Mauna Kea Resort August Market Update: During Coronavirus, Luxury Real Estate Is Still Booming
As we swiftly transition into the latter half of 2020, so far, the pandemic has not had a major impact nationally on the residential real estate market. The recession that has been driven by the pandemic is not related to the fundaments of home sales; buyer demand, financing, and the real estate market itself is still strong. Locally, it has become apparent that the high-end of the real estate market on the Kohala Coast is strongly influenced by desire and location, rather than cost and affordability. We are witnessing remarkable levels of demand in our market. This activity is being 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. This has 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 and year-round outdoor living to enjoy with loved ones.
Since the onset of 2020, we have witnessed 50 sales above $3 Million on the Kona-Kohala Coast, a 14% increase compared to each of the past 4 years where there was an average of 44 sales above $3M through the first 7 1/2 months of the year. For sales above $5 Million, we have witness 22 sales year-to-date, a 19% increase compared to the average output of the past 4 years. An additional 68 sales between $1 million and $45 million on the Kohala Coast are currently pending, according to MLS statistics.
We will continue to keep our eyes on these trends as the year progresses.
Find below the Mauna Kea Resort’s August Real Estate Market Update highlighting last month’s (July) sales, new resort offerings, and local trends. I hope you find this information interesting and helpful.
There were three sales within Mauna Kea Resort in the month of July, all of which are located within the Uplands Community of Wai’ula’ula.
Mauna Kea Realty successfully represented the Buyer of Wai’ula’ula Duplex Villa #302, which sold last month for $2.25 Million. This 3-bedroom 3.5-bath duplex unit has an interior of over 2,500 square feet, which creates the feel of a single-family residence with its own pool, spa, two-car garage, and fully fenced yard with close proximity to two of the world’s best white sand beaches at Kauna’oa Bay and Hapuna Beach. (Click Here) to view the property details.
Wai’ula’ula Duplex Villa #314 also sold last month for $1.95 Million. (Click Here) to view the property details.
In addition, a downstairs unit in the four-plex “J” building sold in late July for $1.3 Million. The approx. 2,000 square foot 3 bedroom, 3 bath unit enjoys ocean, mountain, golf course, and Maui views. (Click Here) to view the property details.
Feel free to contact me for other similar opportunities within Mauna Kea Resort and/or along the Kohala Coast.
Highlighted Property Of The Month
Mauna Kea Realty is offering a unique opportunity to purchase a new home in the prestigious private gated community of Kauna’oa at Mauna Kea Resort. Scheduled for completion in September 2020, this spacious two-story home is situated on a stunning ocean view lot of over one acre overlooking the 10th Fairway of the Mauna Kea Golf Course. Enjoy spectacular ocean and Maui views with the sound of the surf at Kauna’oa beach which is a short stroll or cart ride away offering easy access to the beach at Mauna Kea and all the amenities the Mauna Kea Resort has to offer. The builder, Brown Development, specializes in the custom design, construction, and sale of exquisitely crafted luxury homes on the islands of Maui and Big Island Hawaii. (Click Here) to view the property details and architectural renderings of the home.
Kauna’oa Hali’a Hale 1A, one of the best townhomes within the Kauna’oa Community, will be coming to market within the next week. Please contact me for pricing and photos of this unit.
AMAZON AIR EXPANDS OPERATION TO KONA INTERNATIONAL AIRPORT: Hawaii Island residents ordering products via Amazon can expect faster shipping following the start of Amazon Air operations last Thursday at Ellison Onizuka Kona International Airport at Keahole. The Kona airport will service daily flights originating from Amazon Air’s mainland regional gateway at March Air Reserve Base in Riverside, California. The company said its Amazon Air operations will enable faster shipping for customers on the Big Island. “We are excited about Amazon’s growing presence in Hawaii and welcome Amazon Air to two new locations in the state, said Gov. David Ige. “Amazon has already invested more than $100 million in our great state and has more than 6,500 small and medium-sized businesses growing their business using Amazon products and services. We look forward to the continued benefits Amazon’s presence will have for customers and commerce across our islands.” (https://www.westhawaiitoday.com)