Archive for the ‘South Kohala Real Estate Agent’ Tag

Waikoloa Market Update ~ October 2017   Leave a comment

Aloha and happy Monday to you! The Waikoloa market is going strong with slightly more than 3% appreciation in the last 3-months, click here for: Full Market Report, over the previous three (click here for: homes sold in that period).

The previous three included several bank owned homes to lower the average price. Inventory is still limited. There are more buyers than inventory. Buyers today are less likely to invest sweat equity, preferring a home in good condition, ready to move in and priced at market. Homes within these parameters will sell in days to buyers waiting for the right home at the right price. Not a bubble market where everything sells at any price. You can see this reflected in the full report that shows homes overpriced or in poor condition still languishing on the market. Saw some new homes finished well that did not seem grossly overpriced finally sell when the price was lowered to the market value. There are a lot of buyers who are patient and exercising good judgement. Banks continue to expand their loan programs to be more accessible to a wider range of buyers while adhering to conservative lending practices. No funny money if you can breathe loans!

Rental market remains very tight and monthly rental rates continue to rise. Average rent in Waikoloa now hovers between $2,000-$2,500 per month. Unemployment is very low with a strong construction and high visitor counts. There is a labor shortage in many sectors and lack of rentals discourages new labor sources.

There are developers starting to move on purchasing shovel ready projects or dusting off their plans to get ready to start building more homes. The Vista Waikoloa project is an appealing project of around 30 or so homes starting around $600,000. It is another Town home project with good design and finishes.

Ainamalu at Waikoloa Beach Resort is a very attractively priced community for resort homes. It is a green development offering photovoltaic power, propane farm piping gas to the homes (rare to have this set up on the Big Island) and eco-friendly construction. No great views but beaches within walking and biking distance is a big draw as are the Greenways throughout the neighborhood. The soon to be built community center is pretty WOW. They are moving forward with construction steadily and expect to start delivering completed homes soon. Demand is very solid for this project.

Please feel free to call anytime to discuss Waikoloa further. Always good to hear from you!

Aloha and a hui hou~
Karen E. Bail, RB-16072

808-936-4640

Fax: 808-883-2263

kebail@aloha.net

http://www.KarenBail.com

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HawaiiCon 2017 at The Mauna Lani Bay Hotel + Bungalows    Leave a comment


The most unique experiences in fandom happen at HawaiiCon. Go on an adventure tour with your favorite celebrity or join them at their table during a pool side lu’au by the beach. 


Passes to convention required to participate in all add-ons including tours, workshops, and photo-ops.


HawaiiCon 2017

Date: 9/14/2017 – 9/17/2017

Address: Mauna Lani Bay Hotel & Bungalows, 68-1400 Mauna Lani Drive Kohala Coast, HI 96743

Hours: Thu, Sep 14, 2017, 7:00 AM – Sun, Sep 17, 2017, 11:00 PM HST

Cost/Cover: Starting at $10.00

Web Page: http://www.hawaiicon.com/

Contact Info: DaveMinkus@hawaiicon.com


Photo + Article courtsey of: http://www.whofish.org + hawaiicon.com

Karen E. Bail

808-936-4640

Fax: 808-883-2263

RB-16072

kebail@aloha.net

http://www.KarenBail.com

Puako for Buyers   Leave a comment

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Aloha.  It is starting off to be another beautiful week in Hawaii with the return of the cool stirrings of the Tradewinds.   Clear skies, fresh air…..Hawaii!

The time has never been better to be a buyer for Puako property.  While much of the Island’s most desirable areas have limited inventory, there has never been more properties for sale in Puako in my entire career (selling here since 1989).   By clicking on this market report covering sales over the last 3-months (wait…what sales?!?) you can see that there are 17 homes* and lots for sale with three properties in escrow

The last quarter of 2015 and early first quarter of 2016 saw fourteen properties come to market.  All but four are still on the market. Two of the three in escrow were listed then, all priced at the lower end of the price range.  (Two of the three are our Elite Pacific Properties listings) Two sold although one that sold was actually on the market nearly two years priced 17% higher, then given a “rest” from Multiple Listing Service, a refreshing practice to make it appear as a new listing. Understand the buyer had looked at it earlier and made the offer soon after the price was reduced. The best Puako value, Puako #80, was listed only a few weeks ago and in escrow within days because of its location, charm and excellent pricing.  Word on the streets is it was purchased by one of its regular vacation rental guests.  The other oceanfront home in escrow has been in escrow for months but is another example of a well-priced, well located property considered to be a good value given its extra-large, deep set lot with a classic beach house.   The lot next door to this home, another great value is still for sale, click here to see.  Although there have not been any sales over the last 3-months, there was total of 8-sales between August of 2015 and March of this year.  You can see what sold by clicking here for that report.

