Residential Sales in North Kona

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Single-family home sales in North Kona have increased by 12% over the past 12 months. The total number of closed escrows for North Kona homes priced under $4M from November 2010 to November 2011 was 431, a great improvement from the low of 204 homes sold in 12 month period from May 2008 to May 2009. The improved demand and decline in inventory appears to have caused median home prices to level off in the $369,000 – $370,000 range since August.

Condo Sales in North Kona

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Condo sales in North Kona have increased by 6% over the past 12 months. The total number of closed escrows for North Kona condos priced under $1.5M from November 2010 to November 2011 was 320. This is a great improvement from the low of 143 condos sold in 12 month period September 2008 to September 2009. The improved demand and decline in inventory appears to have caused median condo prices to level off in the $167,000 – $168,000 range since August.

Trend to Watch: Pending Ratio – North Kona Condos

One of the indicators used in the Griggs Report to track the strength of the North Kona real estate market is the Pending Ratio (see below). The North Kona condo Pending Ratio has been steadily improving since August, a clear trend based on a decrease in inventory and increase in escrow activity. The Pending Ratio for North Kona condos has risen 38% from a year ago.

Pending Ratio is the ratio of listings in escrow (pending sales) compared to the number active listing/lots for sale multiplied by 100. The Pending Ratio can be used as measure of the demand versus supply dynamic in the market place. The higher the ratio the stronger the demand versus supply balance. Eventually, this will reach the point where prices rise again.

For more information about Big Island real estate trends or available listings in West Hawaii, please contact me via email or by phone at 808.936.8134.

Note: months’ supply is determined by dividing the number of homes or condos sold in a month by the total current number of active listings.

Residential Inventory — North Kona

The chart above shows North Kona’s residential median price leveling off as the number of months’ supply of homes continues to decline in this West Hawaii district. The residential median price has been fairly stable for the past 3 months. For homes priced up to $4M, supply is 8 months. For the price range up to $500,000, supply is less than 4 1/2 months. According to the NAR, the national average in October was 8.5 months. In North Kona, the current inventory level is down 46% from peak levels of early 2009.

Price decline has clearly driven the shrinkage in supply in the North Kona residential market. For reference, a 6-month supply level is widely considered the point of stable prices and an under-3 month supply is the level that causes price increase. There are currently only 262 North Kona homes listed for sale under $4M.

Condo Inventory — North Kona

The North Kona condo inventory is really the story in this report. The condo inventory is down 59% from peak levels of early 2007. The inventory in the price range to $1.5M is down to 180 units (a 7-month supply). In the price range up to $500,000 the supply is at 6 months. There are currently 214 condos for sale in North Kona (including “detached condominiums” in the resort areas). The number of pending sales is the same as last year but inventory is down 16%. The North Kona condo median price continues to show very slight decline.

For more information about trends in other areas of the Big Island, download the full report by clicking the link at the top of this post. Or, please email me to be added to the Griggs Report monthly mailing list.

Fairways at Mauna Lani

Fairways at Mauna Lani

The Fairways at Mauna Lani is located between the Shops at Mauna Lani and the Fairmont Orchid Hotel on the Big Island’s Kohala Coast. This gated community is home to 120 luxury townhomes on a meticulously maintained 20 acres. The pool area, with its grand waterfall, rivals nearby high-end neighborhoods and is the heart of the complex. Many of the units overlook Mauna Lani’s renowned North Golf Course. Condos in the Fairways start at $439,000.

MLS 243945 is a spacious, beautifully furnished, 3-bedroom 1,933 sq ft townhome with great views of the 12th hole of the North Course. It has been nicely upgraded with special touches including tasteful use of grass cloth, giving it an extra tropical feel. This is the largest floor plan available in Fairways and it is currently listed at $739,000.

MLS 237071 is a slightly smaller 2-bedroom unit with 1,646 sq ft of living area. In this unit, which is the largest of the 2-bedroom Fairways floor plans, the main living area is downstairs and there is a large master suite upstairs that has a bonus sitting room or office space. The second upstairs bedroom suite has its own separate bath. This townhome is priced at $539,000.

Champion Ridge at Mauna Lani

Located off South Kaniku Drive, Champion Ridge at Mauna Lani is a 23.5 acre community with 33 luxury home sites. The subdivision is unique with its own 18 hole mini golf course. Two vacant lots (MLS 232795 and MLS 223834) are currently available for the buyer who is looking for an opportunity to build their own home. We toured MLS 244131, a large 4 bedroom, 6.5 bath home which offers sweeping ocean and mountain views from the living room. It has a classic modern design and offers the new buyer a stunning showplace to call home for the asking price of $2,798,000.

