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Keauhou Estates Price Drops and Short Sales

While Kona’s moderately priced home sales are skyrocketing, the luxury market is still lagging. Keauhou Estates, a gated luxury community overlooking Keauhou Bay, has some great buys.

Amazing Coastline Views

The most remarkable is “The Dolphin House”. This stunning 3 bedroom 3 1/2 bath home was released to market about two months ago at $1,750,000. The owner wants it sold so they just dropped the price $375,000 to $1,375,000. All the more remarkable is the seller paid $2,400,000 just a little over two years ago. Now that’s a million dollar price drop!

Another home worth considering is a  4 bedroom, 6 bath home at 78-6803 Kuhinanui Way priced at $995,000, an amazing price for this neighborhood. The seller paid $1,380,000 way back in 2007.

Looking for a resort style home with killer views, walls that disappear, infinity pools and state of the art kitchens all just minutes from the shopping, restaurants, beaches and golf courses of Kona?? Look to Keauhou Bay for a bargain. A luxury bargain that is.

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Justin - Head Web Head

February 22, 2010

I can see why they call it the Dolphin House.

@Erik, why do you think Big Island luxury real estate is lagging?

Justin - Head Web Head

February 22, 2010

I can see why they call it the Dolphin House.

@Erik, why do you think Big Island luxury real estate is lagging?

Erik Hinshaw R(S)

February 22, 2010

Great question Justin. I used to think it was because mortgages were hard to come by in this price range. But that is simply no longer the case. All four of the properties in that price range that have sold recently had conventional financing. We are past the days of cash only. Also the unemployment rate for high wage earners that can afford this price range is less than 3% so it isn’t job losses either. I just think people are waiting. I would caution anyone waiting at this time. Those who were waiting for prices to drop further in the lower price range are currently out of luck. There is very little left on the market. That has to happen soon in this price range too.

Erik Hinshaw R(S)

February 22, 2010

Great question Justin. I used to think it was because mortgages were hard to come by in this price range. But that is simply no longer the case. All four of the properties in that price range that have sold recently had conventional financing. We are past the days of cash only. Also the unemployment rate for high wage earners that can afford this price range is less than 3% so it isn’t job losses either. I just think people are waiting. I would caution anyone waiting at this time. Those who were waiting for prices to drop further in the lower price range are currently out of luck. There is very little left on the market. That has to happen soon in this price range too.

Lunch with the Pros « Hawaii Real Estate Market

March 15, 2010

[…] in the real world, real transactions, in this market, where business has turned into assisting with short sales, foreclosures and REO’s. It’s a great feeling to know that the seasoned Hawaii Life […]

Lunch with the Pros « Hawaii Real Estate Market

March 15, 2010

[…] in the real world, real transactions, in this market, where business has turned into assisting with short sales, foreclosures and REO’s. It’s a great feeling to know that the seasoned Hawaii Life […]

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