Aloha Friends and Clients!

The weather is exceptional, remaining in the mid-’80s, low humidity, and not rising into the ’90s like years past at the start of summer. Noe, Susan, and I continue our morning swims, including one from Paniau at the end of Puako Road to Makaiwa Bay, where the Mauna Lani Beach Club is located. I never knew how deep the water was very near shore just north of The Orchid. We decided to go from the north to south direction in case of high winds. Sure enough, we were rewarded as the winds picked up, throwing rooster tails off the swell right when we entered Makaiwa Bay.

It will be strange not to watch fireworks this weekend for the first time I can remember on July 4th. The Mayor and Governor have implemented purposeful closures of our nearby beach parks to prevent groups from gathering. That’s the least of the inconveniences. We enjoy a virus and social unrest free environment here on the Big Island. We are very thankful and blessed we moved here to this isolated part of the world 20 years ago this month.

Inter-island travel restrictions for locals were eased on June 15th and no longer require a 14-day quarantine. August 1st welcomes no quarantine for mainland travelers with a negative Covid-19 test within 72 hours of arrival. We are seeing a few vacation rental reservations for the fall months, signaling a return of the vacation rental market.

Our Governor states, ”It is important to act with care by maintaining physical distancing and safe practices throughout the reopening to protect the people of Hawaii’s health and safety. I am committed to making decisions based on data, science, and best practices.” Check out my blog post with a downloadable link to the State’s reopening plan presented in a slideshow.

I just had multiple visitors to my office at Nohea at Mauna Lani from Oahu, seeking primary homes here. All of these folks work from home in the tech industry and can live anywhere it seems. They were both seeking homes, not condominiums interestingly, as they want more space between dwellings-we have precisely that here at Nohea! These are all positive signs for the coming months, especially for my friends that make their living in tourism-related businesses and for real estate sales. Hopefully, the major hotels will open before the winter season based on reservation demand-we will see.

I have activity on all my listings from the very few buyers that are here. This has resulted in 4 contracts being submitted by 3 buyers on my KaMilo at Mauna Lani #214 listing. The list price of this property is right on the money as far as value, but buyers seek a “COVID-19” discount, which is not warranted at this point. Even though the inventory is now at 1/2 it’s average level, the few buyers still exceed the supply, stabilizing prices, especially for condominiums under $1m. See my blog post below with details regarding KaMilo at Mauna Lani 214.

I’ll post a blog in the next few days with details for June sales, which show a bounce off the May sales “bottom.” I predict real estate sales will only improve from here for the next 12 months if sellers “hold” instead of listing due to financial and other reasons. If sellers start listing their properties excessively in the coming months with low buyer demand prices may drop. Buyers are not under pressure to buy necessarily, but sellers eventually could say, It’s time to SELL. We will know in the coming months.

Under Contract Properties in Mauna Lani

I just put my Kulalani at Mauna Lani #1902 listing into escrow. This is one of the best values in condominium ownership within the Mauna Lani Resort for $899k. The home offers a buyer a fully furnished/turnkey unit with a successful vacation rental history. The floor plan offers over 2000 square feet of fabulous open and private, luxury living with great garden views. This unit’s location is within a 4-plex building that offers spacious 2-car garages. The first entry experience includes a private courtyard that leads into a two-story foyer that features a spiral staircase. This light-filled space from the upper floor, clear-story windows pierces the lower level living and dining rooms. This should close in early August. Contact me for additional buying opportunities within Kulalani at Mauna Lani or check out my website for additional listings.

Just Listed Properties in Mauna Lani

I just listed unit J-107 at The Mauna Lani Point community. This fully renovated (2018) spacious 2-bedroom villa with a great view of the golf course and Mauna Kea-check out the photos. The kitchen includes custom mahogany cabinetry, quartz countertops, and Thermadore appliances. The bathroom addition includes new, porcelain tile floors, luxury plumbing fixtures, cabinets, and hardware. Sold with carefully selected furnishings with few owner exceptions. Check out the photos in my blog for a better understanding of this offering.

Last month, I listed a beautifully furnished four-bedroom, “Honua B/Plan 6” floor plan in Ka Milo at Mauna Lani for $1,099,000. This plan is one of only six built of this four-bedroom plan at KaMilo. Quality features include dual master suites with the additional master bedroom suite upstairs. Enjoy it’s proximity to the best recreation center in the Mauna Lani Resort. This home is being sold turnkey and furnished for vacation rental. 2019 gross vacation rental income was $76,000.00.

