As the year progresses, a consistent market trend I’m seeing in the Mauna Kea Resort and surrounding resort communities on the Kohala is that tourism continues to drive the economy and the real estate market, as evidenced by the increasing percentage of U.S. mainland and foreign buyers. The continued statewide growth in tourism is driving investment in Hawai‘i’s real estate market, especially here on the Kohala Coast.
Bump In Air Travel Capacity Drives A $69M Kona Airport Improvement
Airlines will bring more than one million air passengers to the state of Hawai‘i this month, up 12.4% compared to last May. According to Hawaii News Now, more than 100,000 of those air passengers will arrive into Kona in the month of May, a 61% percent increase from last year. This bodes well for the Mauna Kea Resort and Kohala Coast real estate market.
Kona gets new flights from Portland and 11,000 more airlines seats arriving from the San Francisco Bay Area, and its Japanese air capacity will nearly double to almost 10,000 seats, now that Japan Airlines has joined Hawaiian Airlines and is flying direct from Japan to Kona. In correlation to the increasing number of air seats, this year’s first quarter saw a 10.1% bump in Hawai‘i visitor spending compared to last year, up to $4.82 billion statewide for Q1 2018.
As Hawai‘i air arrivals continue to increase, lawmakers signed off on a $69 million expenditure for the construction of a federal inspection station at the Kona International Airport, which will facilitate the arrival of even more international flights. The sign off approved by the legislature ensures a robust economy for the Big Island.
Hotel Occupancy & Room Rates Are Up
In addition, Hawaii hotels statewide reported strong results for February 2018 compared to a year ago, highlighted by the statewide average daily room rate rising to $294, up 8% from last year. Occupancy is also increasing to 85.6%, up 1.9% from last year, according to the Hawaii Tourism Authority (HTA). HTA director of tourism Jennifer Chun was quoted as saying, “Kohala Coast stood out with exceptional growth in revenue per available room (RevPAR) and average daily rate (ADR), complemented by high rates of occupancy.”
Mauna Lani Undergoes $100M Renovation
While on the topic of hotels, The Mauna Lani Bay Hotel & Bungalows on the Big Island’s Kohala Coast will shut its doors in October for large-scale renovations projected to cost in excess of $100 Million. The renovations are expected to take 14 months and will include the addition of three pools to the south lawn and $30 million spent on room upgrades. Patrick Fitzgerald, a partner at DiamondHead Land, which purchased the Mauna Lani last August from a subsidiary of the Japan-based Tokyo Corp., said renovations have been in the works since his group acquired the resort.
Mauna Kea Realty – A Hawai‘i Life Company recently listed one of the most desirable and best located Hali’a Hale townhomes within the private gated community of Kauna’oa at Mauna Kea. Listed at $3.75 Million, the townhome is perched high atop Kauna’oa’s natural ridge-line.
Hali‘a Hale 4A is elegantly furnished, has never been rented, and is being sold in “move in” condition. The 4-bedroom, 4.5-bath unit has the feel and size of a custom single-family home, without the maintenance hassle. Hali’a Hale 4A has over 3,100 square feet of air-conditioned living space, 985 square feet of covered lanais and patio, together with a 750 square foot, 2-car garage. Please click here for a virtual tour of this spectacular new listing.
For a complete list of condominiums, residential properties and vacant land properties currently available along the Kohala Coast, please click here.
I hope you find this Mauna Kea Resort April Sales update interesting and helpful. In it, I highlight recent significant sales and our featured properties at Mauna Kea Realty – A Hawai‘i Life Company.
There were five closed transactions within Mauna Kea Resort in the month of April.
The Villas community continued to showcase an abundance of activity in the month of April, as two Villas that were listed by Mauna Kea Realty sold. Villa #20, a 2,684-square-foot, 2-bedroom, 2.5-bath unit sold for $2.875 million. Please click here to view the property details.
Villa #29, one of only three original 4-bedroom, 4.5-bath units sold for $4.75 Million. Please click here to view the property details.
Two units sold in the Uplands community of Wai‘ula‘ula in the month of April. A phase II duplex Villa sold for $1.6 Million. The approximately 2,500-square-foot, 3-bedroom, 3-bath unit was built in 2015 and was an original developer sale. Please click here to view the property details.
Furthermore, Mauna Kea Realty represented the Buyer of a unit in the B four-plex building. The approximately 2,000-square-foot, 3-bedroom, 3-bath unit sold for $1.3 Million. Unit B-201 enjoys unobstructed ocean views looking down the 15th fairway of the Hapuna Golf Course towards the Pacific ocean. Please click here to view the property details.
Lastly, a vacant land homesite in the exclusive community of Kauna’oa sold in April for $1.45 Million. Mauna Kea Realty represented the seller and worked directly with the buyer of Lot #10. The 1.05-acre perimeter homesite overlooks the 10th fairway and green of the Mauna Kea Golf Course and offers unobstructed ocean views. Please click here to view the property details.