Mauna Kea Resort October Market Update: Mauna Kea Beach Hotel Announces $180 Million Renovation

I am thrilled to announce that Mauna Kea Beach Hotel has received final approval from the ownership of Mauna Kea Resort for a comprehensive $180 million renovation project. Originally approved in August 2019, this project had been delayed due to the pandemic. The newly approved funding not only accommodates inflationary price adjustments but also allows for an expanded scope of enhancements. The project is slated to commence in mid-April 2024, with an anticipated completion date in early 2025.

The renovation plan encompasses a comprehensive redesign of the resort’s 252 guest rooms and suites, as well as all four of the hotel’s dining venues, including the renowned Manta restaurant. One of the most exciting additions is the extensive destination spa and infinity pool experience, featuring 11 indoor and al fresco treatment rooms, a full-service salon, and an upgraded, state-of-the-art fitness center. Furthermore, the resort will introduce new botanical garden areas, including a chef’s garden to supply the kitchens with fresh produce and a specialized garden showcasing indigenous and endemic plant species.

In addition to these updates, the Mauna Kea Golf Course will undergo a substantial transformation. Under the guidance of Robert Trent Jones Jr., this golf course will make history by incorporating the visionary work of Robert Trent Jones Sr., as well as both sons Reese and Bobby Jr., resulting in a truly unique golfing experience crafted by three pioneers of the sport. Everyone is eagerly looking forward to this exciting phase in the evolution of Mauna Kea Beach Hotel.

As we enter the last quarter of 2023 along the Kohala Coast, it is clear that the post-pandemic economic conditions and increasing interest rates have affected demand. The primary challenge in the real estate market for resort housing on the Kona-Kohala Coast remains the scarcity of high-quality inventory. The data for the first three quarters of 2023 from Mauna Kea Resort and the Kohala Coast indicates a notable downturn in sales and overall market performance. There have been significant decreases in both sales figures and total sales volume during Q1 – Q3 of 2023 compared to the previous year.

Please find below a summary of the sales data for your reference:

Mauna Kea Resort Sales

• 2023 Q1 – Q3: 18 Sales        (70% Decrease Year-Over-Year)   
• 2022 Q1 – Q3:  61 Sales      
• 2021 Q1 – Q3:   54 Sales
• 2020 Q1 – Q3:  29 Sales
• 2019 Q1 – Q3:   26 Sales

Mauna Kea Resort Average Sales Price

• 2023 Q1 – Q3: $3.19M         (20% Decrease Year-Over-Year)   
• 2022 Q1 – Q3:  $3.99M      
• 2021 Q1 – Q3:   $3.25M
• 2020 Q1 – Q3:  $2.70M
• 2019 Q1 – Q3:   $1.82M

Kohala Coast Sales Above $1M (District of South Kohala)

• 2023 Q1 – Q3: 127 Sales     (39% Decrease Year-Over-Year)
• 2022 Q1 – Q3:  207 Sales   
• 2021 Q1 – Q3:   216 Sales
• 2020 Q1 – Q3:  88 Sales
• 2019 Q1 – Q3:   81 Sales

Kohala Coast Sales Above $3M (District of South Kohala)

• 2023 Q1 – Q3: 20 Sales      (65% Decrease Year-Over-Year)
• 2022 Q1 – Q3:  58 Sales   
• 2021 Q1 – Q3:   51 Sales
• 2020 Q1 – Q3:  23 Sales
• 2019 Q1 – Q3:   4 Sales

Kohala Coast Average Sales Price (District of South Kohala)

• 2023 Q1 – Q3: $1.20M       (25% Decrease Year-Over-Year)
• 2022 Q1 – Q3:  $1.50M             
• 2021 Q1 – Q3:   $1.25M
• 2020 Q1 – Q3:  $923K
• 2019 Q1 – Q3:   $688K

Kohala Coast Total Sales Volume (District of South Kohala)

• 2023 Q1 – Q3: $408M       (42% Decrease Year-Over-Year)
• 2022 Q1 – Q3:  $698M     
• 2021 Q1 – Q3:   $855M
• 2020 Q1 – Q3:  $389M
• 2019 Q1 – Q3:   $342M

Below please find the Mauna Kea Resort’s October Real Estate Market Update highlighting recent sales, resort offerings and local events. I hope you find this information interesting and helpful*.

Notable Fall Sales:

There was a total of six (6) sales within Mauna Kea Resort in August and September of 2023.

Notably, The Hawaii Life Mauna Kea team represented the Seller and worked directly with the Buyer of a brand new custom home in the prestigious private gated community of Kauna’oa. The home sold for $7.995M in August.

Additionally, there were two sales within Wai’ula’ula. Unit E201 sold for $2.55M and duplex Villa #350 sold for $3.8M.

Furthermore, a 713 square foot studio unit in the oceanfront condominium community of Hapuna Beach Residences sold for $2.4M, a 3 bedroom developer unit in the Uplands community of Amaui Villas sold for $3.8M, and lastly, a 2 bedroom downstairs unit within Kumulani sold for $1.13M.

(Click Here) to view detailed information of all the August and September sales within Mauna Kea Resort.

New on the Market:

The Hawaii Life Mauna Kea team recently listed a Mauna Kea Fairways North classic (pictured above). One of the best locations at Mauna Kea proper, at the end of a private cul de sac, with no rooftops in the view. 6 bedrooms, 6 full baths & 1 half bath office and media room, with over 5,000+ square feet of living and 1,800 sq. ft. of covered lanai space. Includes private “ohana” above the garage. Ideal indoor/outdoor setting for entertaining family, friends, vacation rental or corporate retreat. Lots of outdoor space upstairs and down, 2 kitchens, formal and informal living rooms and the sound of water throughout. Located on the 5th fairway of the famed Mauna Kea Golf course, the home offers amazing year around unobstructed ocean/sunset and coastline views, plus Mauna Kea and Kohala Mountain views! (Click Here) to view the property details for this spectacular offering.