Mauna Kea Resort June Market Update: In Tight Housing Market, Certain Homes Are Reserved for Specific Buyers
In today’s housing market, buyers are vigorously competing for a limited number of properties for sale. Even with the current inventory shortage, Mauna Kea Realty is witnessing certain owners who prefer selling their homes discreetly, avoiding mass-market exposure while maintaining privacy for themselves, and/or rental guest who may be occupying the home. In the real estate world, we call this an “off-market listing” or “whisper listing.” Simply put, an off-market listing is a property that a particular Brokerage shares with a small circle of potential buyers more exclusively, often in hope of getting a deal done quickly and judiciously.
According to a recent Wall Street Journal article, “Pocket listings traditionally have been more widely used in high-end markets, where celebrity sellers might not want their homes advertised because of privacy concerns. But Redfin’s analysis showed an increase in pocket listings in many markets around the country.” The idea is that a particular brokerage or agent uses word of mouth to circulate the offering to their professional network, only sharing the property information with a select number of viable and qualified prospects. Proponents say pocket listings offer a preferred option for sellers who want more privacy or worry about letting strangers or other individuals into their homes.
Mauna Kea Realty currently has two NEW off-market opportunities within Mauna Kea Resort. For information on those opportunities as well as other off-market opportunities along the Kohala Coast, or to discuss selling your property using this method, please feel free to contact me.
Low Inventory Sends Prices Soaring
Relative to the above, the inventory shortage is sending home prices soaring at record rates. Year-to-date sales and prices on the Big Island are substantially higher than a year ago. Sales of condos during the first five months of the year were more than double compared to the same period in 2020, with 580 units sold through the end of May compared to 264 sold during the same period in 2020. The median price of condos sold through May of this year saw an increase of 32% compared to the first five months of 2020. For single-family homes, the median price during the first five months of the year saw a 20% increase compared to the same period in 2020. Year-to-date sales of single-family homes rose 43% to 1,348 homes sold, from 945 homes sold during the same period last year.
Find below the Mauna Kea Resort’s June Real Estate Market Update highlighting last month’s (May) sales, resort offerings, and local trends. I hope you find this information interesting and helpful*.
There were 4 sales within Mauna Kea Resort last month.
One of the May recordings was a sale contributed to the completion of the Hapuna Beach Residences. The Hapuna Beach Residences at Mauna Kea Resort are 68 whole-ownership condominiums ranging from one to four bedrooms in a variety of floor plans — some with pools, all with incredible ocean and coastline views located within a stone’s throw to one of the most beautiful crescent white sand beaches in Hawai’i. At this time, more than half of the units have closed escrow. Please feel free to contact me for additional information regarding available units and/or to tour the Hapuna Beach Residences.
Additionally, there were two sales within Wai’ula’ula. Duplex Villa #334 sold at its asking price of $1.79M, and four-plex unit #I101 sold after less than a week on the market for $1.465M.
Lastly, a single-family home (4BD/4BA – 2,875 SF) in the Uplands community of Moani Heights sold for $3.8M in early May. This transaction was the highest-priced recorded sale for a single-family home in the Uplands ever.
(Click Here) to view the detailed list of May sales within Mauna Kea Resort.
New On The Market
Mauna Kea Realty is offering a unique opportunity to purchase a new home in the prestigious private gated community of Kauna’oa at Mauna Kea Resort. Scheduled for completion in May 2022, “Hawaii Beach Hale” provides 4,787 square feet of single level living with six bedrooms and six and a half bathrooms and 1,553 square feet of covered lanai situated on a site of over 33,000 square feet. Being built with a Hawaiian contemporary theme, “Hawaii Beach Hale” offers a unique layout with two separate outdoor entertaining areas. The primary outdoor space with its generous pool and spa, fire pit and tiki torches overlooks the 12th fairway of the Mauna Kea golf course. Enjoy spectacular ocean and Maui views with the sound of the surf at Kauna’oa beach which is a short stroll or cart ride away offering easy access to the beach at Mauna Kea and all the amenities the Mauna Kea Resort has to offer. The builder, Brown Development, specializes in the custom design, construction, and sale of exquisitely crafted luxury homes on the islands of Maui and Big Island Hawaii. (Click Here) to view the property details and architectural renderings of the home.
HAWAII TO LIFT RESTRICTIONS ON INTER-COUNTY TRAVEL BEGINNING JUNE 15: Hawaii will end restrictions on intercounty travel on June 15, Gov. David Ige announced Friday. “People will be able to fly intercounty without restrictions — there will be no testing, no quarantine requirements for intercounty travel,” Ige said at a recent press conference. Officials said the decision to update intercounty travel rules is a response to the state’s growing vaccination rate. As of last week, just over half, 52%, of Hawaii residents have been fully vaccinated, and Ige said he anticipates that rate will be approaching 55% by the middle of June. That’s just one of a few major changes that are in the works for Hawaii’s Safe Travels program in conjunction with vaccination rates. Ige announced that, also as of June 15, fully vaccinated passengers arriving in Hawaii who have been vaccinated in the state will be exempt from quarantine and testing requirements. When 60% of Hawaii’s population has been fully vaccinated, domestic travelers who have been vaccinated within the U.S. will be able to bypass quarantine and testing with proof of vaccination. When the state reaches a 70% vaccination rate, the Safe Travels program will end, and all restrictions on businesses, as well as the indoor mask mandate, will be lifted.(www.bizjournals.com)