Mauna Kea Resort November Market Update: Hawai’i Now Open For Travel Without Quarantine
It has been a joy to witness the reopening of the Mauna Kea Beach Hotel. A fresh sense of normalcy is filling the air combined with the chattering sounds of homeowners and hotel guests enjoying themselves on the beach at Kauna’oa Bay as live music resonates from the Copper Bar above.
As for resort real estate on the Kohala Coast, conditions continue to strengthen as we become accustom to a bullish market. For instance, within Mauna Kea Resort we have witnessed 21 sales over $3M through the first 10 1/2 months of the year. Remarkably, 11 of those 21 sales over $3M closed escrow within the last month and a half. The 21 YTD sales is a 250% increase compared to the average output during the same period in each of the past 3 years when there were 3 sales above $3M in 2019, 8 sales over $3M in 2018, and in 2017 when there were 6 sales recorded over $3M.
From a macro perspective, sales of high-end homes in Hawaii are on track to surpass the total number of sales and dollar volume of that in 2019. Statewide, there were 213 transactions of more than $3M during the first nine months of 2020 compared to 206 such transactions during the same period in 2019. Statewide sales volume for high-end homes (over $3M) totaled $1.09 billion for the first three quarters, compared to $1.1 billion last year, despite the Covid-19 pandemic.
Mauna Kea Realty’s parent company Hawai’i Life just released their 2020 (Q1-Q3) Hawai’i Luxury Market Report. The report states Hawai‘i Life and Mauna Kea Realty was the statewide market leader in sales over $3M, representing 64 of the 419 sides of business to date this year, making our team the leading brokerage statewide in high-end listings and sales, with 15.27% of the market share of all sales above $3M. Furthermore, our team represented 5 of the 20 sides of business that closed above $10M this year, capturing a 20% market share in the very highest end of the luxury market. Over the past five years, Hawai‘i Life and Mauna Kea Realty have led the market, representing 42 sides of business in this price segment (over $10M). Our nearest competitor in the space, the private club of Kūki‘o in North Kona, has represented 17 sides of business. The Big Island Luxury Market Overview can be found on page 23 of the report. The report states, year-to-date high-end sales on Hawai‘i Island are outpacing 2019 in both number of transactions (+15) and total dollar value (+16.7%), for a total dollar volume of $288.7M.
You can access the full 2020 (Q1-Q3) Hawai’i Luxury Market Report by (Clicking Here).
Find below the Mauna Kea Resort’s November Real Estate Market Update highlighting last month’s (October) sales, new resort offerings, and local trends. I hope you find this information interesting and helpful.
There were 14 sales within Mauna Kea Resort in the month of October. The bulk of the sales were 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. Seven condominiums at Hapuna Beach Residences closed escrow in October, ranging in price from $1.69M for a 700 SF studio to $7.995M for a ground floor 4 bedroom 4 bath unit featuring a private pool. Please feel free to contact me for additional information regarding available units and/or to tour the Hapuna Beach Residences.
As for the other 7 October sales, in the Uplands one condominium within Kumulani sold as well as a single family home within the community of Moani Heights. There were 3 sales within Kauna’oa including one vacant land homesite, one Hali’a Hale Townhome and a single family “spec” home that is currently under construction, which sold for $7.395M. Furthermore, Villa #35 at Mauna Kea sold for just under $4M after only being on the market less than a few of weeks. Lastly, a 6 bedroom 8.5 bathroom (9,500 SF) single family home located in the Fairways North sold for $7.5M.
(Click Here) to view the detailed list of October sales within Mauna Kea Resort.
Newly Listed Property Of The Month
Fairways South #22 was recently listed for $2.8M. The 3 bedroom 3.5 bathroom single family home is all one level, no steps, no stairs. The home consists of 3,435 interior square feet and is situated on well located private lot with expansive ocean views surrounded by open space common area. (Click Here) to view the property details of this new listing.
HAWAII IS THE HAPPIEST STATE OF 2020, ACCORDING TO NEW STUDY: In a year plagued by a life-changing pandemic, the naturally socially distanced state of Hawaii ranked as the Happiest State in America, according to a WalletHub study. The study was conducted by looking at each of the 50 states with 32 metrics, the results gave top honors to the nation’s 50th state. To attempt to best measure happiness, WalletHub used three dimensions on a 100-point scale, weighting “emotional and physical well-being” with 50 points and “work environment” and “community and environment” with 25 points each. As a state, this isn’t the first contentment study that Hawaii has topped. For seven years, it also placed first in Gallup’s overall well-being rankings. (www.travelandleisure.com)