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Beth Thoma Robinson, R(S)

“I believe in the power of place and I believe in the power of the written word and the stories we tell. Those are good reasons I found my ‘place’ on the Island of Hawaii, and they are also reasons why I blog,” says Beth Thoma Robinson R(S). Why Hawaii? Why the Big Island? Which lifestyle and location? Which is the best way to buy or sell my Hawaii home? How do I bring over my horse? Being a real estate specialist in the districts of North and South Kohala on the Big Island is a wonderful challenge for someone with an analytical mind and a love of the outdoors. Beth might be found sitting open house and watching whales frolic from an oceanfront resort listing one day, and driving prospective buyers off-road across a large ranch acreage with views of snow-capped Mauna Kea the next. A prolific writer, Beth also shares her manao on Twitter, ActiveRain, Trulia, and Zillow.

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More Horse Properties in North and South Kohala

Posted by Beth Thoma Robinson, R(S) on February 2nd, 2010 | Tags: , , ,

Covered arena at Waikii Ranch Equestrian Estate

I got another call last week from a couple looking for a horse property on the west side of the Big Island–somewhere between Kailua-Kona and the Hawi area (North Kohala), close enough to a harbor where he can keep his boat.  They knew that Puu Lani Ranch near Kona has horse facilities and a number of properties listed at short sale and foreclosure prices.  The question was what other locations would allow the equestrian access to an arena, with trails for riding.

Of course the Waimea (Kamuela) area in South Kohala is home to Parker Ranch and has that paniolo cowboy flavor…many neighborhoods remind me of my childhood in Colorado.  Without question the best equestrian facilities in a gated community belong to Waikii Ranch on the Saddle Road, and you will have a lot of company for trail riding.  Lots at Waikii Ranch are 10 acres and more, and begin at $250,000.  The lowest price home at Waikii Ranch is currently just over $1 million…and the highest is a breathtaking $18.5 million for a true equestrian estate which would be suitable for serious horse breeding and training.

Oceanfront horse property in North Kohala

Is this YOUR Hawaii Life?

Upcountry Hawaii locations have their advantages, and “winter” weather there is cool enough that you might need a jean jacket or windbreaker.  While there is no other Big Island “ranch” gated community with established facilities to compare with the community arena and polo field at Waikii, there are other options.  There are several privately owned boarding facilities I can recommend where my new client could keep her horses while they selected a home an ideal distance from his boat.  For example, Waikoloa Village has stables and is about equidistant from the harbors at Honokohau and Kawaihae.

Another solution would be to buy in a neighborhood with riding trails, and build your own barn and arena.  For the buyer who is interested in extensive facilities like the Waikii Ranch property, but wants what we all think of as a Hawai’ian climate rather than Rocky Mountain summer, my suggestion would be to buy a 20-acre  lot in the Ranch at Puakea.  Not to be confused with Puakea Bay Ranch immediately to the north, the Ranch at Puakea is an oceanfront community, where you could literally ride to the waterfront.  The developers of exclusive Ranch at Puakea (only 3 oceanfront and 10 oceanview parcels) are themselves horse owners and are breaking ground on their home at the Ranch.  Start with a $1.2 million lot, and for well under that $18 million price tag you can build a beautiful residence with horse facilities tailored to your needs. More »

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Mauna Lani Point Versus Halii Kai – Kohala Coast Oceanfront Condos

Posted by Beth Thoma Robinson, R(S) on January 18th, 2010 | Tags: , , , , ,

Mauna Lani Point Ocean View

Mauna Lani Point and Mauna Lani Terrace are two of my favorite examples of spots where the seeker of foreclosures and short sale opportunities will be disappointed.  The most recent sale at the Mauna Lani Point on the Kohala Coast was over a year ago, in December 2008, when a 1502 sq ft, 2BR/2.5BA condo sold for $1,820,000.  There are eight units on the market, an unusually high number because the usual sale of 4 or 5 a year ground to a halt as sellers held prices steady and buyers trolled for “screaming deals.”  But today, a 2BR/2.5 bath condo listed at $2.2 million shows as being in escrow!

The condo in escrow had the highest asking price of any on the market, a prime 2nd floor unit overlooking the signature 15th hole of the Mauna Lani golf course.  The condo has 1504 sq ft, a spacious lanai, and a renovated kitchen, which is important since the project was built in 1986.