At least three of the oceanfront properties on the market have been trying to sell for literally years.  We can suspect that this is mostly due to their prices.  I have shown them to several clients who felt their perception of value was not equal to the sellers perception of value.   Limited inventory in the past gave sellers the luxury of pricing to meet their needs.  Add to that that sellers are not always educated as to how the differences between homes affects their values. Puako is a community without CC&Rs which is very attractive to most of those who call Puako home.  This leads to a mixed basket of homes; from rustic beach cottages to grand oceanfront estates.  It is difficult to determine values since we really have to compare mangoes to bananas.  Harder still for a seller to price to sell if he doesn’t understand how these differences affect their value in the marketplace of today.  That is the job we agents have to do!  But right now, my job is to educate you so you make the right choice as a buyer.  Having all these choices now at this time of year makes it an awesome time for us to find your perfect Puako home.  Or if not Puako, we will find you one somewhere else on this beautiful Island!

Give me a call or shoot me an email and let’s jump on this opportunity now.

 

*Puako Kai is 2-CPR homes on one lot listed separately (2X) and together (1X).  It has been on the market 18-months, listed with three different Brokerages. Now at 20% off the original list price of $2,350,000.

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! 

Kohala Ranch Sunset Open House 7/18/13 4:30 – 6:30   Leave a comment

Kohala Ranch Sunset Open House July 18 4:30 to 6:30Have you been thinking that Kohala Ranch might be the perfect place for you to call home?    Any plans this Thursday, July 18, 2013, between 4:30 and 6:30?  We are holding these two Kohala Ranch homes open during the late afternoon sunset hours.

Both are located in The Heathers of Kohala Ranch.  This is the preferred neighborhood of all the Kohala Ranch neighborhoods.   The appeal of the location at low, near ocean elevation and the unique to The Heathers  terrain offering more wind protection than upper elevations of Kohala Ranch  attracted many of today’s Heathers residents.   Each home has a different feel, features, floor plan, finishes, views and location.

Take this opportunity to see if one will call you home to Kohala Ranch!!

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Red Wine and Chocolates are to be enjoyed while you tour this home at 59-576 Ka’ala Road

White wine, Prosecco and Rose will be served with some nice cheeses, including Big Island chevre, at 59-316 Oma’o Way.

 

 

 

 

 

 

 

Waikoloa Village Residential Market Report   1 comment

The Waikoloa Residential Real Estate market, along with most of the Big Island and State, is returning to robust health, shedding distressed properties and OLYMPUS DIGITAL CAMERAbeginning its upward price climb as the number of homes on the market falls. The University of Hawaii’s Economic Research Organization charts following the average sale prices since 1980 indicate 8 to 11-year periods or cycles between the high points and low points of market activity and value. They saw our low point in the 2nd quarter of 2009 and their data since indicates definite rise in values. Please note that these are statewide reports. The Big Island markets in general (Hualalai Resort and Kukio live in their own worlds) tend to lag behind Oahu but as this Waikoloa Village Report clearly shows; we are in about the third year of recovery. Given the length of previous Real Estate cycles, can we expect another bubble in 2017? Maybe…who knows what forces will affect the pace of recovery but at this point, a healthy market is upon us.

Looking at the Waikoloa Residential market we see a small first quarter average sale price drop of 3.3% from the 4th quarter of 2012. This small decrease in the 1st quarter 2013 low can be attributed to the short sales entered into escrow many months before in 2012 finally closing. Short Sales usually endure long closing periods while negotiations go on between the lender and the borrower/seller. One short sale opened escrow last July 5th but did not close until March 15th of this year at $250,000. This price reflected an earlier market. Yet the 2013 1st quarter bottom price of $224,900 was a pretty awesome 27% higher than the low 2012 first quarter price of $175,000.

The 2013 1st quarter average price of $335,369 was 21.6% higher than the 1st quarter 2012 average price of $275,732. We also saw a decrease in number of sales given the decreased inventory at the end of 2012. At the same time we had the highest sale in over 6-months at $620,000. This is a 28% increase over the 2012 1st quarter high sale of $445,000.

