Quick Answer: September 2023 showed strong activity on the Kona-Kohala Coast, particularly in the luxury condominium market, with Mauna Lani Resort leading in sales volume. High-value single-family transactions also highlighted continued demand for premium properties, signaling a healthy luxury segment.
Key Takeaways: Kona-Kohala Coast September 2023 Market Snapshot
- Luxury Condos Dominate: Mauna Lani Resort, Waikoloa Beach Resort, and Kohanaiki recorded notable condominium sales, reflecting strong interest in resort living.
- High-Value Single-Family Sales: Major transactions at Hualālai Resort and Mauna Lani Resort confirm continued strength in the ultra-luxury home market.
- Demand Outpacing Supply: The market remains competitive, with many luxury properties selling quickly and at premium prices.
- Resort-Specific Performance: Average prices and price per square foot varied by community, highlighting unique dynamics within each resort.
- Strategic Timing Matters: Buyers and sellers benefit from informed guidance to navigate nuanced market conditions.
With nearly two decades of experience in the Kona-Kohala Coast luxury market, one of the most common questions is whether it is a good time to buy or sell. September 2023 data provides valuable insight into current trends across major resort communities.
Mauna Lani Resort Condominium Performance
Quick Answer: Mauna Lani Resort led September condo sales with seven closings, averaging $1,570,000, making it one of the strongest performers for vacation rental and second-home buyers.
Mauna Lani recorded seven condominium sales during the month. The average sales price was $1,570,000, with an average price per square foot of approximately $1,050. Sales ranged from a two-bedroom residence at $675,000 to a three-bedroom property at $3,200,000.
Price per square foot varied by community, with some units achieving as high as $1,570 per square foot, while others averaged closer to $670 per square foot. This variation underscores the importance of evaluating specific neighborhoods within the resort when assessing investment potential.
Waikoloa Beach Resort Condominium Activity
Quick Answer: Waikoloa Beach Resort condos averaged $1,150,000 in September, offering a competitive entry point into luxury resort living.
Three condominium transactions closed during the month, with an average price of $1,150,000 and an average price per square foot of $800. Sales ranged from $695,000 for a two-bedroom residence to $1,800,000 for a three-bedroom unit. The highest recorded price per square foot reached $1,000.
Waikoloa Beach Resort continues to appeal to buyers seeking a vibrant environment with golf, dining, and retail amenities, often at more accessible price points compared to neighboring ultra-luxury communities.
Kohanaiki Luxury Condominium Market
Quick Answer: Kohanaiki recorded three luxury condo sales averaging $5,500,000, reinforcing its status as an exclusive private club community.
Three condominium sales closed at Kohanaiki in September. The average sales price was $5,500,000, with price per square foot ranging from $1,600 to $2,000 and averaging approximately $1,800.
Sales ranged from $4,500,000 for a three-bedroom residence to $6,500,000 for a four-bedroom property. Limited inventory and strong demand continue to support premium valuations within this private club setting.
Hualālai Resort Market Performance
Quick Answer: Hualālai Resort saw two condo sales averaging $4,000,000 and one single-family home sale at $15,000,000 in September.
Two condominiums closed at an average price of $4,000,000, with price per square foot averaging $1,500. Sales ranged from $3,500,000 to $4,500,000.
A notable five-bedroom, five-bath single-family residence sold for $15,000,000, or approximately $2,500 per square foot. This transaction highlights continued strength in the ultra-luxury estate market within the resort.
Mauna Kea Resort Condominium Activity
Quick Answer: Mauna Kea Resort recorded one condominium sale at $2,500,000, maintaining its reputation as a desirable luxury destination.
A three-bedroom condominium sold for $2,500,000 at approximately $1,200 per square foot. While sales volume was limited, inventory at Mauna Kea remains relatively tight, and demand continues for well-positioned properties.
Single-Family Luxury Home Highlights
Quick Answer: High-end single-family homes continue to command strong prices, with notable September sales at $15,000,000 in Hualālai and $7,500,000 in Mauna Lani.
A five-bedroom residence at Hualālai Resort sold for $15,000,000, or $2,500 per square foot. Additionally, a four-bedroom home at Mauna Lani Resort sold for $7,500,000, equating to $1,500 per square foot.
These transactions reflect sustained demand for luxury estates offering privacy, premium amenities, and resort access.
The Bottom Line: September 2023 Luxury Market Overview
September 2023 data demonstrates a competitive and active luxury market across the Kona-Kohala Coast. Condominium sales remained particularly strong in resort communities, while high-value single-family transactions reinforced confidence in the ultra-luxury segment.
Demand for well-located, well-priced properties continues to exceed available inventory in many communities, supporting stable to strong pricing conditions.
Frequently Asked Questions
Q: Does September reflect overall market strength?
A: Yes. The combination of strong condo volume and high-value single-family sales aligns with broader luxury market trends along the Kona-Kohala Coast.
Q: Should buyers wait for potential price declines?
A: Market timing depends on individual goals. Current data suggests sustained demand, particularly for premium properties in resort communities.
Q: How quickly are luxury homes selling?
A: Well-priced and strategically marketed luxury properties are often selling within months, and sometimes within weeks, depending on price point and location.
Q: What ownership costs should vacation rental buyers consider?
A: In addition to purchase price, buyers should account for association fees, property taxes, insurance, maintenance, utilities, and property management expenses.
Q: What is important when selecting a luxury real estate advisor?
A: Experience within specific resort communities, a proven record in high-end transactions, and data-driven market insight are critical factors.
