Even a strong sellers market can't keep buyers away from these islands, say local Realtors.
Realtor Michael C. DiBella says, "The Wailea/Makena area is not a municipality, rather it is a Resort. This spectacular Resort community is home to 5 Championship Golf Courses, the World renowned "Senior Skins Tournament," and an 11 court Tennis Club that features the same "plexi-pave" surface found on the courts at the US Open."
He continues, "In the past 5 years our real estate market has been the beneficiary of low interest rates, soaring property values, and strong consumer confidence in the US economy. Statistically, property values for single family homes increased 25 percent from 2004 and condominiums are valued 21 percent higher. The median prices today are 2 million for residential and $913,000 for a condo. In 2005 we currently have 4 "new" condominium projects under construction, ranging in price from $945,000 to 7.1 million. Each is equipped with only top-of-the-line products and finishes and has its' own identity offering the owner a varied lifestyle, from personal residence/owner occupancy to vacation home/income producing investment property. As for the single family homes, there was one recent project consisting of 38 home/lot packages starting at 1.3 million which sold-out in a matter of hours."
"Kohala Ranch, Kohala by the Sea and Kohala Estates are still strong sellers. There are currently 24 Kohala Ranch lots for sale from $535 to $709k. The market time is longer, but sale prices are still up and holding firm. The new lots have yet to be released, but we're told to expect them from $700 upwards for 1/2 to 2 acre parcels," says Realtor Pam Deery.
"These lots boast beautiful ocean/mountain views and are a bit more manageable for most seasonal residents, and should push the sales of the 3-5 acre parcels in the ranch this fall," she adds. "These North Kohala properties have become one of the best buys on the Kohala Coast. Mauna Lani has added several new condominium project this past year; Ke Kailani Villas, $3.5+ for large 3 bedroom 3.5 baths, and The Villages $1.8+ for 2700 sq. ft 3 bedroom 3.5 baths, as well as a large project with single family residential, attached homes and condominiums mauka with wonderful ocean and mountain views."
She continues, "The new shopping center is underway! This center will be a hub for the residents and guests alike, with upscale shopping and dining. I know I can't wait!! Kohala by the Sea and Kohala Estates also are up in pricing, but again, have slowed in activity, which is again common seasonally. Lots in Kohala By the Sea are in the $500+ range, compared to last winter and spring $400-450 range."
Realtor Jim Albone notes, "Overall, the speculators are speculating less (Asking prices are coming down) and "Days on Market" are getting longer. Of course, we are into our slow season until the winter visitors come in December. The South Kohala district has seen significant growth in resort development and single-family home construction and sales this year. Prices are still rising, but not as dramatically as over the last year. The Mauna Lani Resort on the Kohala Coast is continuing to develop more condominium projects and single-family home projects this year. After this is gone, there will be very little resort property left for development along the coast. The Waikoloa Village has also continued to grow as the resort properties grow as this is the closest residential area to the resorts. New home projects are in progress, but demand is still out-pacing supply."