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“From the moment we met Gretchen we knew that she would be our Realtor of choice. She handled our transaction in a totally efficient, professional and ethical manner. Moreover, she is warm, non-judgmental and a lot of fun! ” Inge & Keith Wilde (read more)
West Hawaii Real Estate Update
March, 2011: Volume 8, Issue 3
Kona sales continue to take ground back from the decline of years past. Sales transactions for ’11 are up 6% from the same time in ‘10 with house sales making up 48% of the 117 total. Condos account for 42% and land with 10% of the market.
And the good news continues with Kona inventories still dropping, down 17% from February ‘10.
Overall pending sales are up again to high’s rarely seen these days… 209 at the end of February. Pending house sales at 114 are up 18% from last February, condos have 73 pending which will mean high closings in the months to come. Land sales are even tracking in double digits again… yeah!
Well if Kona is doing great, Kohala is fabulous! Their overall inventory dropped below 500 this month, the first time since ‘06. Condos were the big story, dropping below 200, a huge milestone.
Pending sales are way up with 135 overall, the first time since March of ‘06. Condos lead the way with 68 (50%), then houses with 60, (44%) and land 7 (6%).
Kohala sales are very strong, with the 2-month total of 77 just two shy of all of Q1 in ‘10, or a 39% increase.
Luxury Real Estate
Kona’s luxury real estate market continues its march forward with a trendsetting sale of $16.9 million at Hualalai Resort in February. This is the highest sale recorded in the MLS since the end of ‘09 with two others since then in the $14 million range but nothing over, until now. It is oceanfront so I’m hoping it was high enough to not get damaged in the tsunami… yikes!
Besides this sale there was also an $8.7 million house sold at Kukio, which in most months would have taken top honors in price but this month only comes in second. It is the first high-end home sale in the resort so far this year. They also had an almost 2 acre lot sell for $1 million.
Outside of the resorts we had a few more house sales over a million… a very good sign for our recovering market. Topping the list is a home in Bayview for $1.7 million, then a house in Keauhou Estates for $1.1 million, and a house in Hualalai Colony for $1.1 million.
Kohala picked up the pace this month with 4 sales over a million with three of them at the Mauna Lani. A house in Campion Ridge closed at $2.9 million, a hale in Pauoa Beach got $2.3 million, and a Mauna Lani Terrace condo netted $1.6 million.
Mauna Kea got in on the act with a parcel of land selling in Kaunaoa for $2.2 million.
If luxury is something you’ve been considering… don’t wait!
The water has receded and progress is being made on returning Kailua Village, Kealakekua Bay and Kona Village Resort back to better than they were on that fateful morning of March 11th.
In Kailua Village, the pier is intact, the seawall is being repaired, and the volunteers turned out in droves to clear away the debris left by the 6-7’ front of the tsunami.
In Kealakekua Bay the house that was washed into the bay is being dismantled by guys in boats with chainsaws and divers are picking up the debris from the ocean floor.
At Kona Village Resort, they lost many of the huts as the bay in front drew in the tsunami waters moving some huts and destroying others.
The resorts reopening date is unknown. The Four Seasons next door is closed until April for repairs to its dining and pool area.
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!
The Census in Hawaii
Two districts in West Hawaii showed big increases in population in the last 10 years… no surprise to anyone who has been here those years, but how much was still startling to me:
North Kona grew by 9,332 people or a 32.7% increase between 2000 and 2010. We now have a total 37,875 residents.
South Kohala grew by 4,496 people or a 34.2% increase. That is 17,627 total residents.
That makes the combined areas population over 55,000 people… holy cow! I think it has doubled since 1990!
We are the fastest growing island in the state with an overall growth rate of 24.48% representing 36,402 malahini’s (newcomers)!
Gretchen L. Lambeth
Broker of the Year – 2000
75-170 Hualalai Road, D-115
Kailua-Kona, Hawaii 96740