Mauna Kea Resort 2020 Year-End Market Update and Recap
Now that 2021 has arrived, I thought it might of interest to look back at the Mauna Kea Resort real estate market in 2020. Although 2020 was certainly a challenging year for everyone, the Mauna Kea Resort enjoyed one of its best years ever with regard to real estate sales.
In 2020 there was a total of 59 closed sales within Mauna Kea Resort which represented a 90% increase compared to 31 closed transactions in all of 2019 and a 110% increase over the 28 sales that were recorded in 2018. The 59 sales in 2020 were the most closings ever recorded in one calendar year within Mauna Kea Resort! Furthermore, there was approximately $180 Million in sales volume recorded within the Mauna Kea Resort in 2020, which was a 157% increase compared to the approx. $70 Million in sales recorded in 2019. 2020 saw the highest sales volume ever recorded in one calendar year within Mauna Kea Resort!
Mauna Kea Resort in High Demand
The substantial uptick in the number of sales and volume was induced by two primary factors. First and foremost, 2020 witnessed remarkable levels of demand in our market-driven by a newfound sense of urgency from Buyers coming out of, or still in, quarantine in dense cities and/or less-than-ideal living situations where the Covid-19 virus is still running rampant. This led to a large increase in the desire for real estate in less-dense, clean, and environmentally healthy locations (like Hawaii) with more overall space, a relatively low rate of infections, and year-round outdoor living to enjoy with loved ones.
Hapuna Beach Residences
The second factor that led to the unprecedented number of sales can be attributed to the completion of the Hapuna Beach Residences. 19 of the 68 Hapuna Beach Residences at Mauna Kea Resort closed escrow in 2020. The Hapuna Beach Residences at Mauna Kea Resort are 68 whole-ownership condominiums ranging from one to four bedrooms in a variety of floor plans — some with pools, all with incredible ocean and coastline views located within a stone’s throw to one of the most beautiful crescent white sand beaches in Hawai’i. Please feel free to contact me for additional information regarding available units and/or to tour the Hapuna Beach Residences.
In 2020, Mauna Kea Realty outsold the closest competing brokerage by 56% in sales volume and sold 14 more properties compared to the closest competitor with Mauna Kea Resort. It is also important to note Mauna Kea Realty’s average sales price per transaction is 40% higher than that of our closest competitor, which reconfirms our position in the high-end resort/residential market.
As a result of a very strong year, Mauna Kea Realty’s inventory of available properties is very low. As we progress through the winter season, there is a need for additional inventory in all segments of the market, particularly behind the main gated entrance to the Mauna Kea Resort. The current lack of inventory is sure to create a demand for owners who may be considering selling.
If you have considered selling, or would like to explore that option, this is an opportune time to take advantage of a strong and bullish market. If you have any questions about recently sold properties or if you are curious about the value of your property, our team is here to help. Feel free to contact me with any of your real estate questions. I look forward to continuing to provide you with the highest level of personalized real estate services in Hawaii.
Below please find a breakdown of the 2020 sales categorized by community or sub-areas within the Mauna Kea Resort.
2020 Sales Breakdown
(Click Here) to view the locations of the respective communities below.
Fairways South: There were seven (7) single-family homes sales with an average sales price of $3.25 Million and an average of 99 days on market (DOM). For the complete list of 2020 home sales in the Fairways South (Click Here).
Fairways North: There were two (2) sales, one single-family home, and one vacant lot. Most notable, a 6 bedroom 8.5 bathroom (9,500 SF) single-family home at Fairways North #12 sold for $7.5 Million. For the complete list of 2020 sales in the Fairways North (Click Here).
The Villas: Villa #30, #34, and #35 sold in 2020 at an average price of $3.515 Million. The 2,684 square foot 2 bedroom 2.5 bathroom units sold with an average of 9 days on market (DOM). For a detailed list of 2020 sales with the Villas at Mauna Kea (Click Here).
