Quick Answer: November 2023 saw a focused, high-value luxury real estate market on the Kona-Kohala Coast, with six resort condominiums and three single-family homes closing. Condos, primarily in Waikoloa Beach Resort and Mauna Lani Resort, sold quickly, averaging just 10.8 days on market and often at or near their asking price, indicating strong buyer demand for well-positioned properties.
Key Takeaways: Kona-Kohala Coast Luxury Market Snapshot, November 2023
- Focused Sales Activity: Nine total luxury resort properties closed in November, comprising six condos and three single-family homes, reflecting a selective market.
- Rapid Condo Sales: Resort condominiums moved exceptionally fast, averaging under 11 days on market, with most selling at or very close to list price.
- High-Value Transactions: Single-family home sales were exclusively in the ultra-luxury segment, with two properties closing at $14,000,000 each in Kūkiʻo and Hualālai Vistas.
- Resort Dominance: Waikoloa Beach Resort and Mauna Lani Resort evenly split condo sales, showcasing consistent appeal across these established luxury communities.
- Market Nuance: While overall volume dipped slightly from prior months, especially for Kohanaiki single-family homes, the properties that did sell demonstrated robust pricing and efficiency.
Over nearly two decades selling luxury homes on the Kona-Kohala Coast, I have worked with hundreds of affluent individuals considering Hawaii as a second home or vacation rental investment. One of the most common questions I hear is, “What is really happening in the market right now?”
The answer is not magic; it is a system. What I call the Polimino Market Insight System is the result of years of testing, refinement, and proven results in understanding and navigating the nuances of this unique luxury market. Rather than simply describing the system, here are the five most common questions buyers and sellers ask about the Big Island luxury real estate market, along with clear, data-driven answers.
What Did Big Island Luxury Condo Sales Look Like in November 2023?
Quick Answer: Big Island luxury condo sales in November 2023 were characterized by swift transactions and strong pricing, with six units closing across Waikoloa Beach Resort and Mauna Lani Resort, averaging just 10.8 days on market.
Although volume was modest, the condominium segment demonstrated notable strength in both speed and price stability. Three sales occurred in Waikoloa Beach Resort and three in Mauna Lani Resort, reflecting broad buyer interest across both communities. The average days on market was just 10.8 days, signaling decisive buyer activity when properties were properly priced and well presented.
Many units sold at or very near their asking price, reinforcing accurate market valuations. Golf course views, turnkey condition, and furnished offerings were common features among the successful transactions.
Example: Waikoloa Beach Villas #G22, a two-bedroom, two-bath unit, sold for its full list price of $925,000 after only 10 days on market.
How Did Mauna Lani and Waikoloa Beach Resort Condo Sales Compare?
Quick Answer: Both Mauna Lani Resort and Waikoloa Beach Resort recorded three condo sales in November 2023. Mauna Lani commanded higher average prices due to larger and more exclusive residences, while Waikoloa units also sold quickly at strong price points.
In Waikoloa Beach Resort, sales ranged from $900,000 to $1,050,000, with units averaging 1,292 square feet. These properties sold within approximately 10 to 11 days, reflecting strong demand for entry-level luxury within a vibrant resort setting.
Mauna Lani Resort saw sales ranging from $2,250,000 to $2,500,000. These residences averaged 2,194 square feet and offered larger floor plans and elevated positioning within more exclusive communities. The average market time was approximately 9.6 days.
Example: The average sale price in Waikoloa Beach Resort was $958,333, compared to $2,350,000 in Mauna Lani Resort, highlighting distinct luxury tiers within the Kona-Kohala Coast market.
Should I Buy a Luxury Home in Mauna Lani, Kūkiʻo, or Hualālai Vistas?
Quick Answer: November 2023 sales reflect strong demand across Mauna Lani, Kūkiʻo, and Hualālai Vistas. The right choice depends on your lifestyle preferences and investment goals, as each community offers a distinct luxury experience.
All three single-family home sales in November occurred in the ultra-luxury segment, ranging from $5,000,000 to $14,000,000. These properties sold quickly, averaging just 16 days on market. Each residence was furnished and offered ocean views, underscoring demand for turnkey luxury estates.
Mauna Lani Point Estates recorded a $5,000,000 sale, while properties in Kūkiʻo and Hualālai Vistas each closed at $14,000,000. Kūkiʻo is known for its private club atmosphere, and Hualālai Vistas offers proximity to world-class amenities associated with the Four Seasons Resort. Each community caters to different priorities, including privacy, golf access, beach clubs, and service levels.
Example: Kūkiʻo #10B and Hualālai Vistas #10, both four-bedroom, four-and-a-half-bath homes of 3,923 square feet, sold for $14,000,000 each after 15 days on market.
What Does the November Data Mean for Buyers?
Quick Answer: Buyers should expect competition for well-priced, high-quality properties. Preparation and decisive action are essential.
The average market time of 10.8 days for condos and 16 days for homes indicates a competitive environment. Well-positioned properties are moving quickly, often at or near full asking price. Buyers should have financing in place, clearly define priorities, and be ready to act when the right opportunity arises.
Example: Five of the nine properties sold in November closed at full list price, and one sold just $25,000 below its $2.295 million asking price.
Where Were the Strongest Luxury Home Sales?
Quick Answer: The strongest luxury home sales were in Kūkiʻo and Hualālai Vistas, each recording a $14,000,000 transaction, along with a significant $5,000,000 sale in Mauna Lani Resort.
The two $14,000,000 transactions represented the highest-value residential closings on the Big Island in November 2023. Both properties sold within 15 days at full asking price, demonstrating continued demand at the highest tier of the market. The $5,000,000 Mauna Lani sale also closed at full price within 18 days, reinforcing strong performance across multiple luxury communities.
The Bottom Line
November 2023 data reflects a selective yet robust luxury market on the Kona-Kohala Coast. While transaction volume was moderate, pricing strength and rapid market times underscore healthy demand for well-located, high-quality properties. Strategic pricing, informed decision-making, and timely action remain essential for both buyers and sellers navigating this segment.
Frequently Asked Questions
What does this mean for sellers?
Well-priced and properly presented properties sold quickly, often at or above asking price. The data suggests strong buyer readiness for desirable luxury inventory.
Are luxury homes still selling quickly?
Yes. The three homes sold in November averaged 16 days on market, including properties priced between $5,000,000 and $14,000,000.
How do HOA fees impact condo values?
HOA fees, which cover maintenance and amenities, are factored into overall value assessments. In November, fees ranged from approximately $1,100 to $1,600 per month depending on the community.
Why were there no Kohanaiki single-family home sales?
Short-term fluctuations in a low-volume luxury segment are common and often reflect timing or limited inventory rather than weakening demand.
What is the typical market time for luxury condos?
Based on November 2023 data, luxury condos in Waikoloa Beach Resort and Mauna Lani Resort averaged just 10.8 days on market, with some selling in as few as three days.