So if that wasn’t exciting enough; the second quarter was crazy!! We not oWaikoloa Village Moonrise May 23 2013 (1)nly saw significant changes comparing 2nd quarters of each year but also when comparing the first to the second quarter of this year. The lowest price rose 8% quarter to quarter, from $224,900 to $243,000 but an amazing 37% year to year. (Q2 2012 low price was $177,000). But it gets better when we compare the highest priced sale; a 45% gain over the same quarter of 2012 ($440,000 in 2012 vs. $640,000 in 2013) and a minor 3.3% increase over the 1st quarter high price of $620,000. We see the number of sales in this range increasing with the market prices. People who were not distressed could afford to wait for a better market to move. It got better and they moved. They increasing quality of homes entering the market indicates they are still moving!! There were 4-sales over $400,000 in the 1st quarter of 2013 but 11-sales over $400,000 the 2nd quarter. Compare this to 2-sales over $400,000 in the 1st quarter of 2012 and 3-sales the following quarter of 2012. Above Waikoloa May 2013 (18)

The number of distressed sales dropped significantly compared to the number of short sales in the 1st quarter of 2012; 11 distressed sales in the first quarter of 2012 down to only six selling the 1st quarter of 2013. We still see some a few homes around the village in various stages of neglect that for some reason are not being brought to market by their Lender owners. However, lenders prefer to sell at the low end of the market once they decide to sell. Not at this time expecting to see these depreciate the market once they are available.

The inventory of homes on the market is at its lowest in 10-years at least. We began this week with 28-homes for sale in Waikoloa but 4-homes were just listed  to bring us up to a total of 32. There are 23-homes under contract to sell. From January 1st of this year we saw 48 homes sell. This translates to a less than 4-month supply of homes on the market. Low inventory levels put pressure on prices to move them up at a steady pace. If the trend continues we may see quarterly appreciation of approximately 4%. Trends can never be guaranteed given the influence of so many outside factors , (famous disclaimer “past performance is not necessarily indicative of future performance”) but things are definitely looking bright in the Waikoloa Residential market. Click here to see the report covering the current state of the Waikoloa Residential real estate market.Waikoloa Village Pool

The Waikoloa Village condo and land market analysis is under way and should be in your mailbox soon. Please call or email if you thinking it might be the time to buy (interest rates still low, prices going up) or sell or just to talk about the market. As always, stay well; take care and a hui hou!

Kohala Ranch, North Kohala, Big Island of Hawaii   Leave a comment

Kohala Ranch after the rainsThe Big Island’s Kohala Ranch is a gated equestrian community of over 3500 acres conveniently located between the Kohala Mountain Road and Akoni Pule highway along coast.  It begins at approximately 100 feet above sea level, within range of the whale songs, to cool up country ranch lands 3000 feet above the Sea.  Four legged pedestrian; horses, wild pigs and cows  have the right a way on the roads thru these  range lands. Kohala Ranch residents

Those who chose to call Kohala ranch home today live among the different climates of the distinct neighborhoods of Kohala Ranch.  The Heathers is at the balmy elevation of about 100 feet above the sea to 1,000 feet.  The Meadows lies between 1600 and 2100 feet above sea level and then the Summit from approximately 1600 feet to over 3,000 feet above sea level.  Micro-climates from ocean tropical arid to cool, misty uplands are found here.   Located in the ahupua’a ( historic land division) of Waika, between the Kawaihae and Kahua districts of Kohala, this area is as rich in history as it is in beauty.  Cherished then as now for the vista across Kahuwai-o-pili of an amazing panorama from the mountains to the sea.  Today the beauty of this place continues to awe both the lucky to live here and the lucky to visit .Kohala Ranch vistaKohala Ranch over view

Early Hawaiians established productive fields amidst the sandalwood forest of Waika. It is believed that sweet potatoes were grown along Kahuwai-o-pili, erroneously labeled on many maps as Keanahalulu.  Today one can still see the walls and terraces of these old fields in the pastures of Waika and Kahua.  Even the Hei’au walls,  where agricultural and cultural practices were taught, still stand scattered thru the pastures.

The sweet potato fields and Sandalwood of Waika and Kahua impressed the next wave of settlers with their abundance and stewardship.  The Sandalwood forest were harvested and sold as one of the early commodities of post-contact Hawaii.  Subsequent introduction of cattle by ocean voyaging Europeans seeking to establish stores of provisions ended the farms and sandalwood.  Cattle ranching practices were introduced and taught to the early Paniolo in nearby Kahua, where walls of the first corrals, pens and a homestead still stand as relics of those first Paniolo. Kohala Ranch was once part of these pastures. Almost 40 years ago, circumstances and conditions changed for the ranchers.  They sold these pastures to be developed into the  Kohala Ranch we know today

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Note old corral walls in background