Along the Kona Coast on the Big Island, the sea sparkles, the sun beams bright most days, the world’s best coffee sprouts from acres and acres of rich soil, and year-to-date condo sales have increased by 6.28% in 2014!
The last item in that list of Kona perks may not seem as enthralling as the others—but it is! As Big Island real estate professionals know, it’s an exciting time for Big Island real estate, and Kona condominium sales are part of the very promising big picture.Median purchase price for Island-wide condo sales, comparing 1/1/13 through 6/30/13 to 1/1/14 through 6/31/14. Stats courtesy of Old Republic Title and Escrow of Hawaii.
By the numbersChart courtesy of Old Republic Title and Escrow of Hawaii.
Not only have sales gone up over 6% since 2013, The median price for Kona condominium sales—especially in North Kona—has increased by a healthy 13.62%, from $235,000 to $267,000. It remains the hottest condominium market on the Big Island by a large margin—nearly 60% of Big Island condos sold so far in 2014 were located in North Kona.
And by all accounts, these numbers are on a steady upswing, with more exciting growth on the way in North Kona and beyond.The gorgeous waters of Kona. Photo credit: Hitchster on Flickr.
Why condo living?
Many perspective residents come to the Big Island in search of a year-round vacation experience. These are the people who have realized that life is too short not to live in a place that wows them every single day.
And nowhere is that “eternal vacation” experience more apparent than in a Kona condominium. This Big Island real estate option affords amenities like oceanfront living, swimming pools, and on-site spas and golf courses. Not only that, your maintenance is taken care of for you. No mowing the lawn or tending to unruly tropical plants. No pool maintenance. No exterior maintenance. Etc., etc.
Year-round vacation, indeed!
Make a profit on your condo
Another perk of living in Kona condominiums? As my clients are discovering, travelers love to rent condos for their Big Island vacations!
In fact, just the other day, I received this email message from a client: “I have some pretty great news…we are ready to buy another place! Things are really working out with our condo and I am renting it out left and right.”
“I have some pretty great news…we are ready to buy another place! Things are really working out with our condo and I am renting it out left and right.”
I’m thrilled to help my client purchase her second property on the Big Island, thanks to the extra income generated from renting her condo.
Why the drive toward vacation rental properties? Unlike tourist-driven resorts and hotels, residential condos have a home-away-from-home feel, are often quieter and more authentic, and provide extras like full kitchens and high-quality furnishings.
Kona is a particularly hot tourist market, too, thanks to crystal clear waters and gorgeous beaches that entice surfers, snorkelers, and beach bums. Plus, it’s close to Kona International Airport and the bustling village of Kailua-Kona.
With a steady stream of rental guests paying a premium for nightly rentals, many Kona condominium owners are able to recoup their investment and in some cases, turn a healthy profit. When they plan to stay at their condo, they simply mark that week or month on their reservation calendar.
This option is best for owners of Kona condominiums who spend several months of the year in other places. And always check with your condo association before renting your condo to guests!
Intrigued? Thinking of relocating to the Big Island? Let’s have a chat about the Kona real estate market over a cup of 100% local Kona coffee! I’d love to share what I’ve learned as a long-time Big Island and Kona real estate professional.
And most importantly, I’d love to help you “Make Every Day a Vacation” here on the Big Island.