Walk to the Beach - Part 3 May 22, 2008
Posted by brobinson in : For buyers, Mauna Lani Resort, What Is There to DO Here? , add a commentAlthough the full moon was on Monday, I’m looking forward to Saturday’s monthly full moon talk story at the Mauna Lani Resort. Twilight at Kalahuipua’a is open to hotel guests, Mauna Lani residents and all of us locals (the latter usually bring a blanket, pupus and bottle of wine). Doesn’t get much better than this for watching the sun dip into the ocean and the full moon rise over Mauna Kea while taking in a dose of genuine local history, culture and aloha.
Where would I buy if I wanted to walk to the beach at Mauna Lani?
If you are looking for a condominium, my choice is Mauna Lani Point, which has only a small pool but is an easy walk to the Mauna Lani Beach Club. It is the most active community on the resale market so far this year, with four sold and another under contract. Although it is over twenty years old and has floorplans of that generation, the best units have been beautifully refurbished. Prices range from just over $1 million for a one-bedroom to over $2 million for a two-bedroom.
Looking for a well-appointed home or a site to building one? 49 Black Sand Beach nestles around Honoka’ope Bay…although some of the lots nearer the entrance have Mauna Kea rather than ocean views. The tradeoff? A modest size but beautifully designed 3-bedroom home with mountain view is a bargain in this oceanfront community at $3.5 million; a six-bedroom estate with an infinity pool blending into endless ocean is listed at $24 million.
As vog continues to haunt the Kona area, my prediction is that communities like 49 Black Sand Beach on the Kohala Coast will draw buyers who might otherwise have found a home at Hualalai Resort or Kukio.
A hui hou!
Beth
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Beth Thoma Robinson R(S) CELL 808-443-4588 OFFICE: 808-889-1295 beth@hawaiipalmproperties.com |
The hunt for foreclosures-Kohala Coast May 3, 2008
Posted by brobinson in : For buyers, For sellers , 2comments[This is one of a pair of posts. The other one is on my North Kohala blog.]
Taking a detour today from our look at “walk to the beach” properties to address a question posed to me by a prospect lead I received from one of the glossy real estate magazines. This gentleman was “only interested in foreclosures” and was surprised to hear that unlike in his home market, we don’t have hundreds of homes and condos in foreclosure.
That’s not to say that there are not sellers feeling distressed. Many investors on the Kohala Coast bought multiple properties under construction in, say, 2005-2006, never imagining that by the time came for them to close on the condo or home, the market would have stalled. Basic laws of supply and demand: buyers are fewer, more particular about what they are buying, and feeling little sense of urgency. The best and most unique properties are holding their value, but the many condos in golf course communities with little to distinguish them are chasing each other down in price. Plus the developers are willing to deeply discount their remaining inventory to keep the cash flowing.
The condo owner has the option of covering some of their holding costs with vacation rentals, but the number of units being rented has also increased relative to the demand, so prices and occupancy rates are dropping in some communities. And the more the condo is rented, the less it is available to show.
I don’t have a ton of bank-owned properties to show, but there are very attractive opportunities: prime properties priced under what the sellers paid, developers willing to cut a deal, owners anxious and willing to be creative. This is true at almost all prices ranges, from under $500,000 condos in the Waikoloa Beach Resort to $4 million properties at the Mauna Kea Resort.
The buyer who will benefit from this scenario has a long-term perspective. They are either buying for their own use, or they are a patient long-term investor. These buyers are paying cash or putting generous amounts down. They are savvy enough to know that negotiating the best deal while there is plenty of great inventory to choose from is a better strategy than waiting to try to guess when the market has bottomed out or putting the time and energy into negotiating with a lender. They are enjoying their mai tais and golf games right now!
A hui hou,
Beth
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Beth Thoma Robinson R(S) CELL 808-443-4588 OFFICE: 808-889-1295 beth@hawaiipalmproperties.com |