Hawaii Big Island Style

Aloha 2024!

2023 Recap | Japanese Bread | Sake | 

Aloha and a joyful Happy New Year to all!
I hope everyone is off to a great start!
My 2024 began on a high note – showcasing a stunning home with a breathtaking ocean view. What a fantastic New Year's Day.
Reflecting on the turn of the year, it was different compared to the last few years. The vibrancy and buzz are back in full swing. It's been a whirlwind of activity, and reconnecting with clients from near and far has been heartwarming.

On a global note, the financial landscape remains intriguing. The Japanese Yen is still hovering high around 148 JPY to 1 USD, presenting unique challenges for Japanese buyers. But for us in the US, this is the best time to VISIT Japan! Please contact me if you are planning a trip to Japan. I'm Happy to assist. 

We had the pleasure of welcoming Patrick Ryan, a distinguished colleague from REALM, hailing from Chicago. It was a delight to see him and his lovely family at Lava Lava Beach Club in Waikoloa Resort. Having roots in Illinois and attending high school in St. Louis, MO, it was wonderful to connect Ryan family. Mahalo for visiting!

A new Japanese-style bakery has opened inside KTA Supermarket, in Kealakekua, bringing Japan's unique bread culture to the Big Island. From the beloved Shokupan (Japanese milk bread) to the intriguing yakisoba pan (fried noodle stuffed bread), this bakery offers a delightful variety. Dive into the world of Japanese baked delights - trust me, it's delicious! Here is some guide to Japanese bread.

This month, West Hawaii buzzed with news of the potential sale of the cherished Manago Hotel. The 107-year-old local icon, famed for its pork chops, may soon become affordable housing. Though the sale isn't final, the restaurant and its legendary recipe are expected to stay. If you haven't savored their pork chops, now's the time to do so while the original family still manages the kitchen.

Compass has been voted #1 by West Hawaii Today readers for the THIRD consecutive year!
 A heartfelt mahalo to our clients, families, vendors, and friends for making this achievement possible. Your support is our driving force. Here's to aiming for a fourth year at the top!

Kai's January 2024 Video

Experience the vibrant lifestyle of Kona and the Big Island through this exclusive video. This month, I have captured videos of whales Puako, PGA Golf Championship at Hualalai, Hawaiian Sake, etc . Let this visual journey rejuvenate your spirit with the true essence of Hawaiian Aloha.

Market Updates

National

Drastically Improving Economic Indicators Suggest a Brighter 2024 Housing Market

In the last 2 months of 2023, the average, 30 year mortgage interest rate dropped from 7.79% to 6.61%
CPI inflation declined in 2023 from 6.3% to 3.1% in November
After its end-of-year rally, the S&P index was up 25% and the Nasdaq up 45% in 2023.
According to the Case-Schiller Home Price Index, national home values hit a new peak in 2023.
The number of new listings coming on market in 2023 was the lowest in decades. 
for more data, please access following link: COMPASS NATIONAL REAL ESTATE INSIGHTS

Hawaii State Trend

2023 Median Price by Islands

Homes | Condo

Oahu : $1,034,500 | $510,000
Maui:   $1,200,000 | $830,000
Kauai:  $1,150,000 | $725,000
Hawaii(Kona):  
           $1,155,000 | $552,500

Big Island Recap 2023

Kona Market

Single Family Homes:  2023 Median price settled at $1,115,000. 2023 inventory started with a 4.0-month supply, peaking demand in June, reduced the supply to 2.3 months, and went up again to 3.2 months in December. The inventory level is still below 50% of the pre-pandemic level.

Condominiums: At the end of 2023, the median price was $552,500, slightly higher than the prior year. The condo market started with a 2.3-month supply in January, tightened remarkably to 0.9 months in June, and eased to 2.8 months by December. The inventory is still below 40% of pre-pandemic level. 

Big Island Resort 2023 Recap

Here's a snapshot of how Big Island Resorts fared in 2023 compared to the previous year, 2022:

The Mauna Kea Resort's condo market experienced a notable decline in sales, primarily due to the completion of all units in the Hapuna Residences Condo in 2022. This shift has significantly influenced the market dynamics within the resort.

Mauna Lani Resort condo market saw big increase in the number of closed sales. Price Per Sqft has increased also.

In 2023, Waikoloa Beach Resort observed no sales of single-family homes. The resort's condo market experienced a downturn in both the number of sales and the median price. Meanwhile, Waikoloa Village, situated 10 minutes from the resort, is witnessing a shift in affordability as its median price approaches $900,000.

Private Resort Market Recap

The ultra-luxury private resort market remains dynamic, characterized by an extremely limited inventory. Many properties are being sold even before they officially enter the market. Notably, the median price per square foot in Kukio and Four Seasons Hualalaihas nearly doubled since 2019!

