Will this beautiful home just listed in Keauhou Estates (MLS# 248815) break the $2 million dollar sales mark? I think it just might.
A little background first, no homes have sold in Keauhou Estates for more than $2 million since the financial crisis began in Fall of 2008. In the prior 5 year period, one in five homes sold in this gated community went for $2 million or more.
All of the other homes currently on the market in Keauhou Estates and priced over $2 million have been listed for a year or more. One has been listed for over 4 years. That’s a pretty tough market and I think there will definitely be some negotiating for any of these to sell. Full price offers and multiple offers are unlikely.
This lack of luxury sales is not limited to Keauhou Estates either. This has been a very slow selling price point for Kona. In all of 2010, only one home in Kona sold for between $2 and $3 million. We have had a lot more activity at higher and lower price points. This middle range has been extremely quiet.
But as time passes, the mid-range luxury market is finally starting to pick up. Three homes priced between $2 and $3 million here in Kona have sold so far this year. By the number of calls and inquiries I’ve been getting, and offers I’ve been writing, I predict a few more in this price range will sell before year end.
It is a tough price range for both buyers and sellers. Sellers are less likely to be distressed and therefore more willing to hold firm on price. Buyers have a lot of good choices and no buyer wants to overpay in what is still very much a buyer’s market. It’s all about negotiations and knowing the market in this price range.
So, back to the question at hand, will this home be the one? I think it just might.
Just listed, this fresh home has a lot to offer: amazing views, stylish architecture, a stunning kitchen, and a smart floor plan. Unlike the other homes currently on the market in the neighborhood, it was also just recently built in 2006. Most of the others were built during the Clinton years.
I have a few other homes on my short list of next to sell in this price range, but this one is definitely near the top.