UPDATED | May 18, 2020:
This week on the Big Island, we’ve seen an uptick in web traffic as most of the country shelters at home. Since March, our website has seen record numbers of daily visitors and Big Island real estate is seeing the biggest surge in online interest. While we expect the second quarter to see a downturn in real estate sales, the first quarter of 2020 was shaping up to be very robust in many parts of the state, even as the country began to shut down in March.
At Mauna Kea Resort, Big Island real estate agent Jake Chancer reports on first-quarter property sales within one of the Kohala Coast‘s most prestigious resort communities. First-quarter sales within Mauna Kea neighborhoods exceeded Q1 sales of the past four years, according to Jake, with nine closed transactions valued at $29.5 million in the first three months of 2020.
He also reports that many visitors who were at the Mauna Kea Beach Hotel or renting a vacation home within the Mauna Kea community in March chose to prolong their stay rather than return to the mainland. As a result, he’s seen plenty of requests for property showings (using all the usual social distancing and health and safety precautions).
Overall, Jake’s feeling optimistic about economic recovery, “As history has shown, the Kohala Coast has fared better than other markets during slowdowns…The safe haven and tranquil oasis of the Kohala Coast are looking more and more desirable.” You can read more in Jake’s April Market Update.
Jake also recently shared the news that the Mauna Kea Resort is planning a substantial capital improvement project valued at $100 million. “Mauna Kea Resort ownership is proceeding on a fast track and expects to complete the improvements by the end of 2021,” Jake reports.
The investments will result in a new spa, a new fitness center, and a refresh to the historic resort’s already stunning guest rooms. In addition, the golf course will see significant improvements. You can follow Jake’s blogs for consistent Mauna Kea Resort real estate updates.
The Kohala Coast‘s Halii Kai is capitalizing on the downtime caused by recent travel restrictions, according to Big Island broker Beth Robinson. She explains in her recent blog post how this community within Waikoloa Beach Resort is moving forward with an already planned capital improvement project.
The repairs and improvements being made to the resort community’s oceanfront amenities are moving forward while occupancy is at an all-time low. Accomplishing the project during this lull will likely save homeowners and the association over $1 million in revenues that would have been lost if the project had been undertaken in normal times. You can read the details of the full Ocean Club renovation in Beth’s blog.
With more than 4,000 square miles of raw, natural beauty, the Big Island might be the perfect place to practice social distancing. Our Big Island real estate agents are still working virtually, practicing aloha and staying connected. You can stay updated on the latest Hawaii real estate news and follow their blogs to learn more about the evolving Big Island real estate market.