Who doesn’t love seeing a 100% increase in sold properties from 2009 to 2010??
Don’t pop the champagne and start celebrating yet, however… the raw numbers for sold properties in the Big Island’s Kohala Ranch neighborhood elucidate reality: 2 properties sold in the first quarter of 2009, compared to 4 properties sold in 2010.
Ranch lifestyle on the Big Island’s Kohala Coast
While it’s tempting to say the Kohala Ranch real estate market is “recovering”â€”and certainly 4 homes sold is better than 2â€”in truth there is only one other home in escrow right now (Pueo Place, listed by Hawaii Life) and 21 residences in Kohala Ranch actively on the market. That gives us roughly a 1.5 year absorption rate in the Ranch, about a six-month improvement over 2009, still indicating a Buyer’s market. (A balanced market is 6-8 months of inventory).
Of the four homes sold in Kohala Ranch in the first quarter of 2010, two were in the $800k range ($840,000 and $875,000 to be exact), while an older house in the Meadows needing significant repairs and upgrades traded for $1.3M, and a lovely 5,000+ sqft under roof estate sold in the Heathers for $2.1M.
Four parcels of land traded hands in Q1 as well – from a 3-acre parcel in the Meadows short sale at $180k, to two lots in the Heathers selling for $250k and $350k to a 10-acre parcel in the Summit for $450k.
Currently, homes for sale range from an unbuilt 2,000sqft home in the Meadows for $745,000 to an incredible 4,500 sqft estate home in the Summit on 11+ acres asking $2.9M. My personal favorite? A Hawaii Life listing, of course: Hidden Place, a completely renovated 3,200 sqft luxurious home located on 11+ acres in the summit with special historical significance. Asking $1.795M. Or perhaps you’re looking for one of the largest, best, most luxurious estate homes located on the entire Kohala Coast? Contact us for more information on this “pocket listing” not actively on the market, but with Sellers willing to let go of the crown jewel of Kohala Ranch.