Hawaii Luxury Listings 2019 Wrap-UP
February 21, 2020
News Provided By Hawaii Luxury Listings, LLC
WAIKOLOA, HI, February 19, 2020
2019 began quietly for Hawaii Luxury Listings, but by the time we rang in the new decade, things had really ramped up. Inventory around the Kohala Coast was moving in 2019, and this was abundantly clear at Kolea, located in the Waikoloa Beach Resort, where Johnny Mac McElree, founder and Principal Broker of HLL, continued to dominate in sales. Johnny’s total sales volume in Kolea was $10.45 million on 10 listings, almost 5 times the volume of the next agent. He was also second in sales for the Waikoloa Beach Resort area with $11.5 million. Johnny’s total sales volume for all of 2019 was $17.68 million, ranking him within the top 3% of the Islands 1000 plus Realtors.
Looking ahead into 2020, inventory at Kolea is at a historical low- and the prices are on the rise… a general trend in the luxury market on the Big Island. In January 2020, Johnny made two sales at Kolea, including a 3 bedroom, third floor condo for $2.575 million, the highest price for a Penthouse at Kolea in years. Hawaii Luxury Listings LLC currently has an additional $8,685,000 in escrow, all on the Kohala Coast of the Big Island. These transactions should close in the first quarter of 2020, resulting in just short of $12,000,000 in sales in the first quarter of this year.
A note from Johnny: “I cannot emphasize enough how much the market has changed from this time last year in the resorts along the Kohala Coast. It has been a Buyer’s market on the Big Island since the financial crisis of 2007-2008. Admittedly, there has been a very slow shift over the last couple of years toward a market more balanced between Buyers and Sellers. But what is happening right now in the market was last seen in the years prior to the financial crisis. I certainly do not have a crystal ball, and, as always, this trend could be reversed due to a set of currently unforeseeable circumstances. However, the possibility also exists that the current trend could accelerate going forward. In my view, we are perhaps a few months away from a situation where the “fear of missing out” replaces the fear of overpaying from a Buyer’s perspective.”
In summary, we believe that if you are looking to buy, NOW is the time to invest in properties that are growing in value… and if you are thinking of selling, NOW is the time to see returns on your earlier investment. Either way, Hawaii Luxury Listings is your go-to brokerage for making dreams happen on the Big Island- give us a call today!