Mauna Kea Resort September Market Update: Hawaii Reopening to Visitors – Pre-Travel Testing Program Begins October 15th
Hawaii is slated to reopen in less than a month! After being delayed for months, a pre-travel testing program will be launching October 15th, allowing trans-Pacific visitors to forgo a 14-day quarantine if they test negative for COVID-19. Under the program, travelers will have to test negative for COVID-19 no more than 72 hours before arrival to qualify for the quarantine exemption. (Click Here) to see the steps for flying to Hawaii once the testing program is implemented.
While the pandemic continues to persist worldwide, it feels as though we are all slowly acclimating to this new way of life, for better or worse. As time goes by, it is becoming evident that our daily routines have changed significantly, and that things may not go back to “normal” for a long time, if ever.
Real estate company Redfin recently conducted a survey of homebuyers, asking, “What impact, if any, has the coronavirus pandemic had on your homebuying plans and preferences?” The study found that 21 percent wanted a designated space to work from home, and 21 percent also wanted more outdoor or recreational space. Redfin’s data has shown that home prices, while increasing across the board in every type of market, are booming the most in rural and low-density areas.
Prior to the pandemic, many people dreamed of living in Hawaii while somehow being able to conduct one’s business ventures remotely. The pandemic has definitely changed the preferences that people have for their homes and the respective location of these homes. On the Kohala Coast, we continue to witness unprecedented levels of demand in the market, which goes to show that many people’s pre-pandemic dream of living in Hawaii while being able to work remotely are not so far-fetched after all. Strong levels of Buyer demand for Kohala Coast properties are being coupled with Seller’s achieving robust prices for their properties. Due to the current market activity, there is a limited amount of inventory currently being offered for sale within Mauna Kea Resort and along the Kohala Coast. By the virtue of supply vs. demand, the lack of inventory is advantageous to Sellers and owners contemplating selling. Contrarily, the desire for Kohala Coast property and all-time low interest rates are auspicious to Buyers. These factors have generated a healthy synergy in the market.
Find below the Mauna Kea Resort’s September Real Estate Market Update highlighting last month’s (August) sales, new resort offerings, and market trends. I hope you find this information interesting and helpful.
August Sales: There were five sales within Mauna Kea Resort in the month of August.
Two of the sales were located in the private gated community of Kauna’oa. Mauna Kea Realty successfully represented Seller and Buyer of Hali’a Hale 9B, which sold last month for $3.6M. (Click Here) to view the property details of this 4 bedroom townhome with its own private backyard, pool, and jacuzzi. Mauna Kea Realty also represented the Seller and Buyer of a vacant three-quarter acre homesite (Lot #2), which sold for $1.1 Million in early August. (Click Here) to view the property details. For other development opportunities within Kauna’oa please feel free to contact me with regards to Lot #7 and Lot #11, both of which are currently being offered for sale.
Mauna Kea Realty represented the Buyer of Villa #30, which sold for $3.25 Million after only 5 days on the market. (Click Here) to view the property details. Designed by the renowned architectural firm of Wells/Klages, The Villas are Hawaii’s most timeless and desirable duplex condominium developments. The community is comprised of 40 condominium residences sprawled out over 30 acres. Each is situated to take full advantage of the terrain and the views of mountain and ocean that surround the hotel and golf course. There is only one Villa currently being offered for sale. Please feel free to contact me for information on Villa #33, which is being offered for $3.35 Million.
Wai’ula’ula Duplex Villa #346 sold last month for $1.95 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.
Mauna Kea Realty represented the Buyer of a 3 bedroom condominium located in the Uplands community of Kumulani. Kumulani H-4 sold for $965K in late August. (Click Here) to view the property details.
Highlighted Property Of The Month: Mauna Kea Realty just listed a 4 bedroom, 4 bathroom single-family home located in the Fairways North. Fairways North #16 overlooks the 5th and 6th fairways of the iconic Mauna Kea Golf Course and enjoys expansive and unobstructed ocean views. The almost acre lot (36,548 square feet) is one of the few residential properties currently being offered for sale behind the main gated entrance to the Mauna Kea Beach Hotel. Of the 32 single-family homesites within “Fairways North”, Lot #16 is the ONLY home available for sale at this time. (Click Here) to view the property details of this new listing.
HOMES ACROSS THE COUNTRY ARE SELLING FAST: Buyers are actively searching for and purchasing homes at a record-breaking pace. According to the latest report from the National Association of Realtors (NAR), in July, 68% of homes were on the market for less than a month. With homes moving from listing day to pending sale in an average of just 22 days, it’s a great time to sell a house. If you’re thinking about selling your house, this fall is a great time to make it happen. There are plenty of buyers looking for homes to purchase because they want to take advantage of low interest rates. Realtors are also reporting an average of 3 offers per house and an increase in bidding wars, meaning the demand is there, and the opportunity to sell for the most favorable terms is in your favor as a seller. (https://www.keepingcurrentmatters.com)