The views, and the location near the Mauna Lani Beach Club will always create a demand for Mauna Lani Point. The disadvantages compared with newer projects?  Carports rather than garages.  The lanai is large, but you can’t barbecue at your own home…owners can take their coolers to community grills and eat on tables there or haul the cooked food home.  The big question is whether the sale price will be close to asking price or reflect a discount similar to what other Kohala Coast condominium projects are experiencing, where prices have fallen by 30-50% from the market peak, driven by short sales and foreclosures.

Halii Kai Ocean View

Meanwhile, a few miles south as the crow flies, there was a price reduction on a Halii Kai 3BR/3BA overlooking the signature 12th hole of the golf course with a lanai off the dining room and another off the master bedroom, garage–and having been built in 2006, the expected stainless steel appliances, granite counters and African mahogany cabinets.  Originally purchased for over $ 2 million and until recently listed at $1,895,000, it is now a short sale price at $999,000.  Remember that in a short sale the price will be subject to lender approval and there is no guarantee that approval will be given.  However, with an oceanfront 3BR/2BA short sale having recently sold at an astonishing $875,000, the price seems to be supported by the comps.

Whether you are looking for long-term appreciation or simply to enjoy the best of the Kohala Coast resort lifestyle, these are the two choices with that special golf and intimate ocean view.  One way or another, the current price gap looks like an anomaly that the market will work to eliminate.  Which means either Mauna Lani Point prices have a big drop ahead, or Halii Kai prices will have a big gain in years to come.   Watch this space!

A hui hou,
Beth Thoma Robinson R(S)

Direct: 808.443.4588   Email: beth@hawaiilife.com

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Foreclosure on Raw Land near Hawi, North Kohala

Posted by Beth Thoma Robinson, R(S) on January 13th, 2010 | Tags: , , , ,

Want to buy 20 acres near Hawi at a “fire sale” price?  A new foreclosure listing in the Puuepa Ranch subdivision in North Kohala was just released at $642,900 and is sure to attract interest!  This parcel was purchased by the previous owner in 2006 for $1.2 million.

Historic Site Below Puuepa, Hawi

Although there are many larger acreages sold in North Kohala and elsewhere on the Big Island at prices double what the current market value would be, lenders were never as aggressive with land loans as they were with residential mortgages, so few of them appear on the market as REOs (foreclosures).  That makes this a rare opportunity. More »

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Are Kohala Coast Real Estate Prices Headed Up?

Posted by Beth Thoma Robinson, R(S) on January 3rd, 2010 | Tags: , ,

I’ve noticed over the past couple of weeks a continual chatter back and forth between the members of the Big Island Hawaii Life team as we show and write offers on properties on the Big Island’s Kohala Coast–especially short sale and foreclosure properties.  Luckily, Hawaii Life prepared a Notice to Buyer Clients for us to share with our prospects that explains EXACTLY how we will operate on behalf of both our buyer clients and the sellers of properties we may have listed, in the situation where different agents or the same agent are representing multiple buyers with similar interests. (Contact us if you’d like to see a copy!)

But today a bigger problem unexpectedly reared its head.  I have several prospects and clients in town wanting to see real estate best buys on the Kohala Coast, and I am running out of inventory to show!  For example, at my favorite Waikoloa Beach Resort condo properties, there is only one active REO (bank-owned) listing at Kolea and the oceanfront one at Halii Kai.  According to the listing agents they are getting multiple showings a day and at these prices it can only be a matter of a day or two before they have offers.  At Halii Kai today I had a prospect wanting to see our office’s two short sale listings but they decided why bother because there already offers in on both listings.  I have another client staying there who doesn’t want the smaller 2-bedroom, and the REO and most of the active short sales without offers are that floorplan–so he told me today he’d rather look at Kolea and maybe Puako (there is one house in that $750,000 price range).

Ooops.  I have for years kept Kolea resale spreadsheets and I happen to have several old ones.  In July 2008, there were 32 active listings plus one unit, 3D, under contract. (As readers may recall, the economy crashed a month later and that was the last non-distress Kolea condo sale until my sale of 13E last month).  In July 2009, there were 30 active listings at Kolea including the first REOs.  As of today, there are only 18 active listings including that single foreclosure, plus 4 condos in escrow (all short sale or REO).   Aside from the REO, none of those eighteen units are listed anywhere near a price where they would appraise, given the recent sold comps.  In other words, I have nothing to show at Kolea, although we do know of additional 2-bedroom units in the foreclosure pipeline.