Emily T. Gail (RS), Jana J. Troute (DR), Rachel T. Mohammadi (RS) , Al Knauf (RS)

Sometimes it’s hard to call this work when we have so much fun together. What could be better than previewing gorgeous properties on a glorious Hawaiian morning with good friends? Even so, seeing these properties as they come on the market helps us be prepared to answer questions for our buyer clients when they identify a property that might suit their needs.

If we can be of assistance with your questions about real estate for sale on the Big Island of Hawaii, especially on the Kona-Kohala coast, please contact us.

Visit these two Waikoloa Village condos this Sunday from Noon to 4 pm:

• Waikoloa Fairways Unit A 305
• Waikoloa Fairways Unit A 302

Waikoloa Village: Condo or Houses?

Most savvy real estate buyers are aware of the relative pros and cons of owning a condo vs. owning a house:

If you want to pay fewer bills, live close to the action and not worry about major maintenance hassles and landscape decisions, you would probably love condo living – millions do!

On the other hand, do you have a hobby that takes some serious space? Do you enjoy having a garden and planting trees and flowers? Do you like to tinker and renovate? If so, you would probably be much happier owning your own house.

MLS 232596 - Waikoloa Fairways

But what about in Waikoloa Village on the Big Island? Condo or house?

On our Waikoloa broker’s caravan last week, we started the day by looking at condos recently listed for sale. Walking out onto the lanai of one particularly well-positioned unit, I overheard two Realtors commenting on the spectacular view of the golf course and the ocean beyond:

“Why buy a house when you can have all this – what a simple and elegant lifestyle!”

Hmm, I thought – so true!

A little later in the morning the tour moved on to new houses on the market in Waikoloa Village. Less than an hour after praising the benefits of condo living, a few of the members of our group made almost exactly the same comment while looking at an immaculate house with a nice big yard, landscaping that provides privacy and nearly twice the square footage as the condo:

MLS 242739 - Waikoloa Village

“Why buy a condo when you can get all this at such a great price?”

Hmm, I thought – also true!

So this got me thinking – what is it, beyond the usual “condo vs. house” arguments to consider about these two options in Waikoloa Village?

With clear advantages on both sides, the decision comes down to personal taste and lifestyle choices in most cases, but here are a few important considerations:

Age and Condition of the Structures

If you are looking at a house, what sort of deferred maintenance issues might there be and are you prepared to take them on yourself? (A home inspection and a careful reading of the Sellers Disclosure is always a very important step to the home-buying process.) If you are looking at a condo, are there good reserves? Has the roof been repaired lately? What about the pool? (Salt water pools are usually much less expensive to maintain and often indicate a recent upgrade.) Have the buildings been painted recently? Are the driveways/parking areas in good shape? Be sure to read the condo documents and association meeting minutes carefully and, whether you are buying a house or a condo, try to talk to neighbors before you buy to get the “inside” scoop.

Proximity to Amenities

If you are looking at a house without a pool, do you want to be near the Waikoloa Village community pool? Or, do you like being able to easily access a more private pool maintained by your particular condo complex? Do you want to be able get to the Waikoloa Village Golf Course without driving your car? The grocery store? The local Subway for a sandwich? Most condos in Waikoloa are close to the shopping. (Several Waikoloa Village homes are close too, but not the majority.) If you opt to buy a home, are you comfortable with the few extra minutes it takes to get to the tennis court or golf course restaurant?

John Blossom, R(S)

No matter which type of property you choose to purchase, Waikoloa Village on the Big Island of Hawaii is an affordable dry-side community with wonderful amenities, an active population, easy accessibility to South Kohala golf courses, and some of the finest white sand beaches in the world are just minutes away. It’s a buyer’s market right now – the perfect time to get in while the getting’s good!

You can find more information about the home pictured above here and the condo pictured above here. Or, please contact me for more information about market activity in the Village or a tour of properties.

Going back one year from today there have been 100 sales of real property in Waikoloa Village. 18 of these sales have happened since New Years Day 2011. Of the 18 sales so far this year, 12 of those are Waikoloa Village condos. That’s 67% of sales this year!

Waikoloa Fairways A 305 - Lanai overlooks the 3 hole of the Waikoloa Village Golf Course

View MLS 232596 Property Detail page for additional photos and map

It is no surprise that buyers are recognizing the value in investing in Hawaii’s Big Island condo market now. Sellers are motivated, many properties, such as MLS 232596, are in top shape (with furnishings often included) and interest rates are still near the best they have ever been. For those interested in higher-end units, now is an especially attractive time to write an offer — before sales of luxury units pick up and bring higher priced comparable sales back into the mix.

