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Monthly Newsletter Archive: November, 2010

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Testimonial

Thank you so much for guiding us through the sale of our condo.  It is because of your knowledge and expertise that we were able to sell it in only 4 days even in this tight economy.  I always felt you were looking out for my best interest and your quick response to any questions made me feel as though I was always a priority.  I would highly recommend you to anyone needing the assistance of a Realtor. D. Andrade, VT (read more)

West Hawaii Real Estate Update

November, 2010: Volume 7, Issue 11

Sales in Kona were off slightly for October with only 49 (houses/condos/land), about the same as July’s after the tax credits expired. In checking November’s mid-month sales we are on track to have 50+ so no need to worry at this point.

Pending sales are still holding at 173, they’ve been in the 170’s since July. About 94 of these are distressed, short sales or foreclosures, but that also means that 79 are regular sales that can close soon.

Inventory for houses and condos dropped again giving us just 572 residential properties for sale in Kona, down from 679 this time in ‘09. This trend limits the choices that people have and if it continues will eventually lead to price increases at some point. Today it is just frustrating buyers who are ready to buy but can’t find the property that meets all of their requirements, forcing them to wait until the right one comes on the market.

Kohala is officially on the road to recovery, surpassing all of ‘09’s 319 sales with a YTD total of 326… yeah! A solid 34 sales in October pushed them over the top.

To discuss your real estate needs or the market, call, email, or text me today!

Luxury Real Estate

Luxury inventory has been consistently shrinking down 20% in Kona and 15% in Kohala. So what’s for sale?

In Kona, 99 houses for sale:

● 44 are between $1M to $2M
● 19 are between $2M to $4M
●   9 are between $4M to $6M
● 12 are between $6M to $8M
●   8 are between $8M to $10M
●   7 are listed above $10M

Of these:

14 – Hualalai Resort
$3.1M to $20.5M

18—Kukio Resort
$3.8M to $14.5M

That leaves us 67 sprinkled around the rest of Kona… with the high being a 3-acre bay front home in Keauhou for $11.5M.

In Kohala, 46 houses for sale:
● 19 are between $1M to $2M
● 14 are between $2M to $4M
●   7 are between $4M to $6M
●   3 are between $6M to $8M
●   1 are between $8M to $10M
●   2 are listed above $10M

Of these:

7—Mauna Kea Resort,
$1.2M to $4.9M

11—Mauna Lani
$1.8M to $17.9M

4— Kolea in Waikoloa Beach $4.1M to $7.4M

The majority of the remaining 24 are in Puako (7) and the highest priced one is in Waiki’i Ranch at $12.8M with 53 acres.

Want to buy one?

Economic Update…

  • Foreclosures in the state were down 22% from September (1,617) to October (1,271), a good sign that we are headed in the right direction.
  • Bankruptcy filings are down in Hawaii for October, under 300 for the first time since February.  They peaked in April with 391.
  • Positive earnings reports from Hawaiian Airlines ($30.5M) and Bank of Hawaii ($44.1M) both in the last few weeks are more encouraging signs that our economy is holding steady… great news!
  • Visitor spending is still strong, up 13+% for the first nine months of ‘10 to $8.4 billion.  Up 22% year-over-year for September…yes!
  • Visitor arrivals to the state were also up almost 9% from ‘09.  And the Big Island saw an almost 9% increase as well… hot-diggity-dog!

Notes From Gretchen

I was honored by my peers two weeks ago… they awarded me the Kona Board of Realtors 2010 Broker of the Year award! The most humbling part was the standing ovation that followed… wow! It’s tough to leave me speechless but this did. It is awarded to those who have gone above and beyond in their service to the real estate community.

I also received the 2010 Distinguished Service award from the KBR Board of Directors for serving as their Treasurer and helping them return to financial stability in 2010.

What a day that was!

Economic Forecast

In the last two months I’ve had the opportunity to hear the leading economists in the state give their mid-year updates. Leroy Laney and Paul Brewbaker both think the state is on a path to recovery with a high percentage chance that there will be no “double-dip” in our future. Brewbaker is a little more positive with his early analysis looking like we will have a “V” shaped recovery, the best of all the options, but only time will tell.

They both noted the uptick in tourist arrivals and spending, although like the rest of the nation, hiring has been slow to return, hence unemployment is persistently high. Air-seat capacity however is almost back to 2007 levels… wow!

Market Snapshot

Closed in
October, 2010
For Sale in
November, 2010

Kailua-Kona:
27 Homes
17 Condos
5 Land

Sold

Kohala:
19 Homes
11 Condos
4 Land

Kailua-Kona:
317 Homes
255 Condos
245 Land

For Sale

Kohala:
168 Homes
230 Condos
132 Land

Gretchen L. Lambeth

Hawaiian Isle Real Estate, LLC
Realtor(B)
Principal Broker/ Owner
Broker of the Year – 2010

 

Office (808) 329-5667
Cell (808) 987-1012


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