Archive for December 2013

Puako Puako Puako Love Puako!!   Leave a comment

OLYMPUS DIGITAL CAMERAIt’s that time of year not only for Christmas shopping in malls and on-line for the usual gifts…but also time to buy some of the finer Big Island Properties.  Sellers present some of the best properties to the Real Estate market at this time of year in anticipation of the influx of snow birds..the kind that don’t fly in on their own wing power …the kind that had one too many winters without a tropical escape.  So it’s never a surprise to see a better caliber of Real Estate, in all categories, come on to the market during the holidays.

We had a large swell come in at the end of last week and another scheduled for Christmas Day.  The surfers are ecstatic!  Winter waves are here!! DSCF6561

While the big waves rolled in, this home was listed.  It has to be one of the nicest homes in Puako…built to the standards required by Resort covenants and restrictions that do not exist in Puako.  One of the attractions about Puako, as you know, is the freedom to conform only to your tastes in a home!  Yet you can see that the homes recently built or under construction are pretty substantial especially compared to the old fishing shacks originally built here.  There are still enough of these to retain the character that makes Puako….Puako.

The mauka  property that created so much excitement has yet to close.  The other new listings of recent weeks did not generate the stir the Chin property did…was it the over sized lot?  The price?  Probably both.   All those offers in less than a week on the market was unexpected by the seller. 

 There were two sales in the last week. This home just closed today after on the market 472 days.  It was originally listed in May of 2011 for $5,650,000.  After not selling, it retired from the market for a bit and a year or so later it reentered the market in August of 2012 at the list price of $4,895,000.  The final sales price is $4,450,000 which, when one compares value based on quality of elements and design,  validates the prices of the new makai home listings.  And, miracle of miracles, ( a miracle of the season?)the multi-parcel lot next to the Sullivan Estate finally sold after literally years on the market as a bank owned property.  Not sure that the flooding issues on that property from all directions; underneath (high water table), the ocean side when there is high tide or surf and the mauka side when it rains, were mitigated. 

 

The property formerly known as One Puako, now Puako Beach Lots plans to reconfigure back to the 7-smaller lots proposed as One Puako from the current 3-lot configuration.  Prices were lowered some.  High prices and subsequent lack of interest as evidenced by no sales proves that market value per square foot does not rise equally with size.  Could  be a great time to buy this property before the 7-lot reconfiguration is completed.  It is the perfect site for a family compound with the 3-lots ready to be built on.  My thoughts are that there could be a significant discount for a sale “as is” to one purchaser!

As always, call me to set up an appointment or to talk about any of these properties(or elsewhere on the Big Island or Oahu).  Hope you spend the next few days happily surrounded  by those you love enjoying the holiday season in whatever way you choose to celebrate.  Just be safe, have fun, stay healthy, stay happy and a hui hou! 

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“Off Island Owners” “On Island Agent” Defined   Leave a comment

Mauna Lani Point Per the 2012 Hawaii Act 326 all owners of Hawaii rental properties need to have an “On Island” representative even if they reside in Hawaii on a different island from their rental property and if living outside of the State.   There has been a lot of confusion as to whether this “custodian” must be licensed or not.  The Real Estate Commission November newsletter included a good explanation of this provision.  It looks like the unlicensed individual may only work for one owner; either an individual or an entity , but not more than one owner with out a license.  This is really nothing new, just clarified again.  However there a lot of people who have built a business acting as an off island agent for many owners while not licensed.  Not passing any judgements here as I am sure most do a great job. Licensees are better educated  because of standards imposed by the State,  incur a lot of time and expense complying with license laws which demonstrates a professional commitment to service.  The license gives owners more protection and support should they need recourse.  Get the full opinion here: REC Off Island Agent Opinion

Happy Holidays to you all and may your New Year be Happy EVERYDAY!  A hui hou

Update Mauna Lani Resort   Leave a comment

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It’s been a pretty good year for Real Estate values at the Mauna Lani Resort.   Although the average price of homes sold went down this year, the number of homes sold increased from 5 in 2012 to 8 in 2013.  The numbers are skewed a little because the 2-Na Hale at Pauo’a Beach sales are counted as residential, not condo.   Condo sales and their average price rose in 2013.  There were 49 sales averaging a sale price of $800,225 in 2012 compared to the 57 sales year to date (there is still the year end closing before the new year rush yet to come) with an average price of $839,577.  The vacant land market saw a lot of action in 2013 compared to the one resale of a Ke Kailani lot for $950,000 in 2012.   2013 has so far seen 6-land sales from the low price of $675,000 for an interior Ke Kailani resale lot to the awesome oceanfront 49-Black Sand Beach price of $3,000,000 for an acre along the sea.   One of the lots that sold at Pauo’a in March for $1,250,000 is now back on the market as a home under construction, see plans by clicking here.  With all this sales induced optimism, it is looking like an even better year for Mauna Lani Real Estate in 2014.

 

Hope your holidays are so happy the joy overflows throughout the New Year.    Call or email anytime.  Take care, happy holidays and a hui hou.

 

Mauna Lani Homes Market Report

Pauo’a Market Report

Mauna Lani Condos

Mauna Lani Land