Waikoloa Fairways Unit A-305 is great example of the amazing value available now. This is a top-floor, top-end luxury condo with exquisite furnishings in a gated community overlooking the Waikoloa Village golf course. High-quality appliances and granite counter tops define the kitchen, which opens up to the spacious living/dining room which, in turn, opens up to the shaded and screened lanai overlooking the Number Three green and offering expansive ocean views. Enjoy the great pool at your complex, the nearby huge community pool and park and the Waikoloa Country Club and shopping just up the street.

John Blossom, R(S)

Comfortable and luxurious with every detail attended to — that’s the only way to describe the private, quiet, care-free living that Waikoloa Fairways offers, all for under $400,000!  This condo project also has a proven, lucrative vacation rental program to keep your investment earning money while you are not in Hawaii.

Imagine yourself in the lap of luxury in Waikoloa Fairways — now is the time to make that dream come true! Please contact me for more information about MLS 232596 or about other Waikoloa Village properties.

OPEN HOUSE: MLS 240466 Open Sunday From 1 PM to 4 PM

Chaiki Yamada, R(S) will be at MLS 240466 on Aeo Street from 1 pm to 4 pm on Sunday. This Hind Subdivision property is a 4-bedroom home with incredible Kona Coast views. Designed by Roger Brasel, this gracious home has a gourmet kitchen and a large deck for entertaining. There is even room for small boat storage.

OPEN HOUSE: MLS 242022 Open Sunday from Noon to 4 PM

Villas at Keauhou Estates residents enjoy many amenities including a pool and rec area

Chuck Taylor, R(S) will be at MLS 242022, a new Villas at Keauhou Estates listing, on Sunday afternoon from noon to 4 pm. Gated for privacy, Villas at Keauhou Estates is the premier condominium project in Keauhou. The 57-unit project has many amenities including tennis courts, a pool, spa and recreation area. The unit open on Sunday is a 2-bedroom, 2-bath ocean view unit.

Learn More

Please visit the property detail pages for maps or to contact the listing agents with questions about these properties. For more information about real estate on the Big Island of Hawaii, please contact one of our five Big Island offices to speak with an agent.

Kolea at Waikoloa Beach Resort - condos and villas with easy access to Anaeho'omalu Bay

If you are looking for spacious luxury near all the action on the Big Island’s Kohala Coast where you can enjoy your own private slice of true oceanfront beauty, look no further than Kolea in Waikoloa Beach Resort. Luxury condominiums command the higher ground in Kolea, each with a huge great room opening onto a magnificent shaded lanai surrounded by groomed and immaculate tropical landscaping. Free-standing custom homes situated within steps of the ocean offer the sought-after luxury experience that defines Kohala Coast living.

View all Kolea condos, homes and land for sale

During a recent Broker’s Open House, I had an opportunity to tour one of these stunning Architectural Digest–quality homes. The verdict:  Kolea provides a dream-like tropical setting no matter which way you turn to gaze.

Many of these homes are part of exclusive world-wide luxury home time-share pools…and why not? Seasonal residents of Kolea are here to enjoy the Hawaii vacation lifestyle at its best. With all the restaurants and entertainment available at the nearby resort hotels, a gourmet food store within walking distance and top-end designer shopping at the Kings’ Shops or Queens’ Marketplace, your rental car may very well spend its vacation time parked in its reserved space!

If you are in the market for a luxury vacation property on the Big Island that will spoil you for life, or if you have made the decision to retire here, include Kolea on your list of Kohala Coast possibilities. What could be more inviting than a Hawaii getaway within walking distance of beautiful Anaeho’omalu Bay?

John Blossom, R(S)

A few of the Kolea properties currently on the market are short sales and foreclosures and there are opportunities at wide range of price levels (from a 2 bedroom condo listed at $525,000 to a 3 bedroom home currently listed at $6,500,000). I would be happy to share more in depth real estate market trends with you. Please contact me for more information about Kolea or other available Kohala Coast oceanfront properties.

The Hilo Lagoon Centre is located on Aupuni Street in Hilo's business district

Hilo Lagoon Centre

Located in the heart of Hilo in the Kaiko’o business district, Hilo Lagoon Centre provides residents the simplicity of condo living combined with easy access to Hilo’s famed bayfront and historic downtown area. Not only can you walk from the Hilo Lagoon building to get your coffee fix at Just Crusin’ Coffee on the corner of Aupuni Street and Kilauea Ave, there are also several restaurants within walking distance and the State and County buildings are nearby as well.

