This last year, Hawaii’s resort market didn’t see much excitement while the average price stayed about the same. We believe that because developers were holding back inventory, there was nothing to buy. Resort buyers want finished homes and condos that are usually furnished. Andrew Gomes of the Star Advertiser wrote an interesting piece about the market and the change for the better.
In the article, Gomes cites local market researcher Ricky Cassiday of Data@Work said, “developers that are building new homes or residential lots for sale are typically doing well. He mentioned PiliMai at Poipu … PiliMai, a project by Brookfield Homes Hawaii with 191 condominiums starting in the $600,000s, was designed before the 2008 Great Recession and got put on hold. Cassiday said sales have gone well with buyers signing contracts for 12 of 26 available units since construction began at the beginning of this year.”