The private oceanfront recreation area at Ke Kailani - A hidden Kohala Coast surprise

A Surprise in Paradise

Hidden within the Big Island of Hawaii’s Kohala Coast Mauna Lani Resort is a little known luxury subdivision that goes by the name of Ke Kailani. This subdivision consists mainly of lots stretching to the ocean and designed for single family homes. The hidden surprise within Ke Kailani is a private oceanfront recreation area that includes thatched roof barbecue pavilions, an oceanfront pool and plenty of open green space where family members of all ages can play. During the winter season, of course, there’s the added bonus of enjoying the shows put on by the visiting whales just off the coast.

MLS 240339

Al Knauf, R(S)

Currently listed in Ke Kailani, MLS 240339 is an almost-oceanfront 1.24 acre lot with spectacular ocean and mountain views offered at $2,500,000. This property fronts the South Course, one of Mauna Lani Resort’s two golf courses. (The other Ke Kailani lot available now is MLS 205437, a 35,511 sq ft lot.)

Another advantage of ownership in the Mauna Lani Resort is access to the Mauna Lani Advantage Program which, in addition to the two championship golf courses, includes tennis, spa and private beach club privileges and numerous other perks.

Please contact me for additional information about the Ke Kailani subdivision, the history of the project or about the properties currently available. Or, if you are searching for a Big Island home that is move-in ready, I would be happy to arrange a personal tour of Kohala Coast luxury properties that will suit your needs and to answer your questions about Big Island real estate opportunities.

This article originally appeared in Waikoloa Whispers, a privately-owned publication distributed to Waikoloa residents.  Posted here with permission from the Editor, Phyllis Ann Knauf…Al assures us he asked!

Al Knauf R(S) Kohala Coast Mauna Lani office

Part 1: Mortgage Plans to Consider
Part 2: Waikoloa Village Real Estate Update – May

Mortgage Plans to Consider

30-Year Fixed Rate Loan:  The 30-year fixed-rate loan is the most traditional and conventional product on the market.  The interest rate associated with the loan is “fixed,” which means that it will not change over the course of that period.  The loan payment never changes.

Adjustable-Rate Mortgage:  An adjustable-rate mortgage (ARM) still has a place in mortgage financing.  This is a mortgage that changes rates over the course of the loan.  The initial term is 1, 3, 5, 7 or 10 years.  The interest rate then changes to a higher rate.  An adjustable-rate mortgage can be right for buyers who want a lower payment now, even though they can afford a higher payment.

Convertible Mortgage:  These are ARM loans that allow you to covert to a fixed-rate loan at or before a specified time.  It lets you start off with a low variable rate, then lock in a fixed rate at a later date.

Interest-Only Mortgage:  An interest-only mortgage is a mortgage where the buyer is only paying the interest on the loan every month.  Most interest-only loans will, at some point, require the buyer to start paying down the principal; however, for the interest-only period (which could be as long as 10-years), the borrower only has to pay the interest to the bank.  At the end of the interest-only period, the buyer owns very little, if any, of the home.  If real estate values rise, the homeowner might be able to make a profit.  However, if values drop, the homeowner could end up with no equity in a house worth less.

Why consider an FHA loan? An FHA loan may be a good choice for people at all income levels.  It requires a down payment of only 3.5 percent.  FHA terms allow you to include closing costs into the mortgage.  In later years, it provides cash-out refinancing for things such as college or home improvements.  As with any loan on which the down payment is less than 20 percent of the home’s value, mortgage insurance is added to the monthly payment.  In addition, 1/12 of the annual homeowners insurance and property taxes are added to the monthly payment.

Waikoloa Village Stats for May

RESIDENTIAL:

Available: 60  Last report: 74  Lowest: $199,000  Highest: $795,000
In Escrow: 27  Lowest: $179,000  Highest: $649,000
2010 Sales: 25  Lowest: $239,900  Highest: $518,000

CONDOMINIUMS:

Available: 50  Last report: 61  Lowest: $89,000  Highest: $635,000
In Escrow: 16  Lowest: $83,900  Highest: $325,000
2010 Sales: 10  Lowest: $89,000  Highest: $380,000

VACANT RESIDENTIAL LOTS

Available: 20  Last report: 22  Lowest: $69,000  Highest: $425,000
In Escrow: 7*  Lowest: $99,900  Highest: $120,000
2010 Sales: 8  Lowest: $72,000  Highest: $102,000

*There is one additional lot in escrow consisting of 12.28 acres along Eleele Street that has “preliminary approval and engineered for a 22-lot subdivision.”

Note: Numbers above based on MLS data as of 5/29/2010.  Al’s Waikoloa Whispers article also contains 2009 sales stats for comparison.  To receive a copy of the printed article, please email Al.  For inquiries about Waikoloa Whispers, please email whisperswaikoloa@aol.com.