2014 Real Estate Update | Big Island Residential Club Communities
The Big Island’s real estate market has been interesting to follow this past year with healthy activity for virtually all categories of real estate along the island’s west coast region. Low interest rates and attractive prices are keeping buyers active. The following is a market summary for private residential club communities where I represent both buyers and sellers.
Hokulia has been making a comeback. The community’s new investors, Sun Kona Finance LLC, have made some great improvements to the club facilities, creating a new era for Hokulia’s club members. The renovations of the dining facility and bar this past fall are fantastic.
At this time, Hokulia has two residential homes actively for sale on the MLS at $5,750,000 and $7,750,000. There are 24 active vacant land listings for sale between the ranges of $399K – $2.5M with one currently in escrow. Approximately six homes are under construction including a few in the design review process.
The feedback that we are hearing from existing club members is that, under its new leadership, there is an increased level of confidence that 2015 will be an active year for Hokulia.
Peaceful Luxury Retreat at Hokulia | Feature Video
2014 has proven to be the Shores at Kohanaiki Resort’s most successful year since its 2013 Grand Opening. Kohanaiki broke ground on its future club house of approximately 70,000 sq.ft. and has started construction on their custom single family Hales designed by Shay Zak. They are very close to being under contract on all of their Hale Maia Townhomes.
Plus, the project’s long-anticipated new entry roadway is expected to be completed soon. According to Hawaii Information Service (MLS), 21 properties are currently under contract and projected to close in 2015. The summary of YTD sales for 2014 include 13 vacant lots and 2 homes, equaling a sales total of over $28M.
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According to MLS, the 2014 YTD sales within Kukio/Maniniowali are comprised of 10 homes, 1 cottage, and 13 vacant lots, with a total sales of approximately $93M, with only 1 lot currently in escrow. MLS sales data indicates there has been an influx of several brokerages representing both buyers and sellers within the communities of Kukio/Maniniowali. Taking into consideration last year experienced two significant sales, both sold for over $20M, 2013 had experienced a sales total of over $156M.
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What’s interesting is that Kaupulehu experienced a significant increase in land sales this year. MLS reports (YTD) a total of 13 vacant lots sold within the Kaupulehu development, however 8 of the 13 lots sold were purchased by one party in October 2014. It will be interesting to see what develops over the next few years at Kaupulehu.
Hualalai Resort Community
Sales trends at Hualalai continue to stay on target similar to last year’s sales totals. In 2014 YTD, 36 properties have sold at Hualalai, which are comprised of 7 homes, 16 condos, and 10 vacant lots, with a total sales volume of just over $140M. According to MLS, there were 44 properties sold in 2013 within the Hualalai community, ending the year with over $140M in total sales volume.
Kau’ulu Estates at Hualalai Four Seasons Resort | 75-155 Ka’ulu St. | (MLS# 278609)
If you would like more information about real estate trends or to keep up to date with the current real estate market here on the Big Island, please visit my website Carrie.HawaiiLife.com and be sure to subscribe to my blog.