For the month of December… condo sales were 25… up from 9 in November. May of ’07 was the last time we had sales in the 20’s. The overall sales for the month were 48 making it the highest month for the year. I had to go back to August of ’07 to find one that was even close. Expect to see continued strong sales in this area in ‘11.
Notes From Gretchen
Hard to believe another year has slipped away!
As an office in ‘10 we sold almost $15 million with 52 sales. Personally I did $8.5 million with 26 properties.
When you combine resale transactions from ‘06 thru ‘10 I’m still ranked number #1 and my office is in the top 10%. So even though we are small in number—there are only 5 of us—we are mighty in sales!
The term “referral” sounds so impersonal, so instead I’ll just say “I want to be your go-to real estate gal in West Hawaii!” Let me know who I can help for you today!
Gretchen L. Lambeth
Hawaiian Isle Real Estate, LLC
Principal Broker/ Owner
Broker of the Year – 2000
Direct (808) 329-5667
75-170 Hualalai Road, D-115