Posted by Erik Hinshaw, R(S) on March 3rd, 2010 |
Tags: Big Island, Deals, Fixer Upper, For Sale, Hawaii, Kailua Kona, Luxury
Looking for a bargain Kailua-Kona luxury home you can put your own touches on, Look no further.
Priced at $750,000 this elegant home Keauhou home needs some freshening up. With some light cosmetic work this home could be stunning again. The views, the location and the layout are superb.
PRICE: $750,000 (- $149,000)
ASSESSED VALUE: $1,190,300
Posted by Erik Hinshaw, R(S) on March 2nd, 2010 |
Tags: Big Island, Condos, Hawaii, Kona, Sales Stats
North Kona Condominium sales are up a whopping 212%!
Even with that number of sales the median price for condos continues to fall.
The median price fell to $253,000, a 23% decline. With the number of sales rising and new inventory falling these prices shouldn’t last long.
2 Bedroom Alii Drive Big Island Condo across from the Beach
So what does a $253,000 condo in Kona look like? More »
Posted by Erik Hinshaw, R(S) on March 2nd, 2010 |
Tags: Big Island, Homes, Kona, Sales Stats
The North Kona median home price rose from $419,000 to $460,000 in February, a jump of 9.79 % over last year. The total number of sales was up 27%.
It’s been a long time since sales and prices have both been up. Great homes are going fast.
Brand New Oceanview Home with Guest Quarters
So what does $460,000 get you in Kailua-Kona real estate these days? How about a brand new ocean view 4 bedroom 3 1/2 bath home with a separate guest quarters priced at $470,000. More »
Posted by Erik Hinshaw, R(S) on February 19th, 2010 |
Tags: Big Island, Deals, Kona, Luxury, Short Sales
While Kona’s moderately priced home sales are skyrocketing, the luxury market is still lagging. Keauhou Estates, a gated luxury community overlooking Keauhou Bay, has some great buys.
Amazing Coastline Views
The most remarkable is “The Dolphin House”. This stunning 3 bedroom 3 1/2 bath home was released to market about two months ago at $1,750,000. The owner wants it sold so they just dropped the price $375,000 to $1,375,000. All the more remarkable is the seller paid $2,400,000 just a little over two years ago. Now that’s a million dollar price drop!
Another home worth considering is a 4 bedroom, 6 bath home at 78-6803 Kuhinanui Way priced at $995,000, an amazing price for this neighborhood. The seller paid $1,380,000 way back in 2007. More »
Posted by Erik Hinshaw, R(S) on February 15th, 2010 |
Tags: Big Island, Condos, Kona, Sales Stats
A recent article in Pacific Business News may have caught your eye if you have been thinking of buying property on the Big Island; Big Island home sales rise sharply. The statistics for the article were provided by Hawaii Information Service. In January two thirds more homes sold than the same month last year. For the Kona real estate market the stats are even more incredible. Home sales are up 243%k, condos are up 82% and land sales are up an astonishing 600%! More »
Posted by Erik Hinshaw, R(S) on January 31st, 2010 |
Tags: Big Island, For Sale, Kona, Leasehold
Leasehold Farm for $265,000
If you’ve been searching for a farm property on this site you have probably come across the word Leasehold. Compared with similar Big Island real estate, you are also very excited to find 9 acres, a house and an ocean view for around $250,000. Well, its cheap because its leasehold. Leasehold is very common here on the Big Island especially in the Kona Coffee farming area. The majority of farms are leased by Kamehameha Schools/The Bishop Estate. These lands were once Royal Lands and were left in Trust for Hawaiian children. This is a private trust, one of the largest in the US, which uses the income from it’s leases to operate a wonderful, free private school system for children of Hawaiian descent. As you can imagine much of this land, being Royal and all, is in prime location.
Basically, with leasehold you have the right to use the land and the structures until the end of the lease term. However, it’s not true that you automatically have to leave the property once the lease is over, quite often the Kamehameha Schools doesn’t want to repossess the land and will extend another lease for 35 years especially with Agricultural Leases. These leases require the owners to farm, pay a low yearly rent, and share a percentage of any proceeds. They may periodically inspect the property to make sure it is being farmed, and all structural additions must be approved by them as well as the local government.
Why would anyone want to buy a leasehold farm? (1) It can be a very inexpensive way to acquire farmland. Leasehold land often sells for 50% less than the equivalent fee simple property. (2) There are tax advantages and leases can be depreciated. (3) Much of the best farmland is leasehold.
Several local banks do finance leasehold. In addition to the regular qualifications for obtaining a loan the banks require that the term of the lease be at least 5 years longer than the term of the mortgage. Therefore to obtain a 30 year mortgage the banks require a lease of at least 35 years in length. The purchase process can be lengthy as the Trust takes a long time to process the paperwork and accept a new lessee. They have right of refusal on any offer made on a leasehold property of theirs. Extra time therefore must be allowed in the Purchase Contract.
Leasehold can be an inexpensive way to acquire a lifestyle/farm property here in South Kona. You should of course check with your lawyer and CPA about the legal and tax consequences. I love these places. They are “Old Hawaii” and in fact, I have my eye on a few myself. Contact me today for your own private tour.
Posted by Erik Hinshaw, R(S) on January 27th, 2010 |
Tags: Big Island, Hualalai, Kona, Luxury
Celebrity and Wealth find refuge in Kona. Most recently, Cher sold her Hualalai estate for $8,720,000. It was stunningly beautiful with an attention to detail that amazed me. I could see much of the details as I peeked over the neighboring house’s wall I was previewing for some clients. Yep. Peeked over the wall and looked into Cher’s property. It seems that if you spend $8+ million on a property, the last thing you want is a neighbor so close they can peek over their fence to say hello. Maybe Cher felt the same way. But there are, to those in the know, luxurious, private estates on the Kona Coast that are secluded and away from prying eyes.