Kauna’oa: There were a total of eight (8) sales. Three (3) single-family homes sold at an average price of $7.425 Million. Furthermore, three (3) Halia Hale townhomes sold along with two (2) vacant lots sold. The Halia Hale townhomes had an average sales price of $4 Million with an average of 55 days on market (DOM). For a detailed list of 2020 sales within Kauna’oa (Click Here).
The Bluffs: A second row single-family home consisting of approx. 8,000 square feet sold in early 2020 for $6.75 Million. The home is made up of 5 bedrooms, 5 full bathrooms and 2 half bathrooms. (Click here) to view the property details of Bluffs #15.
High Bluffs: A vacant lot in the High Bluffs sold for $750K in June. (Click Here) to view the property details of High Bluffs Lot #2.
Wai’ula’ula: There were a total of ten (10) sales. Six (6) four-plex units sold, and (4) duplex Villas sold. The four-plex units had an average sales price of $1.21 Million and an average of 97 days on market (DOM). The duplex Villa units had an average sales price of $2.066 Million and an average of 73 days on market (DOM). For a detailed list of 2020 sales within Wai’ula’ula (Click Here).
Kumulani: There were five (5) condominium sales with an average sales price of $894K with an average of 72 days on market (DOM). For a detailed list of 2020 sales within Kumulani (Click Here).
Moani Heights: There were two (2) single-family home sales within the Uplands Community of Moani Heights. For a detailed list of 2020 sales within Moani Heights (Click Here).
Hapuna Beach Residences: Nineteen (19) of the 68 Hapuna Beach Residences at Mauna Kea Resort closed escrow in 2020. For a detailed list of the Hapuna condominium sales (Click Here).
Uplands Development Parcel 5-C: A parcel graded for 15 detached homes with amazing ocean, Kohala Coast, Maui, and mountain views inside the Hapuna gate of the Mauna Kea Resort sold in late December for $6.1 Million. (Click Here) to view the property details. Please feel free to contact me for similar development opportunities within Mauna Kea Resort and/or along the Kohala Coast.
Below please find new offerings within Mauna Kea Resort as well as local trends.
Highlighted Property of the Month
A very rare offering within the Bluffs community just hit the market. Bluffs #22 is the perfect resort compound made up of 4 bedrooms, all with en suite bathrooms, 8,141 square feet of interior living, 2,750 square feet of outdoor entertaining space, an infinity-edge 25-meter pool, sandy beach area with toddler depth ponds, and jacuzzi hot tub. The home has a short term vacation rental (STVR) license and is a successful vacation rental. Bluffs homeowners enjoy exclusive and easy golf cart access to white sand beach fronting the Mauna Kea Beach Hotel and the Mauna Kea Golf Pro Shop. (Click Here) to view this spectacular new offering. Please feel free to contact me for additional information.
- For a Complete List of Condominiums and Residential Properties Currently Available at the Mauna Kea Resort (Click Here).
- For a Complete List of Vacant Land Properties Currently Available at the Mauna Kea Resort (Click Here).
ECONOMIC FORECAST PROJECTS VISITOR NUMBERS COULD HIT 6M THIS YEAR: State economists believe travel to the state could nearly return to 2019 levels by the end of this year, but a complete recovery will take more than three years.
A preliminary DBEDT forecast predicts that a little over 6 million travelers will visit Hawaii this year — a significant drop from the 10 million in 2019, but more than double the number who visited last year. That same projection predicts that visitors will spend $10.5 billion. However, the projection does not foresee visitor rates matching, let alone exceeding, 2019 levels within the next three years.
In 2022, the forecast reads, arrivals will increase to 7.6 million, and again in 2023 to 8.7 million. Visitor expenditures are predicted to rise as high as $15.2 billion by 2023, falling short of the $17.8 billion spent in 2019.
Similarly, the state unemployment rate is expected to decrease to 7.9% by the end of this year — compared to 11.2% at the end of 2020 — but will not come close to the 2.7% rate in 2019 even by the end of 2023. (Source: www.hawaiitribune-herald.com)