ALOHA SEPTEMBER 2024!

World's Best Rum | Alaska | Kona Ironman

Aloha, friends and family,

The Federal Reserve has finally put a stop to the series of rate hikes we've seen over the past 16 months, reducing rates by half a point. While this shift signals a path toward normalization, it's not expected to drastically affect mortgage rates in short term, which had already been trending down over the summer. Many anticipate an uptick in real estate market activity due to anticipated lower mortgage rates, but many other factors, like elections, currency rates, and geopolitics, influence the market. Rest assured, we'll keep you informed about the latest developments in the real estate market.

Living on the Big Island continues to surprise and delight me every month.

While we do not have the same level of constant events and activities as big cities, life here is far from boring—the natural beauty and unique lifestyle offer their own kind of excitement and fulfillment.

I hope you feel the warmth of aloha and the Hawaiian breeze wherever you are. As always, feel free to reach out with any questions about the real estate market—I’d love to hear from you.

Mahalo,

Kai

Summer 2024 was the hottest on record, as NASA confirmed that global temperatures were 0.2°F higher than any previous summer (June to August). I felt this summer was unusually hot, and it wasn’t my imagination. Believe it or not most of the homes in Kona don't have AC as homes are on the slope of Mt. Hualalai. It is comfortable year round with natural breeze.

Thankfully, it's been a quiet hurricane season in Hawaii. However, Category 1 "HONE" passed 50 miles south of the Big Island, bringing heavy rain and winds to some areas. Kona stayed calm, protected by its mountains, but my daughter got drenched during a school trip to Kilauea Volcano and ended up with pneumonia! Kilauea Volcano had the most rain, 33 inches in two days—talk about timing!

The Queen Liliuokalani Canoe Race on Labor Day weekend is a yearly favorite. The wind, waves, and vast horizon are mesmerizing, reminding us how small both canoes and humans are compared to nature. The quietness of the canoes adds to the experience. Sitting by the Alii Drive, watching the race, feels like a true Hawaiian luxury. Please check out the Sept Hawaii video at the top.

The KE Team (Kai and Emil) successfully closed Keauhou Estates #193 this month, among other transactions. We had the privilege of representing both sides and feel truly blessed to work with such wonderful clients.

We’re also excited to share that our team's Instagram followers have surpassed 10,000! If you haven’t already, please check us out and give us a follow.

KE Team Instagram

Kai's Instagram

Big Island Market Update

The condominium market on the Big Island continues to experience rising inventory levels- bringing the total to 145 units—up 3.5% since the beginning of the month.

To put things into perspective, here are the Active Condo Listings in Kona over the past few years:

• 161 units (Sept. 2020)

• 20 units (Sept. 2021)

• 39 units (Sept. 2022)

• 63 units (Sept. 2023)

• 145 units (Sept. 2024)

  
  

The condo market is approaching 2020 inventory levels, but demand remains a key factor. The months’ inventory, which gauges demand, dropped to a low of 0.3 months in 2021 and has now risen to 5.8 months this month.

Meanwhile, the single-family home market has remained steady.

At KE Team, we are committed to updating our clients and friends on the Big Island real estate market. We release our data flipbook each month, providing insights such as Historical Median Prices, Activity by Price Ranges, Active/Pending Ratios, and Inventory trends.

LOCAL TOPIC

IRONMAN TRIATHLON WORLD CHAMPIONSHIP

Our community will come together in Kailua-Kona to support the incredible athletes participating in the 2024 VinFast IRONMAN World Championship, set to take place on October 26th.

Since its inaugural race in 1978, the race has become the pinnacle of endurance sports. Athletes will undertake a 140.6-mile journey starting and finishing in Kailua-Kona, embodying the ultimate test of physical and mental endurance. This prestigious event marks the culmination of over 40 global IRONMAN races, where more than 94,000 athletes compete for a coveted spot.

