The first quarter 2014 residential sales at Kohala Ranch on the Big Island indicate that the improving trend we saw in 2013 is continuing into the new year. Last week’s sale of a home in the Heathers for $2,025,000 marks the first Kohala Ranch sale over $2 million since 2010.
Kohala Ranch home on 5 acres with ocean views, 6 bedrooms, pool, and tennis court sold for $2,025,000
2013 Kohala Ranch Home Sales Show Marked Recovery from 2012
Home sales at Kohala Ranch were healthy in 2013, with fourteen sales recorded. Compared with the prior year North Kohala Coast residential market, this was nothing short of an amazing recovery as the statistical summaries below show.
|Summary-2012 Kohala Ranch Sales|
|MLS Sale $||6||$550,000||$1,275,000||$890,833||$920,000||N/A|
|DOM to sale||6||9||399||213||213||N/A|
|SP to LP %||6||81.5%||100.0%||95.0%||97.1%||100.0%|
Only six homes sold in Kohala Ranch in 2012 – and half (3 of them) were distressed properties, meaning either short sale or REO (bank owned after foreclosure). Average sales price was under $1 million.
|Summary-2013 Kohala Ranch Sales|
|MLS Sale $||14||$645,000||$1,925,000||$1,216,821||$1,262,500||N/A|
|DOM to sale||14||0||537||201||164||N/A|
|SP to LP %||14||80.4%||100.0%||91.5%||92.6%||100.0%|
Not only did the number of Kohala Ranch home sales double between 2012 and 2013, only one sale was a foreclosure…and the median sales price was 37% higher!
2014 Outlook for Kohala Ranch Residential Real Estate
Three homes at Kohala Ranch have sold so far this year, at prices ranging from $1.6 million to over $2 million. Two more are in escrow, and these two will bring down the average sales price as both are listed at under $1.5 million.
There is still a diversity of solid inventory, with a big enough range of prices that many buyers should find their dream home at Kohala Ranch in 2014, keeping sales pace and pricing strong. The list price distribution of the fourteen homes for sale spans a range from $760,000 to over $4 million:
The Meadows section of the ranch, averaging around 1,800′ above sea level in elevation, has panoramic ocean views, but buyers seem to discount prices relative to the lower Heathers section, as the wind and cooler temperatures don’t appeal to folks moving up from the Kohala Coast resort environment. Few homes in the Meadows have a swimming pool, but for the buyer who wants Kohala Ranch at an under $800,000 price point, there are still opportunities in the Meadows.
Kohala Ranch Meadows home has hot tub with views and 2 lots for $1,900,000 (MLS# 265813)
The highest priced listing in the Meadows is a home purchased in 2009…but the owner has put in a number of upgrades to the previously plain vanilla home, furnished, and bought the lot next door for additional privacy. Its clever solution to the higher elevation was to put in a hot tub rather than a pool, so you can enjoy the amazing star-filled skies at night from your extra-deep jetted spa.
Asking $4,250,000 for 6,500 sq.ft. of home on 12 acres with pool and tennis (MLS# 264924)
The highest priced listing in Kohala Ranch is in the Summit area, at a similar elevation to the Meadows. This home has a well-heated pool and a tennis court…and although built in 1992, it has plenty of upgraded bells and whistles for modern tastes, like the Subzero 100-bottle wine cooler. Can it really break the $4 million barrier? In my view, anything over $3 million would be fabulous for the sellers in a recovering market.
Kohala Ranch Heathers Still the First Choice for Most Buyers
The classic buyer at Kohala Ranch would be someone who has stayed often on the Kohala Coast, possibly even owning a home or condo in one of the resorts. The two Kohala Ranch buyers I represented in the past six months both fit this profile. Especially for owners planning to split their time between Hawai’i and a Mainland location or two, the appeal of the Heathers is the year-round warm and sunny climate.
Two master bedroom pods enjoy ocean views in this Heathers home asking $1,950,000 (MLS# 263928)
Asking prices in the Heathers range from under a million to $2.8 million. I’m partial to a home built with Polynesian pole house construction, where two ocean-view master suites flank the main living space. The bonus space for this home are the rooms currently used by artist owners as their studio above the garage.
Of course, if none of the homes on the market is perfect for you, there are well-priced vacant lots for sale throughout Kohala Ranch for you to build on.
A hui hou,
Beth Thoma Robinson R(B)
You can subscribe to my blog posts at pb.hawaiilife.com.
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