Mauna Kea Resort 2023 Year-End Market Recap and 2024 Outlook Enclosed: Mauna Kea Resort Remodel Renderings

Now that 2024 has arrived, I thought it might be of interest to reflect on the real estate market at Mauna Kea Resort in 2023. Prior to delving into those insights, I am thrilled to share some exciting developments regarding future plans at Mauna Kea Resort.

In April, Mauna Kea Resort is embarking on an ambitious $180 million renovation project, scheduled for completion in early 2025. This transformative plan encompasses a comprehensive redesign of the resort’s 252 guest rooms and suites, along with all four dining venues, including the renowned Manta restaurant. The highlight is the addition of an extensive destination spa and infinity pool experience, featuring 11 indoor and al fresco treatment rooms, a full-service salon, and an upgraded fitness center. Beyond that, the resort will unveil new botanical garden areas, including a chef’s garden for fresh produce and a specialized garden showcasing indigenous and endemic plant species. The Mauna Kea Golf Course is also in for a substantial transformation. You can (Click Here) to view renderings of the redesigned guest rooms, the upcoming spa, and the new Cultural Center.

Anticipation is high for this exciting phase in the evolution of Mauna Kea Beach Hotel, and I am committed to providing you with live updates on the renovation process.

Turning our attention back to real estate, the Mauna Kea Resort and the broader Kona-Kohala coast market experienced one of the most significant shifts in real estate dynamics in over a decade. The market transitioned from a red-hot phase in the mid-2020 to mid-2022 period, marked by a historic surge in demand and prices, to a cooling trend in 2023. This shift coincided with economic and political turmoil, leading to mortgage rates crossing the 6, 7, and then 8 percent threshold for the first time since 2008.

In 2023, there were 20 closed sales within Mauna Kea Resort, reflecting a 69% decrease compared to the 65 transactions in 2022 and a 72% decrease compared to the 72 transactions in 2021. The sales volume recorded in 2023 amounted to approximately $87 million, marking a 66% decrease from the $258 million recorded in 2022 and a 61% decrease from the $226 million recorded in 2021.

Despite the reduction in the number of recorded sales, average prices within Mauna Kea Resort increased by 9% in 2023. This rise is attributed in part to an off-market sale in the Bluffs, which recorded at $25 million in July—the second-highest recorded sales price for a single-family home in the history of Mauna Kea Resort. History continues to demonstrate that the Big Island’s Kona-Kohala Coast tends to fare better than other markets during economic slowdowns.

Mauna Kea Resort Year-End Statistics

Mauna Kea Resort Sales:

2023:  20 Sales  (69% Decrease Year-Over-Year) 
2022 : 65 Sales     
2021 :  72 Sales
2020:  59 Sales
2019:   31 Sales

Mauna Kea Resort Average Sales Price:

2023:   $4.33M  (9% Increase Year-Over-Year)
2022:   $3.97M
2021:    $3.10M
2020:   $3.06M
2019:    $2.26M

Mauna Kea Resort Total Sales Volume:

2023:   $87M (66% Decrease Year-Over-Year)
2022:   $258M       
2021:    $226M
2020:   $180M
2019:    $70M

Looking Ahead – 2024 Outlook:

Over the past decade, the real estate market on Hawai‘i Island has experienced significant appreciation. Hawai‘i Island’s median home price is +72.8% higher than it was 10 years ago, and the appreciation varies dramatically by zip code. Looking beyond the anomaly of the pandemic surge, the long-term perspective for Hawai‘i Island real estate remains strong and resilient.

The Hawai’i Island real estate market experienced a 9% increase in inventory for properties valued at $3 million and above, compared to the previous year (2022). Despite this overall uptick, the resort segment, particularly within the ocean side of the highway at Mauna Kea Resort in the Fairways South, North, Villas, and Kauna’oa, continues to exhibit lower inventory levels. Currently, the supply of resort properties along the greater Kona-Kohala Coast remains relatively limited, and there continues to be strong demand for high-quality, strategically located properties. In certain resort nodes, properties are being sold almost immediately upon hitting the market.  With the consistent annual growth in median sold prices and a prevailing trend of declining interest rates, the outlook for our local market is notably optimistic. The sustained yearly growth in median sale prices attests to the historical stability and security of real estate investments in Hawai‘i Island.

