Haliʻi Kai at Waikoloa Beach Resort – Market Update

Since 2009 I have written an average of two articles a year about the oceanfront condominium community Haliʻi Kai at Waikoloa Beach Resort. In 2023, I did not write a single blog post about Haliʻi Kai. It is really really hard to write about a wonderful community during a period when there was at most a single active listing. That only leads to frustration on the part of potential buyers.

As in many of our Hawaiʻi real estate markets, at the moment we are seeing a slight easing in the inventory drought along the Kohala Coast. Here is an update on 2023 sales at Haliʻi Kai and the current crop of condos for sale.

Haliʻi Kai at Waikoloa Beach Resort is Kohala Coast condominium community with absolutely oceanfront luxurious shared amenity area

Two Haliʻi Kai Listings Sold in 2023 – Sales Constrained by Lack of Inventory

If you read my past year reports, there were often over a dozen active listings at Haliʻi Kai, many of them on the market during high season, withdrawn and relisted the following year, for several years until sold. After the record eighteen sales recorded in 2017, there were a dozen sales in 2018, leaving only four active listings in 2019 heading into the 2020 pandemic buying spree.

With no more than a single Haliʻi Kai condo for sale at any time during 2023, each sold quickly. While two sales recorded in 2023, one recorded in the first days of 2024 meaning it was listed and escrow opened in 2023. Here are those sales:

All of these sales were ground floor units. The two lower priced sales were the smallest 2 bed/2 bath floorplan with 1,082 sq ft. Haliʻi Kai 6C and 7C are both on the golf course with a bit of ocean view. The third sale was the 3 bed/2 bath 1403 sq ft floorplan, Haliʻi Kai 3E with golf course only view. Prices reflect the lack of inventory, with 3E selling for almost double the developer pricing paid by the Seller in 2007.

Haliʻi Kai buildings #1-5 have a golf course view like this. Buildings 6-12 feature golf and ocean views. Buildings 13-15 are direct oceanfront. Building 16 and 17 see ocean across the street. And Buildings 18-34 are in the Coconut Grove near the entrance, with garden and some mountain views.

Current Haliʻi Kai Condos For Sale

There are currently five Haliʻi Kai condo active listings with asking prices from $1,598,000 for a 3 bed/2 bath in the Coconut Grove with garden view, to $2,249,000 for the upstairs 3 bed/3 bath in Building 12 near the Ocean Club amenity area.

Three of the five listings have short-term vacation rental licenses and future bookings. All of them would be eligible.

My pick would be the 3 bed/3 bath condo in Building 8, which many consider the best view building in Haliʻi Kai as it has the most direct orientation looking down the fairway to the ocean, but with privacy in the middle of the community. Haliʻi Kai 8F had a price reduction to $2,095,000 which brings its asking price to $1,249/sq ft. This was one of two units originally purchased from the project developer by the family who developed all of Waikoloa Beach Resort, which in my mind is a strong indication of its premium location. That and being an upstairs unit would argue the price/sq ft looks in line with last yearʻs sold comps.

For view and upgrades, I also love Haliʻi Kai 11D, an upstairs 2 bed/2 bath, asking $1,924,000. And if your metric is the degree of premium over the original developer sale, one could argue that Halii Kai 12G is selling for less than original price plus furnishings and upgrades, not even taking into account inflation since 2007.

I sold many of these either to the original or subsequent owners, and would be happy to discuss pros and cons and relative values with someone considering Haliʻi Kai.