Several significant sales took place in the first half of this year. 2021 has seen one of the most strongest price surges in all of the Big Island's luxury real estate market history in years. In resort communities; Kukio, Hualalai, Kohanaiki, Mauna Kea, and Mauna Lani, the level of high prized inventory has reached an ultimate low historically. Once there were at least 1-2 listings in each development's community and now there are none.
The fact of the matter is that most of us really did not see this coming. Buyers who have been looking for the last year thinking there would be much more inventory coming on the market are now learning that is not the case. At least not in the near future. When a good listing becomes available the key is to go after it and not wait sitting back thinking there will be better opportunities down the road.
A Total of 38 closed sales over $5 Million are showing in the Big Island Multiple Listing service according to Hawaii Information Service. These sales are from January 1st, 2021. The highest three of them being 72-3057 Kakapa Place in Kukio for $34 Million, 72-3198 Makani Eka Place in Kukio for $23 Million, and 73-2218 Ala Kohanaiki in Kohanaiki for $19.5 Million respectively.
These properties exhibit the absolute finest in architecture and design imaginable anywhere in the world. Beautiful finishes and woodwork are just two areas of focus that make these properties stand out above the rest. Tropical foliage and landscaping have also come to be something that homeowners absolutely love and cherish. The Hawaiian islands are known for their amazing ability to grow and sustain some of the finest plants and palms in the entire country. The perfect climate and temperatures allow for this year round.
Above, is the MLS data gathered for all active Big Island luxury listings priced over $10 Million at this time in June 2021. There are currently only 5 properties showing with the highest offered at just under $30 Million. Although no one knows where the market is headed, we believe that the current state may continue for some time and at minimum into the latter part of this year.
Contributed by Paul Adams, BIC - Luxury Big Island.