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West Hawaii Real Estate Update: September, 2015

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Testimonial

Let me tell you how wonderful our experience of selling our house with Gretchen was. She was very professional and well prepared for the presentation of our property to the public. The best part of all was we had an almost full cash offer within a few days. She negotiated the counter offer expertly. All I can say is “Thank you very much for the exceptional job and swift closing.”    The Woods

Read more great testimonials on my website!

West Hawaii Real Estate Update

September, 2015: Volume 12, Issue 9

Kona sales for houses, condos, and land cleared 80 this past month with some late recordings of luxury land sales. This makes me think there could be a story here, so let’s take a look.

Land has not sold in Kona for less than $100,000, fee simple, over the last two years. Out of the 112 land sales recorded in 2015, 41 of them were listed over $1 million… that is 36% of the market! Their average price… $2.5 million, wow!

Out of those 41 almost 70% were at Kukio with 28. Five were at Kohanakiki Resort and six were at Hualalai Resort, and 2 were not in resorts.

Kukio also took the top slot for most expensive sale… at $10 million for a 1.41 acre oceanfront parcel. Kohanaiki Resort got $6.5 million for one of their golf course fronting lots, and attesting to its amazing draw, Hualalai Resort got $3 million for a lot without an ocean view!

You figure they all have an architect in tow, so construction can’t be far behind!

 

Notes From Gretchen

Once again we made the top 50 offices in the state, list put out by Pacific Business News… yay! Add that to my Top 100 Hawaii Agents ranking in the state for 2013 and 2014, and we have a very well-respected and successful office, a team effort!

The Kona market is gearing up for our high season of Fall/Winter, and it looks like it will be a good one. Inventories are down slightly but will pick up in the coming weeks as we get past Ironman on 10/10/15 this year. If you are in Kona, call or stop by and see us… aloha!

hula-girl-ivory back

Economic News

  • They have started construction on expanding Queen Ka’ahumanu Highway to 4 lanes from the harbor to the airport… yay! Delayed for well over 5 years, it is nice to have this started, but expect delays when traversing this section and note the speed limit has been reduced to 35 MPH.
  • The new $5 million hydrogen production facility will be built in Kona instead of Puna after the 2014 lava activity in that area… yay for Kona!
  • The TMT protestors have left Mauna Kea. The economic blow back on this issue is still unclear but the facilities up there generate around $20 million in spending a year and equal 275 local jobs that could be affected… the courts will decide if they can continue building… yikes!
  • The state unemployment rate fell to 3.5% in August I think we are one of the lowest in the nation now… super news!
  • Visitor counts are up 3.5% for the state in the first half of 2015… average stay is 9 days. There are now 1,053 flights per week to Hawaii… amazing!

North Kona Land Sales 1992 to July 2015

Prices for land sales under $1 million average $275,000 up from $249,000 in 2014. Currently there are 124 available.

Just Listed!

Great Location in the Heart of Kailua- Kona!

With restaurants, shopping and Kailua Pier nearby, the location couldn’t be more convenient. Watch cruise ships set anchor in Kailua Bay, spouting whales, and surf crashing into Kona’s coastline from your fifth floor lanai.

Japanese shoji doors open the bedroom to the living area to increase the sense of space. The bedroom also connects to the bathroom through a hallway lined with closets, which even has a view!

Kailua Village is a secure building with keys required to enter elevators. A deeded parking space and a nearby garbage chute add to the convenience. The pet-friendly building includes a fenced, grassy area for dog walking.

Of course, no resort complex would be complete without a pool and barbecue area, perfect for relaxing or entertaining friends. The complex is home to many successful vacation rentals.

1 BD/ 1 BA • 639 SF of Living Area
Maintenance Fee: $475/mo
Offered at $189,000
For more information or to arrange a showing, give me a call or email me.

Lending Update

Fannie Mae is working hard to get low and middle income families in to properties. To facilitate that, they have a new loan program where not just a couple can apply but the extended family members who live with them can help them qualify too.

The new program is called HomeReady and is designed for multi-generational households to qualify for buying a home. Non-occupant co-borrowers, like parents, may also be included to qualify now. This is not limited to first-time buyers.

Online classes for buyers are a requirement of getting the loan to help educate them.

Market Snapshot

Closed in
August
, 2015
For Sale in
September
, 2015

Kailua-Kona:
40 Homes
30 Condos
10 Land

Sold

Kohala:
20 Homes
11 Condos
7 Land

Kailua-Kona:
232 Homes
174 Condos
161 Land

For Sale

Kohala:
143 Homes
201 Condos
75 Land

Gretchen Osgood
Hawaiian Isle Real Estate, LLC
Realtor(B)
Principal Broker/ Owner
Direct (808) 329-5667

Top 100 Agents in Hawaii – 2013 & 2014
Creative Advertising Award – 2012
Broker of the Year – 2010


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