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Aloha, Friends and Family,
With the Kona Ironman Triathlon World Championship and Halloween behind us, we're diving into an exciting November!
This year is a "super election year," with over 60 countries—representing nearly half the world’s population—holding national elections. Japan just wrapped up its own, with the ruling LDP facing significant losses. Across the globe, while voters prioritize a healthy economy, there's a widening gap between economic stats and public sentiment. Many people perceive the economy as struggling even during growth periods, a phenomenon dubbed the “Vibecession.” It will be interesting to see how a re-elected Trump approaches these economic and national challenges.
Meanwhile, the Kona Coffee Festival is in full swing! If you’re on the Big Island, take the chance to savor this season's fresh, medium roast Kona coffee—truly the world’s finest.
We'll keep you updated on the latest market insights. And as always, we're never too busy for your referrals.
Mahalo,
Kai and Emil |
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| Kona Market Update - November 2024 |
| The Kona market in November 2024 shows contrasting dynamics between single-family homes and condominiums. Single-family homes are experiencing a balanced inventory increase yet maintain a 3-month supply, keeping it within seller's market conditions. Condos, however, face an oversupply with an 8.1-month supply, indicating a clear buyer’s market, potentially driven by policy and economic uncertainties surrounding Hawaii’s condo insurance landscape and high mortgage rates.
Both markets reveal stable Days on the Market(DOM), reflecting that properties continue to sell steadily when priced right despite some demand softening. Moving forward, inventory trends and election outcomes may further influence market activity. |
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Here are LISTINGS that hit the market in the last 2 weeks. |
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| | | Oahu : $1,100,000 | $510,000 Maui: $1,300,000 | $912,000 Kauai: $1,400,000 | $769,000 Hawaii(Kona):$1,250,000| $650,000
source: Title Guaranty Escrow |
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| After falling substantially through early October, mortgage interest rates spiked up again, but even before that occurred, the earlier drop did not precipitate the rebound in buyer demand many expected in September. It may be that expectations of further declines kept many buyers on the sidelines.
In the meantime, the increase in the number of homes for sale continues to outpace sales activity, tilting the supply and demand dynamic and underlying market conditions to buyers’ advantage. However, many homes are still selling quickly for over asking price: It all depends on the property, and its price, preparation before going on market, marketing, condition and circumstances.
Read on for more ... |
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Transforming Homeownership on Hawaii’s Big Island: New ADU Legislation |
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| County Council Bill 123, signed on October 8, 2024, introduces new options for Big Island homeowners, allowing up to three accessory dwelling units (ADUs) per property. Co-authored by Council Chair Heather Kimball and Councilwoman Ashley Kierkiewicz, this legislation focuses on increasing housing inventory while supporting the Big Island’s distinctive community and environmental standards.
Read on for more... |
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| | 77-212 Ke Alohi Kai Place |
| 4 BD 7 BA 4035 SF $4,595,000 |
| Welcome to your Hawaiian paradise! This luxurious 4-bedroom, 7-bathroom (4 full, 3 half) custom home is nestled in the exclusive "resort zone" oceanfront gated community of Ke Alohi Kai, Kailua Kona. |
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| " It was a pleasure to work with Kai and Emil from Compass during the purchase of our new home. Their dedication and responsiveness were unmatched. One or the other was always just a call or text away, making us feel supported throughout the process. Their extensive experience, attention to detail, and market knowledge provided us with invaluable insights that helped us make informed decisions. We had such a positive experience that we trusted them to sell the home we were living in, too. Kai and Emil’s dedication and high-quality professionalism far exceeded our expectations. We highly recommend Compass to anyone looking to buy or sell a home. Thank you, Kai and Emil, for turning our Hawaiian dream into a reality! "
Mahalo, Greg and Bridget |
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| Maximize the value of your home with KE Team Hawaii. |
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Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. |
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