Now that 2022 has arrived, I thought it might of interest to look back at the Mauna Kea Resort real estate market in 2021. Mauna Kea Resort and the greater Kona-Kohala coast enjoyed one of its best years ever with regard to real estate sales.
In 2021 there was a total of 72 closed sales within Mauna Kea Resort which represents a 22% increase compared to the 59 sales closed transactions in all of 2020, and a 132% increase compared to 31 closed transactions in all of 2019. The 72 sales in 2021 were the most closings ever recorded in one calendar year within Mauna Kea Resort! Furthermore, there was approximately $226 Million in sales volume recorded within the Mauna Kea Resort in 2021 which was a 26% increase compared to the $180 Million in sales recorded in 2020.
The substantial uptick in the number of sales and volume was induced by two primary factors. First and foremost, 2021 witnessed remarkable levels of demand in our market driven by a newfound sense of urgency from Buyers coming out of quarantine in dense cities where the Covid-19 virus is still running rampant. This led to a large increase in the desire for real estate in less-dense, clean, and environmentally healthy locations (like Hawaii) with more overall space, a relatively low rate of infections, and year-round outdoor living to enjoy with loved ones. The second factor that led to the unprecedented number of sales can be attributed to the completion of the Hapuna Beach Residences. 25 of the 68 Hapuna Beach Residences at Mauna Kea Resort closed escrow in 2021. At this time, 47 of the 68 developer units have closed escrow and 12 units are currently under contract.
As we enter into the new year, we expect the over-arching theme of 2021 to continue and be one of rapid and resounding growth. There will be the ongoing trend of fully or partially-remote work opportunities as companies continue to revise their work from home policies, higher asset prices and motivation for enjoyable living spaces outside of the city. As a result, “secondary markets” (a term which, by virtue of this trend, may become obsolete) have seen a continued increase in demand as people leave major metropolitan areas in favor of less crowded and more spacious, safe, and health-conscious surroundings. The market may slow slightly because of an inventory shortage and higher interest rates, but we are already witnessing and expecting even higher trades, high-profile buyers, and an increase in overall volume.
As a result of a very strong year, Mauna Kea Realty’s inventory of available properties is very low. As we progress through the winter season there is need for additional inventory in all segments of the market, particularly behind the main gated entrance to the Mauna Kea Resort. The current lack of inventory is sure to create a demand for owners who may be considering selling.
If you have considered selling, or would like to explore that option, this is an opportune time to take advantage of a strong and bullish market. If you have any questions about recently sold properties or if you are curious about the value of your property, our team is here to help. Feel free to contact me with any of your real estate questions. I look forward to continuing to provide you with the highest level of personalized real estate services in Hawaii.
Below please find a breakdown of the 2021 sales categorized by community or sub areas within the Mauna Kea Resort.
2021 Sales Breakdown
(Click Here) to view the locations of the respective communities below.
Fairways South: There was one (1) single family home sale that traded for $7.825M or $1,625 per square foot. For detailed information on this sale in the Fairways South (Click Here).
Fairways North: There were four (4) sales, two single family homes and two vacant lots. Most notable, a 3 bedroom 3.5 bathroom (2,428 SF) single family home at Fairways North #26 sold for $6.195M or $1,807 per square foot. For the complete list of 2021 sales in the Fairways North (Click Here).
The Villas: Villa #33 was the only Villa that sold in 2021. The unit sold for $3.35M. The 2,684 square foot 2 bedroom 2.5 bathroom unit in its oringal condition sold after 119 days on market (DOM). For details on the Villa sale (Click Here).
Kauna’oa: There were a total of six (6) sales. Most notable, a 5 bedroom 6 full bathroom and 2 half bathroom (6,674 SF) single family home sold for $18.5M or $2,777 per square foot after only being on the market for less than 3 months. Furthermore, four (4) vacant lots sold at an average price of $2.6M, and one (1) Halia Hale townhome sold for $4.495M after only 1 DOM. For a detailed list of 2021 sales within Kauna’oa (Click Here).
The Bluffs: A second row single family home consisting of approx. 9,000 interior square feet sold last August for $11.25M. The home is made up of 6 bedrooms, and 6.5 bathrooms. (Click here) to view the property details of Bluffs #20.
High Bluffs: A vacant lot in the High Bluffs sold for $900K last August. (Click Here) to view the property details of High Bluffs Lot #8.
