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Aloha & Welcome!
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I hope this email finds you and your loved ones well.
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As mortgage rates escalated further, housing prices fell nationwide for the first time since the COVID crisis began. Sellers here in Kona are adapting to the new market reality as evidenced by increasingly common price reductions. The gap between buyer and seller expectations can be significant these days. Some sellers are holding fast to the frenzied market of months past, whereas some buyers are making offers that reflect what they imagine prices could become in the months ahead if the market doesn't stabilize. The good news is, there's continued demand for Big Island real estate. More good news - inventory continues to be limited in Kailua-Kona and desirable homes that are priced well are selling! Properties must be priced attractively to gain the interest of buyers who are fewer in number, who can finance less, and who expect greater value for their cash.
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Some of you know that I enjoy landscaping and gardening. I don't have much time for either just now, but when I discovered oodles of tiny Monarch Butterfly caterpillars devouring my Crown Flower plants, I decided to put the little critters in a "farm" to keep them safe from the geckos and anoles. My husband and I fed them milkweed cuttings and the little beasties grew at an astonishing rate. Butterflies are hatching. Pictures are shown below.
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Because I'm so busy with work these days I'll be publishing this full newsletter every other month instead of monthly. I'd rather distribute a high quality newsletter every two months, than send out a lower quality one more often. I will continue to distribute sales comps monthly.
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The other day someone asked me for an estimate of value for their home and said, "if you have the time." Of course I have the time! Reach out to me on anything real-estate related or otherwise. I always like hearing from you.
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Sending much Aloha your way ~
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Colleen Malia Wilcox is a Honolulu-based artist who creates acrylic on canvas paintings inspired by life in the islands and nature's beauty. Colleen uses elements of design observed in nature and incorporates vibrant colors, organic shapes and bold lines into her works to create energy and movement. Her artwork features realistic subjects that she stylizes with a whimsical twist. She hopes to inspire feelings of wonder and happiness in those who resonate with her work.
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Living in Hawaii is the absolute number one inspiration for my artwork. There are really no words to describe the beauty of this place, which is perhaps why I try to paint it instead.
– Colleen Wilcox
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~ REAL ESTATE NEWS ~
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Mortgage rates hit 6.6% in August, "the beginning of a trend that should send prices down between 8% and 10% by next August," says American Enterprise Institute's Housing Center director Ed Pinto. The projected pullback of as much as 10% by next summer would erase the extraordinary gains that occurred the first half of 2022.
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North Kona Sales Volume
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Data provided by First American Title show a 15% drop in the number of single family homes sold in August 2022 compared with August 2021. Condo sales were down about 10% from August of last year.
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North Kona Median Home Values
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The median sales price for single family homes in August was $1,049,500 and $604,500 for condos in North Kona.
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Kailua-Kona List-to-Sales Price
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Analyses I performed with a sample of closings for Kailua-Kona in September showed single family residences sold at 98% of list price and condos sold at 100% of list price on average. Seems like great news, right? The big caveat is, the properties that sold were most likely well priced to begin with! It may be why they sold whereas other properties did not. Anytime we evaluate list-to-sold-price ratios, we must consider how competitively priced the homes were to begin with. These days, attractively priced properties have a much higher likelihood of selling. The days of receiving multiple, above-list offers on aggressively priced homes are behind us.
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Sales Comps for September & August 2022
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CURRENT LISTINGS
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76-6342 Kololia Street
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3 BED / 3 BATH ~ 2,845 SF ~ $1,240,900 ~ PRICE IMPROVEMENT!
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Expansive Ocean Views & Natural Light
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76-221 Keakealani Drive
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2 BED / 2 BATH ~ 1,344 SF ~ $1,049,000 ~ PRICE IMPROVEMENT!
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Meticulously Renovated & Contemporary
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76-6222 Halehau Street
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3 BED / 2 BATH ~ 1,308 SF ~ $1,089,000 ~ JUST LISTED!
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Private & Tranquil Tropical Retreat
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Monarchs Butterflies in My Yard
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I grow Crown Flower plants to give away to support our local Monarch Butterfly population. A couple of weeks ago I found bunches of tiny caterpillars nibbling on them. I put the critters in a little "farm" to protect them from the geckos and anoles, and my husband and I fed them milkweed cuttings. The caterpillars ate voraciously and grew at an astonishing rate. We ended up with over 40 cocoons from which gorgeous butterflies are now emerging. These Monarchs are drying their wings in our front yard.
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Wishing you a wonderful month!
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Lisa made me feel like a high-priority customer. She put a lot of thought and time into marketing. I’m very impressed with Lisa. She is first-class all the way and her customer service is bar none. Thank you Lisa!
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Check out my website and blog
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This newsletter is not intended to solicit currently listed properties. If you're working with a Realtor, I wish you the very best of luck!
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