Mauna Kea Resort May Market Update: Big Island is Leading the State in New Home Construction
As of the beginning of May, the number of condominiums sold on the Big Island was exactly double compared to the same period last year, with 470 units sold through April 30, compared to 235 units sold during the first four months of 2020. Single-family home sales year-to-date were 34% greater than a year ago, with 1,089 homes sold through April of this year, compared to 812 last year.
Median prices rose by more than 30% for both categories. For single-family homes, the median price last month was 32% higher than the median price a year ago. The median price for condominiums rose 39% last month compared to the median price in the same month last year.
Big Island New Construction on the Rise
Not only is the current market extremely active, but the Big Island is leading the state in new home construction. In the fourth quarter of 2020, private building permits decreased on all other islands by an average of 20% but increased $75 million or 57% on the Big Island compared to the same quarter of the previous year, according to data kept by the county Department of Public Works. Hawaii County’s building boom continued into 2021, with 85 new units permitted in January, 34 in February, 37 in March, and 15 in April, according to data kept by the county Department of Public Works.
Find below the Mauna Kea Resort‘s May real estate market update highlighting last month’s (April) sales, resort offerings, and local trends. I hope you find this information interesting and helpful.
April Sales at Mauna Kea Resort
There were 6 sales within Mauna Kea Resort last month.
Two of the April recordings were sales contributed to the completion of the Hapuna Beach Residences. 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. At this time, just over half of the units have closed escrow. Please feel free to contact me for additional information regarding available units and/or to tour the Hapuna Beach Residences.
Additionally, there were two sales within Wai’ula’ula. Duplex Villa #344 sold before the unit came on the market, and estate home #421 sold after one (1) day on the market.
Lastly, a vacant lot within Kauna’oa sold, and a two bedroom unit within the Uplands community of Kumulani sold for over $1M.
(Click Here) to view the detailed list of April sales within Mauna Kea Resort.
New on the Market at Mauna Kea Resort
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 May 2022, “Hawaii Beach Hale” provides 4,787 square feet of single level living with six bedrooms and six and a half bathrooms and 1,553 square feet of covered lanai situated on a site of over 33,000 square feet. Being built with a Hawaiian contemporary theme, “Hawaii Beach Hale” offers a unique layout with two separate outdoor entertaining areas. The primary outdoor space with its generous pool and spa, fire pit, and tiki torches overlooks the 12th 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.
HAWAII GOVERNOR EXPECTS VACCINE PASSPORT TO EXPAND TO ALL U.S. VISITOR BY SUMMER: Starting May 11 travelers with proof of full vaccination against Covid-19 will be able to travel between Hawaiian islands without testing or quarantine restrictions, but only if they were vaccinated within the Aloha State. Gov. David Ige made the announcement regarding the changes to the Safe Travels program in a press conference April 20, also noting that a similar system for out-of-state travelers is in the works but will debut at a later date. Each state handles vaccination records differently, and for now Hawaii can only verify the records of those who received the jab locally. Ige said he hopes the state’s partners working on a vaccine verification system will figure out how to include out-of-state travelers in the next few months. “We anticipate it will happen this summer, but it depends on how quickly they can connect the networks to get access to vaccination information for all the states,” Ige said at the press conference. State officials are also working on programs that will enable them to verify vaccination records for international travelers, Ige said. A quarantine exemption for vaccinated international travelers would likely come after opening up the program to U.S. mainland travelers, possibly before the end of the year. Those who are not vaccinated, including children under the age of 16 who are not yet eligible, must still test negative for Covid-19 within 72 hours of their departure in order to bypass a 10-day quarantine. (www.travelandleisure.com)