Wai’ula’ula: There were a total of seventeen (17) sales. Ten (10) four-plex units sold, (6) duplex Villas sold, and one (1) standalone detached unit sold. The four-plex units had an average sales price of $1.41 Million and an average of 88 days on market (DOM). The duplex Villa units had an average sales price of $2.15 Million and an average of 82 days on market (DOM). For a detailed list of 2021 sales within Wai’ula’ula (Click Here).
Kumulani: There were six (6) condominium sales with an average sales price of $1.16M with an average of 16 days on market (DOM). For a detailed list of 2021 sales within Kumulani (Click Here).
Moani Heights: There was one (1) single family home sale within the Uplands Community of Moani Heights that sold for $3.8M. For a details (Click Here).
Hapuna Beach Residences: Twenty-five (25) of the 68 Hapuna Beach Residences at Mauna Kea Resort closed escrow in 2021. For a detailed list of the Hapuna condominium sales (Click Here).
Hapuna Estates in the Uplands: There was a total of nine (9) sales. Most notable, a 5 bedroom 5.5 bathroom (4,293 SF) newly constructed single family home sold for $5.8M. Furthermore, eight (8) vacant lots sold at an average price of $1.14M. (Click Here) to view the property details.
Below please find new offerings within Mauna Kea Resort as well as local trends.
New On The Market
Currently, there is an off-market single family home being offered for sale on the ocean side of the highway at Mauna Kea Resort. Please feel free to contact me for photos and additional information regarding this rare opportunity.
Furthermore, Mauna Kea Realty is proud to announce the fourth offering by Greg Brown of Brown Development in the prestigious private gated community of Kauna’oa at Mauna Kea. “Makai Hale” is situated overlooking the private Weiskopf-designed Par 3 Practice Course with sweeping golf course views out to the signature water feature.
Under construction and scheduled for completion in January 2023, “Makai Hale” provides 4,288 square feet of single level living with five bedrooms plus a media room and six bathrooms and 1,466 square feet of covered lanai situated on a site of close to 27,000 square feet. “Makai Hale” offers a unique layout with two separate outdoor entertaining areas.
The primary outdoor space with its generous pool and spa, outdoor kitchen, and tiki torches overlooks the golf course while the secondary interior courtyard space provides additional outdoor space to read, relax and enjoy. Top-of-the-line appliances and high-quality finishes coordinated with the assistance of Shirley Wagner of Fine Design Interiors, “Makai Hale” will be the next shining star within this quality community located in the iconic Mauna Kea Resort.
“Makai Hale” is located in close proximity to the path to the world-famous Mauna Kea beach. Walk or bike to the white sand beach of Kauna’oa Bay providing all the amenities the Mauna Kea Resort has to offer. Golf cart access is also an option to drive near the beach with convenient parking located at the bottom of the path for Kauna’oa homeowners.
Owners within Kauna’oa will enjoy the benefits of the Kauna’oa Homeowners Clubhouse facility including a fitness center, pool, spa, indoor and outdoor massage hales, meeting room, concierge services and the private Weiskopf Par 3 practice course with no tee times required. Mauna Kea Resort Club benefits are also available to the new owners of this very special home. (Click Here) to view the property details and architectural renderings of the home. Please feel free to contact me for additional information.
HAWAII REAL ESTATE DEMAND EXPECTED TO CONTINUE IN 2020: After a record-breaking 2021, the demand for Hawaii residential real estate is expected to continue in the new year, according to local brokers.
With no signs of letting up, Matt Beall, CEO and principal broker of Hawaii Life told Pacific Business News just before the new year that fourth-quarter sales in 2021 may have outpaced those in the first three quarters. “When the dust settles, “I think we may be surprised by the results.”
“Inventory is as low as it’s ever been, but properties are getting “snapped up” at the fastest pace it ever has, selling almost immediately as it comes on the market,” Beall said. But big numbers are still anticipated in the first quarter of 2022.
When looking at luxury and ultra luxury market trends for the new year, Beall thinks there will be more private transactions, off-market sales and “trades that we can’t talk about.” Demand won’t go away and it’ll be more difficult to find inventory in those markets, he said.
“And I actually do think we’ll keep having those kind of ‘catnip moments’ of crazy sale prices and celebrity purchases, and I think 2022 will have a lot of drama, just like 2021,” Beall said. “It may not be quite the same intensity … and I think some of that will be given by just the pace of the inventory, but I don’t think we’re done yet. I think this round is still going.”
Beall expects record-breaking, “very large sales, probably on all the islands, but I’m not convinced that it’s going to be at the same intensity and aggregate as 2021. [But] it would not surprise me if it did, I’ll say that …” (Source: www.bizjournals.com/)