Big Island

Mauna Kea Resort April Market Update

In the first quarter of 2020, we saw 9 closed transactions within Mauna Kea Resort, superseding the Q1 totals from each of the past 4 years. In the first three months of 2020, we saw $29.5M in sales volume within the resort, or a 198% increase from Q1 2019 when we witnessed 6 sales making up $9.9M in sales volume, and a 188% increase from Q1 2018 when there were 6 recorded sales for $10.5M in volume. The disproportionate sales volume in Q1 2020 should partly be credited to two sales that recorded for over $6M. An approximate 8,000 square foot single-family home comprised of 5 bedrooms and 5.5 bathrooms located within the prestigious Bluffs community sold for $6.75M in January and a completely remodeled approximate 4,100 square foot, 4-bedroom,  5.5 bathroom single-family home in the Fairways South sold for $7M in late January.

Surprisingly, today we are still carrying out numerous in-person showings (with face masks and proper social distancing) at our current “for sale” property inventory. Many people that were staying at the hotel or vacation renting within the resort prior to when the pandemic started affecting the United States in late February decided to extend their stay once California and many States alike implemented shelter in place rules and regulations.

I have an optimistic outlook on what the future holds for the Kohala Coast market as our economy begins to recover and people start traveling again. As history has shown, the Kohala Coast has fared better than other markets during slowdowns. As many of you know, in April 2018, Mauna Kea Realty merged with the state’s leading luxury brokerage firm, Hawaii Life. Overall traffic to hit a 3-year high in late April, passing 10k users in one day. People are at home, online, looking at real estate in Hawaii and it is not going unnoticed that Hawaii is the 3rd least infected State in America in terms of COVID-19 and the lowest number of cases per 100,000 people. The safe haven and tranquil oasis of the Kohala Coast are looking more and more desirable.

Find below the Mauna Kea Resort’s April Real Estate Market Update highlighting April sales, resort offerings, and local trends. I hope you find this information interesting and helpful.

April Sales

In April, there were three closed transactions within Mauna Kea Resort. Despite the global impacts of COVID-19, there have been 12 recorded sales within Mauna Kea Resort through the first four months of 2020, compared to 11 sales through the first four months in each of the last two years year, and 9 sales in 2017 over the same period of time. No one knows with complete certainty how coronavirus will impact the real estate market long-term, but thus far, the Kohala Coast market remains fairly stable outputting above par activity in terms of deals done within Mauna Kea Resort. We will continue to keep an eye on these trends as the year progresses.

Mauna Kea Realty represented the Seller and worked directly with the Buyer of Fairways South #8 which sold last month for $2.905 Million. The newly renovated home is made up of 3 bedrooms and 2.5 bathrooms consisting of 2,567 interior square feet. The recent Seller had purchased the home in April of 2017 for $1.925M and did a complete remodel, including the floors, counter tops, walls, cabinets, lighting, appliances, showers, plumbing fixtures, air conditioning, and pool finish/equipment. (Click Here) to view the property details.

Mauna Kea Realty represented the Seller and worked directly with the Buyer of a classic older Mauna Kea residence. Fairways South #29 which sold in late April for $1.65 Million. The 4-bedroom, 3.5 bathroom had been offered for sale on and off the market over the past couple of years and is in need of updating and TLC. (Click Here) to view the property details. Kumulani C-1 sold in mid-April for $830K. Located in the Uplands community of Kumulani, #C-1 is a 1,215 square foot ground floor unit comprised of 2 bedrooms and 2 bathrooms. The unit offers sweeping ocean views and has a large wrap-around lanai. (Click Here) to view the property details.

For a Complete List of Condominiums and Residential Properties Currently Available at the Mauna Kea Resort (Click Here).For a Complete List of Vacant Land Properties Currently Available at the Mauna Kea Resort (Click Here).

Local Trends

RESORT HAPPENINGS: Mauna Kea Resort, along with most of the other hotels in Hawaii, closed for business on April 1, 2020. In addition, the Mayor issued an emergency proclamation stating that all Short-Term Vacation Rental activity was to cease as of April 13, 2020. Mauna Kea Resort is using this temporary closure as an opportunity to fumigate and eradicate wood-destroying organisms. The entire hotel, as well as the golf clubhouse, has been tented to eradicate any existing termites. Hotel management predicts that they may start taking reservations again as soon as June 1, 2020, but this is still to be determined as there is still a mandatory 14-day quarantine in effect for all visitor arrivals.

HAWAI’I ECONOMY BEINGS FIRST PHASE OF REOPENING: The governor’s latest proclamation allows “low-risk” businesses to reopen, so long as they follow social distancing guidelines to mitigate the spread of COVID-19. Governor Ige said during a news conference the businesses eligible for reopening include retail businesses and services, non-food agriculture, astronomical observatories and support facilities, car washes, pet grooming services, nonprofit organizations, shopping malls, and wholesale and warehousing operations. Health care providers also will be allowed to resume elective surgeries. These businesses can reopen as part of the “stabilization phase” of the state’s gradual economic recovery plan, Ige said. A previous emergency proclamation allowed florists, car dealerships, automated service providers, mobile service providers, one-on-one service providers, certain estate services and golf courses to reopen last week. Ige said the primary consideration for determining which businesses can reopen was how effectively they can implement social distancing protocols. The reopening’s come after 14 consecutive days during which the number of new COVID-19 cases in the state stayed in the single digits. Other restrictions might be lifted in the future but will remain in place for now, including prohibitions on social gatherings, use of beaches for non-exercise purposes, access to state parks or the reopening of places of worship. With more businesses and activities open to the public, Ige said the state’s stay-at-home order will henceforth be referred to as a “safer-at-home” order. (Source: Hawaii Tribune)

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