Looking ahead to 2024, the increasing inventory suggests a dynamic and evolving market. The strength of the median sold price indicates a sustained demand for properties, showcasing the desirability of Hawai‘i Island as a real estate investment destination. Furthermore, the ongoing trend of decreasing interest rates adds another layer of attractiveness for potential buyers and investors, potentially fostering increased sales activity in the market compared to last year.

Below please find a breakdown of the 2023 sales categorized by community or sub areas within the Mauna Kea Resort.  

2023 Sales Breakdown:

(Click Here) to view the locations of the respective communities below.

Fairways South: No sales in 2023.

Fairways North: No sales in 2023.

The Villas: Villa #39 sold in January 2023 for $5.638M. The unit was upgraded to 3 bedroom from its original 2 bedroom configuration.  The 2,684 square foot 3 bedroom 2.5 bathroom unit sold before hitting the market and our team represented both sides of the transaction. For details on this Villa sale (Click Here).

Kauna’oa: A brand new 5 bedroom 6 bathroom (4,288 SF) single family home on Lot #23 sold at the full list price of $7.95M ($1,865 PSF).  Our team represented the Seller and Buyer of this transaction. For details on this sale within Kauna’oa (Click Here).

The Bluffs: A near oceanfront home in the Bluffs community sold in an off-market transaction in July of 2023 for $25M.  The home changed hands from the original owner who had enjoyed the premier property for over 20 years. This sale is the second-highest recorded sales price for a single-family home in the history of Mauna Kea Resort.

High Bluffs: A vacant Lot in the High Bluffs sold for $1.575M in June of 2023. (Click Here) to view the property details of High Bluffs Lot #4.

Wai’ula’ula: There were a total of four (4) sales. Two (2) four-plex units sold, and two (2) duplex Villas sold. The four-plex units had an average sales price of $2.64M, up 4% from the average sales price of $2.54M in 2022. The duplex Villa units had an average sales price of $3.73M, up 16% from the average sales price of $3.22M in 2022. For a detailed list of 2023 sales within Wai’ula’ula (Click Here).

Kumulani: There were two (2) condominium sales with an average sales price of 1.43M. The sold units averaged 12 days on market (DOM). For a detailed list of 2023 sales within Kumulani (Click Here).

Moani Heights: No sales in 2023.

Hapuna Beach Residences: There were a total of four (4) sales, all of which were 1 bedroom 1 bath studio units that sold at the average price of $2.32M. For a detailed list of the Hapuna condominium sales (Click Here).

Hapuna Estates in the Uplands: Five (5) of the fifteen (15) brand new Amaui Villas recorded in 2023 from $3.6M for a 3 bedroom unit, to $4.3M for a 4 bedroom unit. One (1) approx. 23,000 SF vacant lot in Hapuna Estates Phase 3 sold for $1.495M. (Click Here) for detailed information on all the Hapuna Estates sales in the Uplands at Mauna Kea Resort.

For a Complete List of Condominiums and Residential Properties Currently Available at the Mauna Kea Resort (Click Here).

For a Complete List of Vacant Land Properties Currently Available at the Mauna Kea Resort (Click Here).

Team Track Record & Success Stories:

Our team proudly serves all of the Kona-Kohala Coast. Over the past decade, our firm has successfully facilitated over $1.5 billion in real estate transactions within the resort market segment. Specifically within Mauna Kea Resort, our team has achieved over $700 million in sales over the same period, surpassing the closest competing brokerage by 58%. Performance based on results, not promises.

The Kohala Coast is our home. This is where we live, work, play, and serve our clients. Our expertise is the result of more than four decades of specialization in Kona-Kohala Coast real estate. Our team understands every feature, benefit and offering at each resort and community along the coast.

Our area knowledge and long-term perspective are enhanced by the unrivaled statewide network, global affiliations, brand recognition, and digital platforms of Hawai‘i Life, making us the brokerage firm for all your Kona-Kohala Coast needs. With 350+ agents and now 24 offices statewide, Hawai’i Life is the exclusive statewide affiliate of Forbes Global Properties and an affiliate of Luxury Portfolio International®. Both networks serve top-tier markets around the world, adding tremendous reach and exposure for our clients. We invite you to consult our team of highly talented professionals, who service all sectors of the real estate market, including oceanfront, resort, ranch, single-family, condominium and vacant land properties.

(Click Here) to read my “Success Stories” testimonials. If you have specific needs with which I might be able to assist you, please do not hesitate to call or email.