Self Contained Splendor above a Hidden Cove
A Place to Disappear to
Overlooking a secluded cove midway between Kealakekua Bay and Keauhou sits this app. 3200 sqft self sustaining Plantation-Style home. Priced at $6,000,000 and located at the end of a historic beach trail, this estate has all the luxury of a resort home while feeling far away from it all – yet it is only minutes from Keauhou’s restaurants, shops, and golf course. An added bonus is the home’s total self sufficiency with its own solar electric system and water supply. For those who need it, this is the place to disappear to.
When Hollywood comes to Kona…
Royal Palm Lined Drive
On the hills above Kona is a Hollywood getaway that combines the luxuriousness of Beverly Hills with Hawaiian Style. Lovingly built by a retired film actor, this app. 5,400 sq ft residence priced at $5,550,000 (orig. $6,850,000) has it all: a stately Royal Palm-lined grand entry, separate guest house, tennis court, wine cellar, infinity pool with a panoramic view on 6 park-like acres. Minutes above the estate is the artist colony of Holualoa with galleries, shops and restaurants. Minutes below are the golf courses, restaurants and beaches of Kona. Stars know how to live.
The Perfect ‘Aloha’ Estate
Perfect Aloha
Nothing can prepare you for how absolutely spot on perfect this house is. At $3,998,000 (orig. $4,875,000), its almost 6,000 sq ft has all the bells and whistles: 5 bedrooms, 6 baths, pool, and separate guest house on 17+ acres. Exquisitely sited overlookingly the Dolphin filled Kealakekua Bay, its elevation allows you to view the waves crashing upon the craggy lava rock shore while being high enough to glory in the best sunsets Kona has to offer. Recently named as one of the ‘Top 10 Hawaii Home Deals’ for sale, this is possibly the most ‘Aloha’ home I’ve seen in years.
Posted by Erik Hinshaw, R(S) on December 31st, 2009 |
Tags: Hawaii, Life, Video
Living here in Hawaii I always feel a little left out watching the National Evening News. They never mention how we in Hawaii suffer in the winter. Here is a local weather broadcast for all of you Mainlanders who think you have it bad.
Posted by Erik Hinshaw, R(S) on October 25th, 2009 |
Tags: Big Island, Foreclosures, Hualalai, Luxury, REO, Short Sales
Best Buy at Hualalai Resort
As I mentioned in my last blog Sales at Hualalai Resort, home of the Big Island’s luxurious Four Seasons Resort continue to soar. The sales story this month also include foreclosures and short sales. A few months ago Katie Minkus, Hawaii Life’s Big Island Broker-in-Charge blogged about a foreclosure auction at Hualalai. One of the two homes auctioned just closed. The home’s original asking price was $7,750,000. The price paid at auction was an amazing $4,650,000. I am going to be keeping my eye on the two neighboring homes still priced above $8 million.
As for short sales there is a 3-bedroom villa on the market for $1.6 million. The seller’s paid $2.1 million back in 2006. A neighboring villa priced at $2.25 million just sold for $1.55 million and this wasn’t a short-sale. Another villa is now on the market for $1.66 million. Having previewed both in my opinion this one is the deal, with it’s panoramic ocean views from the great room and master suite, a private outdoor shower and garden off the master bath and beautiful furnishings. The Hainoa Villas sit atop a hill looking out over the resort to the Pacific. The private clubhouse is a short walk away.
With all the sales some owners are choosing to raise their prices. This is an unusual strategy in this market but these may be the last properties we see under $2 million at Hualalai Resort. Here is a gallery of homes and villas at Hualalai.
Posted by Erik Hinshaw, R(S) on October 19th, 2009 |
Tags: Big Island, For Sale, Kona, Land, Vacation
I am working with a couple from California who wanted a vacation getaway. The congested resorts and condos are not for them. I suggested a small Kona coffee farm. Coffee farms here in Kona can often sell for the price of a condo or small home elsewhere. For this couple a small coffee farm sounded just right.
There are plenty of local companies that will manage the farm for you. At the end of the year you have a well groomed farm and a nice check to boot. You can even package up some coffee with your own label for friends and family. Not a bad gift as Kona Coffee often sells for $20 a pound or more.
For those who want to get their hands dirty I asked my friend John of Kona King Coffee what was up at his coffee farm this time of year. “We are in day 5 of our largest-yet-this-season coffee cherry pick on the Kona King Coffee Captain Cook Farm. Thus far during this pick we have picked over 9000 pounds of coffee cherry (the we in this statement is the coffee pickers that we employ, between 6 and 12 each day). Of the coffee cherry picked, roughly 6000 pounds we have processed through our pulping machine, a process which removes the outer pulp from the cherry and leaves the green coffee bean encased in parchment and covered in a mucoid film. Once the pulp is removed the beans are sent to the fermentation vats where the mucoid film is broken down through a bacterial process which takes 12-18 hours. Any immature beans and overripe beans float to the surface and are removed during this phase of the process.
Once the fermentation process (the icky goo phase) is complete the beans are thoroughly washed and placed on one of the two drying decks. The coffee at this point is referred to ‘parchment’ and is dried to a moisture content of 9-12%. We installed a solar powered fan this year on one of the drying decks and it has reduced the drying time about 30%, it’s great to see the fan turn on every time there is even a hint of sunshine. I must sign off now the icky goo is calling…”
Whether you are a hands on or hands off type there are a wide variety of farms on the market from under $100,000 to several million.
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