Buyers
An overview of the types of buyers currently active in the market for this type of asset. If international buyers are applicable, provide detail on travel restrictions and other impacts to the sales process.
The largest demographic of prospective buyers is very likely from the west coast of the U.S. continent and from technology or finance industries. Smaller demographics include the entertainment industry; oil and gas; and foriegn nationals (primarily from Japan or Canada but including a relatively short list of other countries.)
The buyer for the [Project] is likely already pre-wired to Hawaii Island, in that they may already own property on the island and/or visit frequently. On a rare occasion, the buyer may be altogether new to Hawaii.
The history of luxury real estate along the Kohala Coast has long been hard-wired to wealth from the west coast of the U.S, beginning with Mauna Kea Resort in the 1960’s and evolving into destination resorts such as Kona Village and further into private club communities such as Hualalai, Kukio, and Kohanaiki.
While the largest segments of historical buyers come from either the technology or finance industries, other industries include oil and gas, real estate development, and entertainment (including both high-profile celebrities as well as producers in both music and film). Foreign nationals and the occasional sports figures round out the smaller groups.
Many of the buyers have common lifestyle interests as well, such as golf, boating, diving, fishing, or any combination of various outdoor activities available on the Big Island.
Travel Restrictions
The border between the U.S. and Canada has reopened, but still with strict Covid-related travel requirements. Restrictions for Japanese nationals are slowly easing, although travel between the U.S and Japan is almost nil. We expect increased demand in high-end real estate from foreign nationals as travel begins to resume.
Exhibits:
Market Report
2020 Hawaii Luxury Market Report
LPI Whitepaper
LPI Market Report.pdf
Canada Travel Rules
https://www.canada.ca/
Japan Travel Rules
https://www.japan.travel/
Upcoming Hawaii Vaccine Passport Program
https://www.forbes.com/
“No matter where they came from, affluent buyers were looking for private getaways to spend time with family”
– Matt Beall, 2020 Hawai‘i Luxury Market Report
Hawai‘i has long been a prime property market, and this extraordinary year has only served to highlight its desirability
— both in real numbers and in the more intangible value we place on our home, our health, and our community. If 2020 has done nothing else, it has underscored the meaning of home and the importance of good health.