Mostly Makai

First half Kohala Coast stats at the high end July 16, 2008

Posted by brobinson in : RE Market , trackback

In early May, the New York Times real estate section had a “What You Get for … $3 million” article that contrasted a $3 million house on Oahu with one in Bloomfield Michigan and another in Weaverville, North Caroline (near Asheville, I had to look it up). In Honolulu, the featured house was five bedrooms, 4,351 feet on a quarter-acre lot.

My blog looks just at the Kohala Coast market: the resorts of Mauna Kea, Mauna Lani and Waikoloa Beach, plus Puako. Using $3 million as the lower cutoff for what constitutes the high end of the Kohala Coast market (although that price won’t buy even a lot at Kukio to the south of us), here’s what sold last year and this year in the first 6 months. (Big Caveat: some developer sales are not reported here, including at two of my favorite projects Kaunaoa and Ke Kailani.)

The first half of 2007 reported 13 sales at prices ranging from $3,245,000 for a house at Mauna Lani Point Estates, to $26,500,000 for an irreplaceable estate home at Mauna Kea. Three land sales were reported including a luscious parcel of almost 7 acres at Puako for $8,850,000.

In the first half of 2008, activity slowed only slightly but the band of pricing was much narrower. Ten sales were reported at prices from $3,000,000 (a price which was recorded twice, for a Mauna Kea Fairways South and for Mauna Lani Point) to $5,500,000 for a spec house at Ke Kailani. There were no sales of raw land recorded, although I know for a fact that there was a sale of two side-by-side parcels at Kaunaoa not reported to the MLS.

Stay tuned for a look at how the below-$3 million market segments fared!

A hui hou,