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“It was a pleasure to work with Gretchen and her team on the recent sale of our home. Gretchen is confident in her marketing plans and definitely knows how to get results. Within five days of the MLS listing we had multiple offers and a signed contract. Follow Gretchen’s expert advice and accept her guidance, you won’t be sorry.” Karin & Scott (read more)
West Hawaii Real Estate Update
July, 2012: Volume 9, Issue 7
Historically I have tracked the market… i.e.. houses, condos and land sales as a lump sum number each month. Recently I designed a new set of graphs that really highlights how great our housing market is right now. Visit my website to review them… but here is part of the good news.
Residential sales, houses and condos, are still doing well in North Kona and at the 6-month mark for 2012 we are exactly half way to matching last year’s total sales… great to know that we are holding our own against the disquieting talk of economic issues other places.
The average price for these residential sales listed under $1 million has been rising since the low in the 3rd quarter of 2011, now up 8% to an average of $323,000 at the end of the 2nd quarter of 2012.
As for North Kona’s low-end price ranges, we only had 13 houses under $300,000 at the end of June, almost half of what we had in 2011! Condos, we had 70 available under $200,000 at the end of June 2011 and now we only have 48.
This market is changing so if you are a buyer, you’d better get moving. Call me today!
Luxury Real Estate
Well I’m never one to not admit my mistakes and an eagle-eyed reader pointed out that I had a glaring error last month… must have not selected the right search is all I can think of and I usually double check them but this one got by me… mea culpa!
The stat was the luxury condos sold in Kona year-to-date in 2011 versus 2012. We had 3 sales from January to May in 2011 and in 2012 we had 9—huge difference still but not the incorrect number of 24.
Moving on to this month’s stats there were 15 overall sales over $1 million. Five were at Kukio… 8 were at Hualalai, leaving 2 outside the resort, one in Bayview Estates and the other a private 6 acre estate in town that went for $4.2 million after four years and two agents on the market.
Of those sales in the resorts, 7 were condos, so that part of the market has just taken off! Only 2 sales were land and the other 4 in the resorts were houses, the top one selling for $5.7 million.
Out in Kohala all of the luxury sales were condos… one at the Mauna Kea, one at the Mauna Lani and two at Kolea in Waikoloa Resort… and all for cash.
That brings our 6-month total for Kona and Kohala sales to a whopping 84 when you combine both areas as compared to 2011 there were only 66! That is a 22% increase in sales for 2012. For more details on luxury call or email me today!
Kohala ended the quarter with less sales year-to-date than 2012 (down 32) but I believe some of that is related to inventory. The good news was that the 2nd quarter saw more sales than the 1st… but the 2nd quarter is often the highest of the year in this area because of our winter visitors closing on properties.
At the end of the quarter there were only 2 houses and 2 condos available as foreclosures… a good sign. Short sales saw 21 houses and 10 condos, available about what it has been for last year. Great new graphs on the website… check them out!
New Kid on the Block!
We are so excited to welcome Jenni Rhodes to Hawaiian Isle! We have literally been waiting years to find the right long term property manager and she finally found us this month!
We will be offering services with a twist. We believe that taking good physical care of a property protects its long term value and attracts quality tenants, a win-win for us, the tenant and our owners. We call this asset preservation with an income stream.
So in return for asking you to paint, repair, or replace anything that needs it we will check the tenants references, their credit score (has to be 625 or higher), and review criminal records to make sure we only put quality people in your property.
A recent story of a drug bust on an owner self-rented property reminds us that criminals rent from owners directly since managers will check them out. Call or email Jenni today Jenni@HawaiianIsleRentals.com or 808-769-5060.
Notes From Gretchen
This newsletter is a huge success but only because of readers like you sharing it with others… please feel free to always pass it along and encourage those interested to get on the email mailing list.
Don’t forget we also offer vacation rental management services thru Big Island Front Desk and Paul Matuswaki. After three years we have only satisfied guests and owners, I haven’t gotten one complaint or cancellation related to our services EVER! So if you are looking for over-the-top service for your vacation property call Paul today!
Out on the Town
Dinner and dancing with friends at Huggo’s On The Rocks… sit with your toes in the imported sand right next to the water’s edge and listen to great music.
The only thing better is to share it with friends… we had a great time that night listening to our local celebrity artist LT smooth!
Gretchen L. Lambeth
Broker of the Year – 2010
75-170 Hualalai Road, D-115