Real Estate in the News

Mortgage Rates Have Dropped Quickly: How Low Will They Go In 2024?

Homebuyers received an unexpected gift around the holidays as mortgage rates dropped rapidly late last year...the question on the minds of many aspiring homebuyers is just how low mortgage rates will drop this year.

Courtesy of Realtor.com

Local Happenings

February 3, 2024 -Waimea

WAIMEA CHERRY BLOSSOM FESTIVAL

Think pink for the 31st Waimea Cherry Blossom Heritage Festival on Feb. 3.
Headquartered from Church Row Park, the multi-venue event will run from 9 a.m. to 3 p.m. and celebrate the parkʻs annual blooming of its historic cherry trees. 
Spend the day to experience Japanese and multi-cultural performing arts, plus hands-on demonstrations of bonsai, traditional tea ceremony, food preparation by local chefs and craft vendors.

Feb 25, 2024 -Hapuna

ISLANDER SAKE: Sake Pairing Omakase Style Sushi Kaiseki Dinner

Savor an exquisite sake pairing experience featuring a chef-curated selection of assorted plates, blending Island and Japanese flavors, perfectly complementing our freshly brewed sake made locally with authentic Japanese techniques. *Exclusive to 40 guests by reservation only.
Islander Sake is thrilled to have the culinary expertise of Teruhiko Kakazu for the evening. With over 24 years as a sushi chef in Tokyo, Japan, his course dinner will showcase fresh fish directly flown in from Tokyo's Toyosu Fish Market.
Islander Sake Information and Reservation

February 17-18, 2024 -Hilo

PANA’EWA STAMPEDE RODEO

The annual Panaewa Stampede Rodeo, happening February 17-18, will spotlight two days of Hawaii-style rodeo at the Panaewa Equestrian Center, just outside of Hilo. The event welcomes paniolo (Hawaiian cowboys and cowgirls) and spectators to experience competitive rodeo skills born of the island's deep ranching history and still practiced today. The event features bull riding, calf roping, bronco bustin', barrel racing and a trio of unique-to-Hawaii events. 

Corner to Corner

Compass/REALM Global Network

Welcome to my monthly feature as a founding member of REALM, the premier global real estate network. Here, I'll introduce you to my trusted referral partners from the U.S. and around the world, each personally known to me for their exceptional expertise. My commitment extends beyond local markets, embracing a global perspective on real estate and economics, crucial for providing well-rounded advice to my clients.

Levi Meyer

I first crossed paths with him in Santa Monica, and then again in Miami, twice. Each encounter was marked by his vibrant energy and remarkable character. He brings not only great intelligence but also profound market knowledge. Great guy.

MIAMI Collection

Here's a carefully curated selection of Miami properties currently on the market by Levi. Can you guess the listing price of the featured property?

Lifestyle Tips and Tricks

Real Estate and Design Trends to Watch in 2024

Staying abreast of what’s new and innovative in design and real estate is important, not to be trendy but to learn about innovative materials, systems and products to live more sustainably and benefit the planet...

Courtesy of the National Association of Realtors

How coffee farmers fought counterfeit Kona beans

On the volcanic slopes of Kona, hundreds of farmers produce one of the most expensive coffees in the world.

Those farmers recently won a series of settlements — totaling more than $41 million — after a nearly five-year legal battle with distributors and retailers that were accused of using the Kona name in a misleading way.

Courtesy of West Hawaii Today

CocoNene: Hawaii Gift Recommendation, 2024

Our family visited newly opened CoconNene store in Waikoloa King's Shop and we were pleasantly surprised with it's concept and quality. They offers locally made gifts and home decor that celebrate Hawaii’s unique sense of place. Very creative and fun. I strongly recommend. My daughters loved the place. Please see my monthly video. 

Visit CocoNene Hawaii Website

Rare high-altitude ‘rainbow clouds’ make appearance over Big Island

Rainbows are apparently no longer confined to waterfalls and after rain on the Big Island. Now, they’ve been spotted floating in the sky.

Courtesy of Big Island Now

Featured Listings

Captain Cook

82-6115 Hawaiʻi Belt Road

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

Kona Sea View: PENDING with Multiple OFfers

77-6482 Sea View Circle

5 BD   5 BA   2488 SF   $975,000

Keauhou Estates:  
Constructioin Almost Complete: COMING SOON

78-6875 Kuhinanui Street

4 BD   4 BA   2826 SF  

Kona :  SOLD in 3 days

77-214 Ke 'Alohi Kai Place

Vacant Land   $840,000

Buyer Pending

76-6204 Alii Drive, Unit 1

4 BD   3 BA   2415 SF   $2,779,000

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

Reach out to chat!

Daisuke 'Kai' Ioh

RB-19352
REALTOR®
M: 808.936.6148
kai.ioh@compass.com
BIO
www.KonaFudosan.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.