This four-bedroom, 3.5 baths, paired-home includes luxury finishes and an open floor plan with dramatic vaulted ceilings. Enjoy the Chef’s kitchen, which includes Thermador appliances and hardwood cabinetry plus granite countertops, and a large island and wine refrigerator. Both guest bedrooms have access to a private courtyard area. The master suites boast individual lanais, a large walk-in closet, dual sink vanity, soaking tub, walk-in shower, and plenty of space. Don’t miss the views toward Mauna Kea and Mauna Loa over a lush greenbelt from the covered lanai. The luxury BBQ affords al fresco dining opportunities. The spacious, two-car garage has plenty of room for storage and vehicle storage. Click here to check out the blog post with photos of this excellent opportunity to buy a rare unit in KaMilo at Mauna Lani.

Nohea at Mauna Lani

Nohea, lots 21, 25, and 29 at Nohea at Mauna Lani are finished and furnished. Nohea is adjacent to the newly renovated Auberge Hotel and Bungalows that just spent $200 million on renovations. All three homes feature luxury finishes, including interior cabinetry, elaborate hardwood trim, hardwood floors, and hand troweled, Old World, stucco exteriors. These homes start at $2.95m and come furnished with luxury appointments from Restoration Hardware. All three villas are ready to occupy by yourself or vacation rent. Additional custom features include elaborate, ceiling trims that involve extensive, decorative fretwork on a grasscloth background-check out the photos. The landscape consists of grass and basalt paver driveways that provide a soft scape entrance.

These homes” not condominiums” are resort quality with four bedrooms and four full bathrooms. The amenities include a Chef’s kitchens featuring Wolf and Subzero appliances, saltwater pools and spas, and plenty of hardwood trim and other luxury extras to make this an incredible place to come home to in “paradise.” Nohea is pet-friendly and allows vacation rental. Coupled with Nohea’s beautiful recreation center and exercise hale, the community is second to none within the Mauna Lani Resort and Kohala Coast. Give me a call to schedule a tour soon.

Don’t miss my re-sale listing in Nohea at Mauna Lani #10. It’s a golf course front and features a tropical, Arts and Crafts, modern style, and features a sizable solar system. Lissette and I were part of the design team when this fabulous show home was conceived and built-in 2011. It’s now available from the original owner and sold furnished and ready for a new owner and luxury vacation rental if desired. The owner has offered it for vacation rental successfully with gross income in 2018 and 2019 of $184k+.

The exterior facade features stacked stone, old world stucco, cedar lap siding, copper gutters, and an authentic slate roof. The interior features Syrian, shell infused limestone floors, mahogany trim, doors and cabinetry, and hand plastered walls to match the exterior stucco. Extensive mahogany trim, doors, and cabinetry installed throughout the house. A custom, SONOS sound system streams music in all interior and exterior spaces. There are 4-zoned air conditioning systems that provide efficient cooling of the separate areas. Call me to schedule a viewing before this one gets away. It’s offered for $3.895m.

I recently produced several videos highlighting the unique features of our Nohea at Mauna Lani homes and shared them on my blog. One post illustrates the Zoom-Room beds featured in our 4th bedroom/Media Room, complete with a full bathroom. The other post features a slideshow demonstrating features of the Tuuci Umbrellas or shade structures that include built-in LED lights. This high tech solution for adding partial or full shade solves the problem of too much or too little sunlight when necessary. The umbrellas installed at Nohea lot 29 are 10′ x 14′ and can be opened or closed as needed. Check out my blog for more information, videos, and a slideshow that illustrate these very unique, luxury features.

Needed Properties for Sale

I have clients looking to add the 4th property in the Mauna Lani Resort. If you are a Villages at Mauna Lani or Mauna Lani Point or Terraces owner and your property is not listed, give me a call to discuss selling as I have a very interested buyer! My buyer clients all believe the Mauna Lani Bay Hotel reopening as an Auberge branded “boutique” destination with $200m in renovations completed and reopened in November of 2019, with fewer rooms and higher room rates is a “plus” for the resort. I would also mention that homes priced very near to the last sale of the same unit type with allowances made for views and condition relative to the previous “sold”-still sell very quickly. Properties priced 10-20% more than the prior sale will “sit” on the market for sometimes years and ultimately sell for far less than if they were priced correctly from the start.

Thanks for reading my Newsletter. We wish everyone the best and know the current virus situation is improving in most parts of the country which will boost our economy as States reduce restrictions and tourists are allowed to travel to Hawaii.

Written by Rick Oliver on July 20, 2020
Posted in: Newsletter | Tags: Hawaii Real Estate, July 2020