Hawaii Big Island Style

Aloha, June

Japan | Tadao Ando | Kiluea Volcano

Summer has arrived, and with it comes the beautiful month of June! I hope this newsletter finds you well and ready to enjoy all the season has to offer.

In Hawaii, mango and lychee season is in full swing, treating locals and visitors alike to a bountiful harvest. Meanwhile, Japan finds itself amidst "TSUYU," the Rainy Season. This fifth season typically persists for about 4 to 6 weeks, so if you plan to travel to Japan in June, it's important to take note. Nonetheless, Japan during the rainy season can reveal its own unique beauty. As with everything in life, there are always pros and cons to consider. 

In stark contrast to rain, Kilauea volcano woke up again in June.
The volcano's activity has been intermittent, yet truly awe-inspiring when it occurs. Rest assured, visiting the area is safe.
Please be sure to check the current status when you visit the island with USGS Volcano Update link. 

I embarked on a journey to Japan just two days after Kilauea's recent eruption this month.  Despite the reason for my visit—a family gathering after my father's passing—I managed to mix business this time. I was asked to conduct real estate seminars for private bankers at a major bank in Tokyo. Japan is finally opening up! It's great for Hawaii economy for sure.

The Big Island holds a special place in Hawaiian history as the birthplace of Kamehameha the Great, and Kona serves as his final resting place. So, it's no surprise that the King Kamehameha Day Parade is a big event here. Locals and visitors alike gather to witness the blessing by Hawaiian priests in front of Hulihe'e Palace. In Kona's Kailua Bay, King Kamehameha's sacred temple, Ahu'ena Heiau, stands proudly to this day.

One of the captivating aspects of visiting Japan is the striking contrast between the old and the new. 
Back in college, I used to pass by Tokyo Station every day without realizing its stunning architecture. It's funny how living elsewhere has made me appreciate it.  Sometimes we need to step outside of our familiar surroundings to truly recognize the beauty around us. 
Better late than never, right?

I'm thrilled to share that I have once again been ranked in the top 1.5% of real estate professionals nationwide for the third year in a row. As I celebrate my 20th year in this business, I'm reminded of how quickly time flies and how much there is left to learn. I'm incredibly grateful to my friends, colleagues, and family for their continuous support.

The images featured in my newsletters are almost entirely captured using my iPhone. Additionally, the Kona June Recap video was entirely edited by me, with the assistance of my iPhone. Sometimes I wonder if AI can  take over video editing tasks, but I find enough enjoyment to dedicate a few hours to video editing. Exploring and acquiring new techniques is always an entertaining endeavor!

Kai

Kai's Market Update

JUNE 2023

National Trend
According to the National Association of Realtors® (NAR), existing-home sales experienced a slight 0.2% growth in May. This includes single-family homes, townhomes, and co-ops. The West region led the country with a solid 2.6% increase, while the Midwest and Northeast saw a decline in sales. All-cash transactions made up 25% of the market, with first-time homebuyers accounting for 28% of buyers. Inventory also increased by 3.8%, resulting in a 3-month supply at the current sales pace.
NAR's chief economist attributed some of this stability to mortgage rates. "Home sales have been fairly consistent in recent months, thanks in part to the influence of mortgage rates, which have remained relatively steady," he explained.

Hawaii State Stats

Homes | Condo Median Price

Oahu : $1,049,000 | $500,000
Maui:   $1,165,000 | $830.000
Kauai:  $1,100,000 | $661,000
Kona:   $1,195,000 | $552,500

Kona Market

Inventory of single-family homes and condos has been steadily declining, creating a competitive market for eager buyers. In particular, the inventory of single-family homes has dropped by 9.85% compared to May 2023.
Pending sales for single-family homes have increased 3.6% compared to the previous month.

Condos are also gaining traction among buyers. The condo market has witnessed a significant decrease in inventory by 26.7% compared to May 2023. Moreover, pending condo sales have risen by 6.3%, indicating a growing interest in this segment.

The median price for single-family homes has been on a steady rise, reaching a record high of $1,195,000 this month. This represents an 8.6% increase compared to the previous year.

However, the number of closed sales for both single-family homes and condos has seen a decline compared to the previous year. Single-family home sales have dropped by 38.2%, while condo sales have decreased by 28.78%.

Inventory level is still 30-40% of Pre-Pandemic level. Tight inventory still persists. 

Mid Month Trend- Homes

Following a robust winter season, the pace of sales has now slowed down by 15% in the first two weeks of June. Although there has been a slight increase in inventory,it remains highly limited, hovering around 40% of the pre-pandemic level.

Mid Month Trend- Condos

Inventory levels have risen while the pace of pending sales has decreased in first two weeks of June. However, the market tends to pick up from mid-June with the onset of Hawaii's vacation season. It's worth noting that summer is typically not as bustling as the winter season.