I work as a real estate agent, but somewhere in my ancient past I earned a Ph.D. in economics and I just can’t help but apply the basic framework of supply and demand curves setting prices in a market.  I’ve just painted a picture of abundant demand and limited supply.  What usually happens next is prices trend up!

At Halii Kai, lenders are also indicating a change in perspective on the direction of prices.  One of our short sale listings with an offer on it may be withdrawn from the market as the lender who had previously denied a loan modification just offered a reasonably attractive one, leaving our seller consulting his attorney for advice.  On another short sale where I am representing the buyer, the lender  came back throwing out one of the sold comps saying it had been underpriced and shouldn’t count!  Their bottom line is they want more for the unit than recent sales in the same building would suggest is a fair price.

We’ve been wondering when appraisers would stop checking that “declining market” box and we may just have hit that inflection point.

A hui hou,

Beth Thoma Robinson R(S)

Direct: 808.443.4588  Email: beth@hawaiilife.com

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Trading Up in Kohala Coast Big Island Real Estate

Posted by Beth Thoma Robinson, R(S) on December 24th, 2009 | Tags: , , , , ,

Wednesday morning our local newspaper’s front page reported that for the month of November 2009 real estate sales on the West side of the Big Island were stronger in most areas and categories than in the same month a year ago.  I know the Hawaii Life Big Island team contributed to those statistics!  Some of the real estate market trends we have blogged about recently are the predominance of foreclosures and short sales, the renewed activity in luxury properties at Hualalai and Kukio, and the effects of the first time homebuyer tax credit.  Reading the news article on the real estate market reminded me that a year ago, in November 2008, was the first time I noticed a different trend:  buyers who are trading up!

Halii Kai Direct Oceanfront Condo

Halii Kai Direct Oceanfront Condo

At the time I had a listing on a direct oceanfront condominium at Hali’i Kai…and the buyers already owned the same floorplan farther back without the view.  They loved the community and had the money, hence they made an all cash, quick close offer…which convinced the seller to take a substantial loss, even though, compared with recent foreclosure and short sales at the same property, with 20-20 hindsight this seller did quite well.   A buyer who has inside knowledge of a location or property sometimes sees value that someone who is strictly thinking “deal,” rather than lifestyle and long-term appreciation, might miss. More »

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Hawaii REO and Short Sales Still Hot: Kolea and Halii Kai

Posted by Beth Thoma Robinson, R(S) on November 19th, 2009 | Tags: , , , , ,

Kolea-Built in BBQ and pocket doors

Kolea - Built in BBQ and pocket doors

I’ve blogged regularly about the REO (foreclosure) and short sale properties at beachfront Kolea and oceanfront Halii Kai on the Big Island’s Kohala Coast.  Although there are also bargains to be had at nearby communities such as the Colony Villas REO my teammate Pam mentioned in a recent blog post, I am personally representing either buyer or seller in two transactions at Kolea and three at Halii Kai, with additional clients almost ready to submit offers.  Why so much activity in those particular resort properties?

At the market peak, those properties sold at significant premiums to nearby competition because of their locations.  There are very few Kohala Coast properties where you can walk to the beach.  You can at Mauna Lani Point, but the lowest priced listing there is $865,000 for a 984-sq ft 1-bedroom with a carport and no ocean view, and a walk to a community BBQ grill.  At Kolea, you can choose between two REO properties that are 2BR, 2BA, 1270 sq ft, with a built in BBQ on the lanai. One is priced at $424,900 for a ground floor and the other at $453,900 for a second floor. More »

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Coming Home to Hawi, North Kohala, Big Island of Hawaii

Posted by Beth Thoma Robinson, R(S) on November 18th, 2009 | Tags: , , , ,

Swiss Alps or Mauna Kea

Swiss Alps or Mauna Kea

Our Big Island (Hawaii) broker-in-charge Katie Minkus lives in Puako, and when she went on vacation in September, she wrote a blog post about the question we get: where do you vacation when your home is in Paradise?  My home is in North Kohala, and the day I left on holiday in October, colleague Lucy Clark wrote about its charm. My husband is Swiss, and we took three weeks–in what turned out NOT to be the slow season for Big Island real estate–to visit his family in Switzerland. Going to visit family and friends often determines where we vacation, regardless of whether we live in Hawaii or Minnesota!

