New Trends in the Kona Luxury Home Market?

For the past few years along the Kona Coast, the only homes in the $3-$5 million dollar range that have been selling are at Kukio or Hualalai Resort. I am willing to go out on a limb and predict that’s about to change. If the high end luxury market is going to follow the same trend I have been seeing at lower price levels then buyers are going to start snatching up architecturally distinctive homes outside of the resorts.

A year ago, buyers were focused on buying homes and condos within the resorts, or newer developments right in town. Conversely, the last three homes that I have sold have been in Holualoa, a small art colony on the hills overlooking Kailua Kona.

Prior to the recession, Holualoa was one of the hottest real estate markets on the Big Island. Then, for the past few years nothing much was selling and prices plummeted. But, finally, we are seeing that change and change quickly. More and more people are looking for architecturally distinctive homes on a bit of land. I can’t imagine that luxury buyers are any different.

My guess is that this gorgeous estate in Holualoa (MLS# 228426), priced at $4,999,999, will be the first Kona luxury estate to sell outside the resorts and break the old trend. Some lucky buyer is going to see the value and snatch it up. In its price range, it is both the largest in terms of square footage, 5,385 sq. ft. and acreage at 6 acres.

For example, a similarly priced home in Kukio recently sold for $4,597,260 and it was only 3,404 sq. ft. and on a 31,320 sq. ft. lot. So, that comes to $1,350 per sq. ft. for the Kukio home versus $928 per sq. ft. for this Holualoa estate. That kind of deal can’t last long.

I previewed this home for a client and I can tell you it is more beautiful than its pictures. If you like the photos you will not be disappointed. While the scale of the home is grand, it’s built for comfort and an indoor-outdoor lifestyle. The walls open up to let in the breeze as well as the fragrances that fill the garden. This isn’t just a showpiece. It is meant to be lived in.

For those that like to stay active, there is a tennis court in addition to the large pool. For guests, there is a separate guest house. For entertaining, there is even a wine cellar and tasting room. Perhaps the best detail is the amazing view of the Kona Coast. Watch as the cruise ships sale into the harbor below. The ample lanai is front row every night for Kona’s amazing sunsets. This is a home like no other.

If you’re interested in distinctive homes and estates here on the Kona Coast, check out my blog.