Real Estate in the News

Malibu $200M - Tadao Ando

Beyonce and JayZ made headlines with their recent purchase of the most expensive home in California history, priced at $200 million. While there are numerous online reviews and discussions surrounding this sale and the Malibu house itself, what caught my attention was the fact that the residence was designed by the world-renowned Japanese architect, Tadao Ando.
This coincidence couldn't have come at a better time, as I had been planning to visit Tokyo's 21-21 Design Site, a modern design museum also crafted by the esteemed 81-year-old architect. 

I had the pleasure of visiting Tokyo's 21-21 Design Site on a rainy day, nestled in the heart of the city's most fashionable district. What struck me about the museum was its humble atmosphere, lacking the typical brashness and edginess often associated with modern design spaces. Instead, it exuded a sense of simplicity and understated elegance.

The museum's design concept revolved around the use of flat metal, skillfully incorporating the image of folded metal sheets throughout the structure. Remarkably, 80% of the building was artfully buried underground, fostering a greater sense of harmony with the surrounding park environment. This achievement is particularly noteworthy given the museum's location amidst a vibrant district brimming with luxurious hotels, towering skyscrapers, and bustling shopping malls.

Adjacent to the museum lies a prestigious condominium project(photo above), regarded as one of the most expensive in Japan. I had the opportunity to visit as my client owns the top floor. While the photo may not depict it, the presence of the Ritz-Carlton across from the museum and the opulent Mid-Town Tokyo shopping complex, renowned as one of Japan's most upscale shopping destinations, creates a striking juxtaposition with the museum's distinctive ambiance.

The museum beautifully showcases Tadao Ando's bold and pure approach to design, seamlessly blending artificiality with nature and emphasizing the importance of harmony. It's truly fascinating to witness the convergence of art, architecture, and celebrity, further enhancing my admiration for Tadao Ando's visionary talent.

There are numerous articles and posts about this former boxer and self taught Pritzker Prize architect. 
Here are couple links:
CNN
10 Iconic Buildings

Real Estate Photographers Reveal the One Listing Photo That Can Make - or Break - a Sale

"Where do all eyes go first when perusing a real estate listing? The photos, of course.

Home sellers should never underestimate the importance of investing in a professional real estate photographer to get the very best pictures possible of their place. Because no matter how good an eye you have, homeowners tend to be blind to how their own home comes across on camera—and, as a result, might have listing photos that don’t show their home in the best light."

Courtesy of realtor.com

Kona Local Happenings

July 4

Kona July 4th Parade and FIREWORKS!!

The annual Kailua-Kona parade and fireworks show is planned to be back in action this July 4th! The patriotic parade, which runs down Kuakini Highway and Ali’i Drive is set to start at 6:00 p.m. This year’s parade theme is “Honoring Our Vietnam Veterans.” The firework show over the bay is set to start at 8:00 p.m. The professional pyrotechnics set off from a barge moored in Kailua Bay. Check for any updates and to make a donation from below LINK.

Learn more

JULY 8

BON DANCE at Daifukuji Soto Mission

We invite you to join our Obon festivities and enjoy the dancing, taiko drumming, and fellowship. During the intermission, there will be taiko performances and zumba.  

Learn more

JULY 28-30

HILO Orchid Show

Each year the Hilo Orchid Society stages the largest and most comprehensive orchid show and sale in the state of Hawai`i.  The show takes place at the Edith Kanaka'ole Stadium in Hilo.  

Learn more

Lifestyle Tips

Should You Buy a New Construction Home?

"As you search for a new home, you might find yourself categorizing your options into new and old builds. While older homes might offer the kind of layout, price point, and durability you’re looking for, they also come with their own problems. A new build, on the other hand, offers a buyer a clean slate."

Brand new construction home in Kona's Bayview Estates is being staged and will come back on market soon.

Courtesy of Better Homes & Gardens

11 Home Organizing Products from Amazon that Professional Organizers Swear By

Having plenty of options is a good thing, but when it comes to shopping for organization products on Amazon, it can feel like overload. That’s why we tapped a panel of professional organizers to help narrow it down.

Courtesy of Realtor.com

Living Room Improvements That Help Sell Your Home For More Money

The kitchen may be the heart of the home, but the living room is the hub. It’s where everyone convenes to relax and enjoy quality time with each other (or with the TV). 

Courtesy of Realtor.com

Featured Listings

Keauhou Estates

78-6875 Kuhinanui Street

4 BD   4 BA   2826 SF   $3,500,000

Holualoa

75-6040 Alii Drive, Unit 616 - IN ESCROW

2 BD   2 BA   1170 SF   $670,000

Sunset View Terrace

77-6472 Kilohana Street

3 BD   3 BA   2276 SF   $1,699,000

Thanks for reading and subscribing! Ready to achieve your next real estate goal?

Reach out to chat!

Daisuke 'Kai' Ioh

RB-19352
Realtor Broker
M: 808.936.6148
kai.ioh@compass.com
www,keteamhawaii.com

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.