Another question I often get from prospective buyers of Big Island real estate is why I chose to live in the North Kohala district (what visitors usually refer to as Hawi and locals call simply “Kohala”).  I think one of the reasons people travel away from a place they love is to get perspective, and coming home to the Big Island gave me a chance to reflect. More »

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Kolea Foreclosure Update, Kohala Coast, Big Island

Posted by Beth Thoma Robinson, R(S) on October 8th, 2009 | Tags: , , ,

Six weeks ago I wrote a post about Kohala Coast foreclosure (REO) properties, highlighting the beachfront Kolea community.  The bank-owned properties are moving quickly now that the lenders have figured out there are definitely buyers for half-price deals on condos with high-end finishes and the top walk-to-the beach location on the Kohala Coast!

Kolea Pool Overlooks Beach

Kolea Pool Overlooks Beach

At the time of the last post, there were two REOs in escrow, both of which have closed. As of today, there are two more in escrow, and two well-priced units on the market.

Taking a step back, let’s look at how the Kolea community is configured.  This property is located in between the two hotels at the Waikoloa Beach Resort, and was originally intended as the location of a third hotel, which is why it is the only project in the resort with direct access to the beach at Anaeho’omalu Bay.

The developer laid it out with 17 lots and the Beach Club amenities on the ocean-side perimeter, and three-story condo buildings on the interior.

Kolea Site Map

Kolea Site Map

Starting with the condos, buildings 1-8, 10, 12, and 13 have only six luxury units per building.   Because they have attached garages, the ground floor is a slightly smaller floorplan of 3BR/3BA  and 1716 sq ft interior plus 400 sq ft of lanai.  On the second and third floors, the condos have 3BR/3.5BA with over 2100 sq ft and the same huge lanai with pocket doors to be fully opened and a built-in “summer kitchen” barbecue area.

Buildings 9, 11, and 14-16 have twelve smaller units per building.  The outside units are 1554 sq ft and the interior 2BR/2BA condos are 1270 sq ft.  The finishes on the smaller condos are identical to the large ones, so for a more affordable price point the lucky buyer still gets top-of-the-line appliances, pocket doors, African mahogany crown moldings…and that walk-to-the-beach lifestyle.

The majority of the Kolea foreclosures have been these two-bedroom condos.  The smaller 2BR just closed for $460,000 in Building 9.  The one that is currently available in Building 15 has just been reduced to $439,900. For comparison, before the market collapsed in 2008, this same floorplan sold for $1,030,000!

One of the larger 1550 sq ft two-bedrooms just sold for $521,900, there is another REO in escrow at $563,900 and one that just came on the market at $532,900. I should mention that all of these were top-floor units, and the only additional large 2BR currently in the foreclosure pipeline is a second floor condo.

The 3-bedroom REO mentioned in my previous post that was listed at only $695,000 in Building 1 is in escrow today.  Although there are short sale listings, to date no other 3-bedroom has been foreclosed upon.

Finally, let’s look at the single family residences. Beautiful homes have been built on 11 of the 17 lots.  Some of them were built for the owners personal use, and others were built as spec homes.  On several of these homes, construction was started near the peak of the market and unfortunately completed near the bottom.  One of them is bank-owned already, and prices on others have been dropped to under $ 5 million.  With a similar home having sold for $7.5 million in 2006, these homes are looking like best buys on the Kohala Coast!

Kolea Bank-owned House

Kolea Bank-owned House

A hui hou!

Beth Thoma Robinson R(S)

Direct: 808-443-4588  Email: beth@hawaiilife.com

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Big Island Oceanfront Choices: 49 Black Sands Beach or Dramatic Hawi Cliffs

Posted by Beth Thoma Robinson, R(S) on October 1st, 2009 | Tags: , , , , ,

Although Manhattan is long in my past, I still start my day with a cup of strong black coffee and the New York Times.  I love the Times’s Great Homes and Destinations real estate section, and especially the features that ask “What do get for…$xxxxxx?”   The game for me as a real estate agent is to compare the destinations they chose with what the same amount will buy here on the Big Island.  Today’s question: What do you get for… $17 million?  The answer is easy: a magnificent, and magnificently sized oceanfront residence.  Or maybe the answer isn’t so easy, because several properties come to mind, with very different lifestyles attached. Let me give an example.

Oceanfront Residence at 49 Black Sand Beach

Oceanfront Residence at 49 Black Sand Beach

This blog post was prompted because the listing agent for a gorgeous 6-suite, almost 9,000 sq ft of living area 49 Black Sands Beach residence sent me his glossy 12-page e-brochure twice today (sending once to his short list of Hawaii Life agents, and again to a larger list).  Actually, the headline of the email was a little misleading, because the price reduction from $24 million to $17.9 million actually happened three months ago.  But we can always use a little reminder as our attention can get rather focused on the deals in hand.

