In terms of volume, the Big Island outpaced all other islands, with 575 closings on resort residential properties. Maui was next at 508 while Kauai was a close third at 464.
BY BOBBY COMMAND
WEST HAWAII TODAY
bcommand@westhawaiitoday.com
Big Island resort condominium sales outdistanced combined single-family and vacant lot sales by more than one-third in 2005.
Sales of 364 condo units at six major resort nodes in West Hawaii also relied mainly on the strength of closings at Waikoloa, Keauhou and Mauna Lani.
Statistics were provided by Honolulu market watcher Ricky Cassiday of Real Estate Market Research Co.
Vacant land sales were a distant second to condominiums, with almost half of the 151 total lots sold on the Big Island moving at the 800-acre private Kukio Resort.
Total single-family resort residences sold on the Big Island totaled 60, but moving at an average price of $3.2 million, including seven lots sold at Kukio for an average price of $7.2 million.
The 120 condos sold at Waikoloa in 2005 went for an average of $983,501. Only the 117 sold in Keauhou and South Kona went for a lower average price, with closings averaging out to $628,913.
At the other end of the spectrum, Kukio again came in with the highest average prices, at a stunning $4.8 million, although only nine units were sold. Hualalai Resort also moved some expensive units, with 13 of them going for an average cost of $2.6 million in 2005.
Sales at Mauna Lani were brisk, with 102 condo units going for an average price of $1.1 million. There were also three units sold at Mauna Kea Beach Resort at an average cost of $2.7 million.
For comparison, the most expensive condo units in the rest of the state were sold on Lanai for an average of $1.8 million. Units at Wailea on Maui were sold for an average of $1.3 million.
Along with the 71 vacant lots sold at Kukio for an average of $3.3 million, six other resort areas recorded sales, including two sales at Hokulia, for an average of $889,950. The sales took place despite the 1,500-acre project being stalled by a court order, which was lifted in the first quarter of this year.
Mauna Lani sold 26 vacant lots for an average price of $1.9 million. Hualalai sold fewer lots at 19, but the average price was higher at Kalahuipuaa, with sales at $2.7 million.
The relative bargain sales took place at Keauhou and South Kona, where 21 vacant lots went for an average price of $464,357.
On the flip side of the coin, six single-family lots were sold at Waikoloa Resort, for an average price of $3.352 million.
Mauna Kea Beach Resort sold six lots for an average of $1.2 million apiece.
Vacant resort land on Maui was selling for about $1.4 million each, while Kauai sales were at $828,449.
In single-family home sales, about half of the sales were in the Keauhou-South Kona region, with 27 of them sold at an average of $1.4 million.
Hualalai and Mauna Lani resort homes also commanded premium prices, with eight at Kaupulehu going for $6.3 million, and five at Mauna Lani selling for an average of $5.3 million.
In terms of volume, the Big Island outpaced all other islands, with 575 closings on resort residential properties. Maui was next at 508 while Kauai was a close third at 464.