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“ Gretchen was by far the best real estate agent that I’ve worked with! She has a very direct & professional style with an attention to detail that is second to none. Overcoming difficulties during the sale and matching people with the perfect place for them (which is no easy feat sometimes)! are also two of her strengths. I would not hesitate to use her again and can recommend her wholeheartedly! ” P. Childers (read more)
West Hawaii Real Estate Update
October, 2010: Volume 7, Issue 10
Third quarter sales pushed Kona 40% higher than sales the same time last year… yippie! Overall for the year we have now sold 582, or more than all of ’08 or ’09… wow!
I was recently asked just what does the residential market in Kona look like… great question! If you take out land sales and everything listed over $1 million, here it is:
Out of these sales 111 (23%) were short sales, 122 (25%) were foreclosures, for a total of 48%distressed.
If we break these numbers down even further we will find that house sales are up 48% and condos are up 99% from the same time in ‘09, meaning that prices have adjusted to where buyers are excited about buying again. Even land sales are up 65% over ‘09… wow! That means better news for the construction industry since most of those buyers will build in the near future.
Call, text, or email me today for more info on the market in your area!
Luxury Real Estate
More good news for the construction industry in the luxury arena in Kona! Of the 65 properties sold so far in ‘10 and priced over $1 million, 24 of them were vacant lots. The lion’s share of those were in Kukio Resort with 17. Hualalai had five and there was a 400-acre tract at Hokukano Ranch and a commercial lot in town. That is 37% of the market and most likely means there is a lot of construction being planned.
House sales make up the 2nd highest category with 30, representing 46% of the market. Of these sales Kukio again gets top honors with 10, Hualalai had 5 and the other half of the market was made up of homes in town. The highest-priced sale outside of a resort was $2.7 million for a home on five acres. Hualalai has top honors for the highest-priced sale this year in Kona at $14.5 million.
The condo sales listed over $1 million in Kona showed 10 in Hualalai and 1 in Kukio… the highest price paid was $5.4 million.
Kohala had 35 luxury sales—14 houses, 13 condos and 8 lots—making for an even 100 combined sales for Kona/Kohala.
The highest house sale was $12.9 million at the Mauna Lani which was on the market for 1,008 days… wow! The highest condo sale was at Waikoloa’s Kolea for $2.5 million. And the top land sale was also at the Mauna Lani for $5.5 million.
As Seen In The News…
Good news just keeps coming for Hawaii and Kona! Anyone of these alone might be considered insignificant but combined I think it is an extremely positive news that is good for real estate:
Notes From Gretchen
It is nice to see real estate sales in West Hawaii pulling out of their slump… and doing it so well! The market is busy with eager buyers and sellers who are ready to sell… what a great match!
Market inventory is continuing to shrink which will eventually lead to sellers pricing slightly higher and holding stronger to those prices. The tide is already turning in houses which may fall below 300 available in the very near future… a first since ‘07.
So buyers, if you want the lowest possible price don’t wait too much longer. It is only a matter of time before we see price increases…. call, email or text me today to discuss the market and how I can help you!
Kohala’s 3rd quarter sales held with 101, giving them 289 for the year. This puts them on a track to beat ‘09’s total of 319. Here is what their residential numbers look like if you take out the land sales and residential over $1 million:
Out of these 41 (17%) were short sales, 65 (27%) were foreclosures, for a total of 44% distressed.
House sales are languishing up only 1% but condos are doing well up 66% from ‘09 and land sales here are up a respectable 23%.
Gretchen L. Lambeth
Hawaiian Isle Real Estate, LLC
Principal Broker/ Owner
Office (808) 329-5667
Cell (808) 987-1012