Lifestyle: there are only 49 lots snuggled around Honoka’ope Bay in the Mauna Lani resort, and only 17 of them (plus the Beach Club amenity area) are on the oceanfront.  Much as at nearby Puako outside the resort, homes and lots on the ocean/beach side sell for a multiple of what asking prices are on the opposite side of the street.  This home is intended to offer seclusion even within a secluded enclave: set on a lot of over an acre, with its own oceanfront pool and fitness room, six bedroom suites and over 2,000 sq ft of lanai to spread out on.  The sunny Kohala Coast location allows for outdoor living almost guaranteed 365 days a year.  Tennis and beaching available inside the gates, and 49 Black Sands Beach is surrounded by the Mauna Lani South Golf Course.

13,000 Sq Ft Oceanfront Hawi Home

13,000 Sq Ft Oceanfront Hawi Home

Last Friday I ran into the owners of a very different $17 million Big Island estate , and I fondly recalled a casual lunch in their gorgeous dining room last winter.  If your idea of seclusion is something other than living with 48 close neighbors inside a resort, and if your taste is more crystal chandelier than tiki torch, this elegant home near the town of Hawi in North Kohala might be a fit.  Seclusion? The home is in a 6-lot subdivision and the lot size is a full 20 acres larger than the resort parcel, ready for additional landscaping or an equestrian facility.   With six bedroom suites, this residence has over 13,000 sq ft of interior living area in addition to ample lanai space for watching the whales that breach only yards away in season.  It has a magnificent staircase, but also an elevator, making its multi-story design suitable for aging-in-place.

In a “buyer’s market”, the better question is not “what does…$17 million buy?”, but “what would buy a $17 million listing?”  Or as a client once said to me, “I may be wealthy but I know what things are worth!”  The problem is that knowing what a literally incomparable property is worth can be a challenge.

For the 49 Black Sands Beach property, there is only one sold “comparable”, but that 2006 sale for just under $14 million was a much smaller house of 4,700 sq ft and only 4 bedrooms.   A residence of similar scale on a somewhat smaller not-quite-oceanfront lot at Hualalai Resort just sold for $14.7 million.  What’s the premium for Hualalai versus Mauna Lani? Or on the flip side, for oceanfront versus across one hole of the golf course?

For the Hawi, North Kohala estate, we have even less data.  The only other truly oceanfront estate that could be “comparable” was last sold in 2000 for $8.7 million.   Now that home isn’t currently listed in the MLS, but would most likely be available for a serious, qualified buyer to comparison shop.  In the end, savvy comparison shopping, followed by a deal struck between a willing buyer and a willing seller, will tell us what any property is worth.

A hui hou,

Beth Thoma Robinson R(S)

Direct: 808.443.4588  Email:  beth@hawaiilife.com

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Hawaii Luxury Real Estate Owners Trading Up

Posted by Beth Thoma Robinson, R(S) on September 30th, 2009 | Tags: , , , ,

During the recent Hawaii real estate boom years I worked as a developer sales agent for the oceanfront Kolea and Hali’i Kai communities on the Kohala Coast. That’s why “The Coulda Shoulda Club of 2009“, a blog post title on my ActiveRain network, made me laugh out loud.  How many times did someone come in “just to look” and shake their head at prices, declaring how they had been coming to the Big Island for 30 years, and coulda-shoulda bought a $3 million lot at Puako on the beachfront side for under $100,000 (yes, if you click through to look at the lot, their story is true).

My prediction for who will be in the Coulda Shoulda Club of 2009 include:

  • The people who are convinced that because they can buy a high-rise condo for 30 cents on the dollar in Miami or Las Vegas, every oceanfront condo in Hawaii will be selling for that kind of discount if they just wait.
  • The people who pass on an excellent REO or motivated seller opportunity, convinced that the one meeting every single one of their wish list requirements will also show up at similar pricing if they just wait.

On the other hand, I’m working with two categories of smart “Could and Did Club of 2009″ buyers:

  • The people who are buying for future retirement, even if that date is 10 years out, because they can buy their dream property at today’s prices and the future direction of prices is unknown.
  • The people who realize the luxury property they bought at the peak is down $500,000 in value, but the dream property they’d like to trade up to is down $1,000,000 or more!

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