With over 2,000 athletes competing on race day, the event will certainly impact local traffic. Businesses typically close for the weekend to cheer on the participants and take a breather—thanks to the excitement the IRONMAN brings!

If you’re traveling on October 26th, please note the highway will be closed from 7:00 a.m. to 6:30 p.m., with alternate airport routes available. Leaving the day after is also discouraged due to heavy airport traffic from departing triathletes.

Here in Hawai'i, we pride ourselves on sharing our roads, ocean, town, and airport with the athletes and spectators. Athletes, their families, and guests are asked to take the Pono Pledge as a symbolic gesture of support for the Live Aloha concept. I think that is a cool initiative.

I plan to start watching the race at 6:00 a.m. If anyone would like to join me, feel free to reach out!

IROMAN WORLD CHAMPIONSHIP WEBSITE

Local Events

OCTOBER 5th - 20th

Honoka'a

HAMAKUA SUGAR DAYS PARADE AND FESTIVAL

The Honoka‘a Heritage Center will host the 2024 Hāmākua Sugar Days Festival over a two-week period (October 5-20, 2024) marking the 30th anniversary of the closing of the last local sugar plantation.

OCTOBER 13th

Keauhou Outrigger Hotel

27th ANNUAL HAWAIIAN SLACK KEY FESTIVAL- KONA STYLE

Featuring some of Hawai'i's best slack key players. Admission charge at the door; no pre-sale tickets. Llivestream available at www.facebook.com/slackkeyfesivals; youtube.com/hawaiianslackkeyguitarfestivals.

HAWAI'I NEWS

Alaska Airline Acquires Hawaiian Airline

Seattle-based Alaska Airlines completed its acquisition of Hawaiian Airlines in September 2024, following scrutiny from the U.S. Department of Transportation (DOT). Hawaiian will continue to operate under its iconic branding and uniforms, reflecting the local culture. Although it's still early, this strategic move could lead to smoother travel experiences both between the islands and across the Pacific.

Local Recommendation

KULEANA RUM WORKS

I recently had the opportunity to meet Steve Jefferson, the founder and CEO of Kuleana Rum Works, on the Big Island of Hawaii. In fact, I've been a fan of Kuleana Rum for a while now, and we even have a bottle at home. Traditionally, rum is made from sugarcane juice, but nowadays, it is more commonly made from molasses, a byproduct of sugar refining. Last year, Kuleana's aged rum was named one of the world's best rums by The Beverage Tasting Institute and was also featured in Forbes magazine. It's exciting to see a local business gaining international attention!

Corner to Corner

Welcome to my monthly feature as a member of Compass, the nation's #1 brokerage and founding member of REALM, the premier global real estate network. Here, We'll introduce you to our trusted referral partners from the U.S. and worldwide, each personally known to us for their exceptional expertise.

This month, let us introduce Tracey Anderson from Chicago. Believe it or not, I was born in Illinois! Click on her profile images to explore the latest offerings.

COMING SOON

77-212 KE ALOHI KAI

Luxury STVR | $4.595M

Located in a resort zone and just a short walk from Magic Sands Beach and popular restaurants, this home boasts all the conveniences of Hawaii’s finest living. Other features include two sitting rooms, expansive living and dining areas, and a central vacuum system. Mature landscaping, beautiful stone walls, and wooden gates create a private oasis where you can relax and unwind. Don’t miss this rare opportunity for luxurious oceanfront living in a successful vacation rental.

Please contact me for more information.

FEATURED LISTING

Captain Cook

82-6115 Hawaiʻi Belt Road

0 BD 0 BA 0 SF $1,995,000

Kalani Makai: IN Escrow

766122 A Royal Poinciana Way, Unit 2

3 BD 2 BA 1229 SF $1,195,000

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

Daisuke 'Kai' Ioh

REALTOR® | RB-19352

M: 808.936.6148

kai.ioh@compass.com

www.KETeamHawaii.com

www.KonaFudosan.com

Founding Member - REALM

Top 1.5% of US Real Estate Professionals, 2020-2024