Wealthy millennials are going big on the Big Island of Hawaii!

Purchasing gorgeous Hawaiian estate homes for the rich has never been hotter for the millennial set born between the years 1981 to 1996. They’ve waited longer but with the savings they are spending on that 2nd home or for many deciding riding out a pandemic in paradise isn’t such a bad idea.

Tech-savvy and environmentally conscious, millennials’ preferences are poised to dramatically reshape the high-end housing market and are going big in price and luxury amenities few can afford! The resort properties along the Kona and South Kohala Coast are a magnet for this lifestyle. There have been record breaking numbers here on the Big Island in lot and resale in the luxury space. Take a look at the dramatic increases over the last calendar year in custom homes to build their dream properties for their families.

^$5M Sales: In 2019 there were twenty eight residences over $5,000,000 and 4 lots recorded and sold over $5,000,000.

^$5M Sales: In 2020 there were thirty five residences over $5,000,000 and 4 lots recorded and sold over $5,000,000.

 “Millennials are finally coming out of the gate, and it’s not uncommon for the first purchase as a first time homebuyer to be a multimillion-dollar luxury home in the U.S. or internationally.” Jacquelyn Davalos Bloomberg. This number represent 38% of milennials.

As a result, millennials are quickly becoming a dominant force in high-end real estate. “Baby boomers are retiring to sunnier locales, while remote work has allowed millennials to ascend the housing ladder in smaller, more affordable cities,”An emphasis on things like sustainability will certainly go into overdrive with the aging of millennials, who, at 72.1 million, are the largest adult generation, with unique consumer preferences that will profoundly influence the direction of the luxury-housing market.” Jacquelyn Davalos Bloomberg.

Interesting fact in the 2020 in the residential luxury sales space there were a total of 336 sales on the island of Hawaii over $1,000,000. However, its important to know there is a big difference between how many sales over the $2,000,000 it is reduced by a whooping 232 recorded sales! It is clear that our extra fine luxury market space the sales diminished above $2,000,000 at 104 for the year 2020.

40 vacant lots SOLD between $1M-$5M since 1/1/2020. See lots HERE.

Flash forward to 2021,

Another attractive feature keeping the local contractors extremely busy is the level of technology they want integrated into the home and work environment while living on the island. HIGH TECH AND SUSTAINABILITY ARE EXTREMELY ATTRACTIVE.

Jacquelyn Davalos Bloomberg adds, “if a home is move-in ready and environmentally conscious and has a Tesla charger installed in the garage, those homes are generating a premium, because you have so many buyers interested in competing for them.”

The foresable luxury real estate market is inline for growth that decades behind us have not seen with the current class and financial ability the milenials are bringing tot he table. The future looks bright in this market.

For more information contact me today. Click Search Resort properties on the Kona Coast!