Happy New Year to all! As we begin the year filled with hopes and resolutions, I wish all of you peace, happiness, and good health. Life is precious and all too fragile; savor the moments…
Market News
As the Kona real estate market enters its high season, we are all getting questions on what will happen this year. I have fired up my new flat screen crystal ball and can say with certainty that nothing is certain! Apparently the new models aren’t any better at predicting the future than the old round kind. What I can say is that we are seeing an increased number of calls inquiring about listed properties, the inventory has grown dramatically over the last year, and the market is much more favorable to buyers than that of a year ago, while interest rates remain low. Sellers are offering greater concessions on price and many are including incentives, such as credits toward closing expenses. It is a much more balanced market now, and it is a great time to look for that second home or retirement property. Many who are not ready to retire are purchasing properties with the intention to rent them out in order to offset expense until that magical day comes when they are ready to fly off into the sunset and start the rest of their lives in this beautiful, tropical oasis.
Sales figures comparing 2005 and 2006 indicate that while the number of sales for the entire Big Island of Hawaii are down by 26% for single family homes and 39% for condos, the median sale prices of single family homes has risen by 8.18% and the median prices of condos has risen by 16.91%. While sales numbers for 2006 are off a similar amount in the North Kona district, the gains have been more modest at 3.43% for homes and 3.85% for condos due to the higher increases for that region as compared to the entire island in the previous years.
New York Times
New York Times Features the Big Island!
I was recently contacted by Vivian Marino of the the New York Times to discuss the market for second homes here in the Kona area. We had a nice chat, and it reinforced what I have observed over the last few years. Many people are looking for a place to retire that is away from the hustle of the cities. Most people will continue to work in some other capacity if they can do it via the internet or within another field. There is a notion of getting back to a more basic lifestyle, downsizing homes, having easy maintenance landscapes, more time for family, travel, adventure, new interests, and in enjoying life in general. People want an environment where they can be outdoors year round. While the Big Island is not for everyone, it has great appeal for many, and we feel it will continue to be a second home and retirement destination of choice for many years to come.
For a look at the article published January 12, 2007 in the Escapes section of the New York Times, click on:
Under the Sea!
Honu
Yellow Trumpet Fish
Trumpetfish
Striped Butterfly Fish
Curious Butterfly
Yellow Tang
Yellow Tang and friends
Raccoon Butterfly Fish
Raccoon Butterflyfish School
