Mauna Kea Resort February Market Update: Mauna Kea Realty Joins Forbes Global Properties as a Founding Member

Aloha from Jake at Mauna Kea Realty,

As an affiliate of Hawaii Life Real Estate Brokers, Mauna Kea Realty is pleased to announce our founding membership with Forbes Global Properties, the exclusive worldwide real estate partner of Forbes. Forbes Global Properties leverages the audience and worldwide reach of Forbes, one of the most trusted media companies for the last 100 years, to engage, inform, and delight buyers and sellers of luxury properties. The membership advantages include connecting to 133 million unique monthly visitors to Forbes’ digital platform, 45 million+ social media followers, and 44 global print editions in 28 languages that reach 6.3M+ readers. This additional platform will introduce more discerning buyers, sellers, and real estate aficionados to our luxury listings across the state and on the Big Island. The future is looking even brighter for Mauna Kea Realty’s clients and customers!

Hawaii Life & Mauna Kea Realty just released our 2020 Q1-Q4 Hawai’i Luxury Market Report. The report states that the number of luxury properties sold — defined as single-family homes, condominiums, and residential land selling for $3 million or more — increased to 362 transactions last year, which was a 27.5% increase from 284 transactions in 2019. Total dollar volume grew 26.25% to $1.95 billion, from $1.54 billion in 2019. Hawaii Island saw the largest jump in luxury property sales, with transactions nearly doubling to 107, from 56 transactions in 2019, and dollar volume growing by 60% to $586 million, which included six sales of $10 million or more. Hawai‘i Island was second only to O‘ahu in terms of the sheer number of sales and total sales volume above the $3 million luxury benchmark in 2020.

Furthermore, Hawaii Life & Mauna Kea Realty captured a market share of 17.33%, inclusive of all sales that closed above $3 million in 2020. We continue to be the market leader in the $3M+ segment, representing 105 of the 724 sides of business in 2020. Our company represented 14 of the 48 sides of business in all sales that exceeded $10 million last year, capturing a 29% market share in the very highest end of the luxury market.

The Big Island Luxury Market Overview can be found on page 22 of the report.

You can access the full 2020 (Q1-Q4) Hawai’i Luxury Market Report by (Clicking Here).

As we progress through the first quarter of 2021 on the Kohala Coast, we are witnessing unprecedented levels of demand with virtually no inventory. We do not anticipate a slowdown in demand; however, the diminishing number of quality properties available for sale at the high-end may prove our market’s biggest challenge in 2021.

Find below the Mauna Kea Resort’s February Real Estate Market Update highlighting last month’s (January) sales, resort offerings, and market trends. I hope you find this information interesting and helpful*.

January Sales

There were 10 sales within Mauna Kea Resort last month.

Four of the January recordings were sales contributed to the completion of the Hapuna Beach Residences. The Hapuna Beach Residences at Mauna Kea Resort are 68 whole-ownership condominiums ranging from one to four bedrooms in a variety of floor plans — some with pools, all with incredible ocean and coastline views located within a stone’s throw to one of the most beautiful crescent white sand beaches in Hawai’i. At this time, 24 of the 68 units have closed escrow, and an additional 6 units are under contract. Please feel free to contact me for additional information regarding available units and/or to tour the Hapuna Beach Residences.

Additionally, Four 4-plex units within the Uplands community of Wai’ula’ula sold at an average price of $1.34M.

Lastly, there were two sales within the Fairways North. One of the few remaining vacant lots sold for $1.8M, and a 4 bedroom, 4 bathroom 4,000 square foot single-family home sold for $3.6M.

(Click Here) to view the detailed list of January sales within 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).

Market Trends

THE HAWAII COUNTY COUNCIL IS CONSIDERING A BILL THAT WOULD ALLOW HAWAII LUXURY PROPERTY OWNERS A CHOICE TO SEND TAX MONEY TO THE COUNTY OR CHARITY: One of the sponsors of a law that tacked an extra property tax on luxury homes now has a bill pending giving those property owners a choice of sending the additional tax dollars to the county or a charity. The tax bill, approved last year, imposes a $13.60 tax per thousand dollars on the assessed value of property over $2 million for property in the residential category, compared to $11.10 in tax per thousand for the portion of the property under $2 million. In contrast, the homeowner exemption rate is $6.15. Residential tier two property, as it’s called, includes homes, vacant land, and condos with a net assessed value of $2 million or more that does not qualify for a homeowner’s exemption and are “classified as residential in consideration of the highest and best use of the land.” Bill 18, sponsored by Hilo Councilman Aaron Chung, would allow property owners to write off that $2.50 extra tax if they provide proof they donated the amount to a recognized 501(c)(3) nonprofit that benefits Hawaii County residents or to county-sponsored homelessness initiatives. (www.westhawaiitoday.com)