Wailoa River Park

Unit #625-MLS 236425

Recently reduced in price, Unit #625 (MLS 236425), which overlooks the lagoon at Wailoa State Recreation Area, is currently the lowest priced 2 bedroom unit available on the market. (MLS 233722 is also priced at $159K, but it is a one bedroom unit. MLS 233445 is a studio with a Murphy bed listed for $119,500.)

For more information about this unit, please contact me or my co-lister Adele Eggel, R. If you’re unfamiliar the Big Island condo market, we’ve also provided a recap of condo sales in Hilo since the beginning of 2010 below.

Hilo Condo Sales Since 1/1/2010

Where Condos Sold:

Learn more about the difference between Fee Simple and Leasehold ownership on our Big Island real estate FAQ page, or give me a call and I’ll be happy to explain more about East Hawaii condo complexes.

Elima Lani Condominuims in Waikoloa Village on the Big Island's Kohala Coast

One of the fun things about living in Hawaii is simply to think about the fact that you live in Hawaii. Here, you can decide on the spur of the moment to toss a folding chair in the car and then drive just ten minutes to watch a sunset on one of the world’s greatest beaches. Knowing that (unlike many of those around you) you didn’t have to take vacation time, arrange for a house sitter, pack bags, fly across the ocean and pay to stay in a hotel just makes watching for that green flash all the more enjoyable.

Elima Lani #804 - MLS 241498

Even if you do live on the mainland, knowing that you own your condo here lends a more genuine feeling of “home” when you are on-island. And what better time is there to consider a sunny and luxurious Waikoloa Elima Lani condo than today at such great prices!

It still is a buyer’s market, but buying activity has increased and inventories are starting to shrink, especially in Elima Lani. If you have been waiting for the best prices, you may want to consider making a move now.

Where else can you find two private bedrooms on opposite sides of the living room (which opens onto a covered lanai), parking, lush landscaping, swimming pools, a spa, tennis facility and golf nearby – for under a hundred-thirty grand?

John Blossom, R(S)

Naturally it is an advantage to consider a turn-key furnished condo such as MLS 241498.  Unit #804 is a great unit with its own assigned parking spot.

View Details and Photos for MLS 241498

This is a well-priced listing, so it may not last long. There are only 3 units available right now in the complex (9 are in escrow and 5 have sold since early November).

Contact me anytime for a showing – and see you at the beach!

Wait.

What?

It’s not a mistake. Although there were the same number of condos sales (29) this year as there were last October, the median price sale dropped by $72,000. These will be the numbers making headlines within the next few days, so we decided to take a closer look. This is how the numbers break down by district:

(Chart does not include one 2009 South Kona sale. Leasehold properties are included.)

Why?

The short answer:  short sales and foreclosures.

According to MLS data, 8 of the 29 condos that sold last month were short sales. The median price of those short sales:  $285,000. Similarly, 9 of the 29 condos that sold last month were REO/foreclosure properties. The median price of those sales:  $235,000.

In Perspective

Here are two sets of numbers that tell more of the story:

Big Island Condo Sales from 1/1/2009 to 10/31/2009

Total Sales: 265 | Median Price: $295,000

Big Island Condo Sales from 1/1/2010 to 10/31/2010

Total Sales: 429 | Median Price: $259,000

The trends are evident these numbers. Yes, median price has fallen sharply. But, the pace of sales has also picked up significantly this year. This may explain why the words “watch inventory levels” are starting to be spoken more often in conversations about Big Island real estate market trends.

Kona-Kohala Coast Short Sales

Mauna Lani Resort short sale | Sold for $352,888

Short sales are getting easier in some cases, but Dawn Clark of Clark Realty-Kona reports that several buyers who started out looking at short sales in West Hawaii have, after encountering roadblocks in the process, opted to focus on foreclosures or well-priced non-distressed listings instead.

Cindi Morgan, an agent at Clark Realty-Mauna Lani, closed a Golf Villas at Mauna Lani Resort short sale last month. She notes that this sale took only 4 months, in contrast to the one-year escrow she had with her previous “short” sale transaction. “Buyer and seller expectations must be realistic for short-sale transactions to be successful,” she says. “Even though we are all much more familiar with the process now than we were just a few years ago, each lender is different. It will still take a lot of patience to get to the closing table.”

Please contact a Clark Realty agent for more information about district trends or about a particular condo project. Or, use our Advanced Search page to browse listings by district or subdivision.