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Look at 2009 Waikoloa Village Condo Sales

Golf course pond by Elima Lani

At first look, 2009 condo sales look similar to 2008 sales as both years posted 18 sales for existing condos. But, a closer look at the numbers shows some very shocking news.

The most amazing sales news for Waikoloa condo sales is…the complete lack of sales! From 11/18/2008 to 3/27/2009 there was not one single condo sale in Waikoloa Village, a town known as one of the Big Island’s biggest condo towns. At this time the economy was tanking, real estate prices were falling and no one knew when the the recovery was going to happen.  And so, no one was buying condos. This time of year, in years past, had been one of the peaks of the buying seasons centered around the winter tourist season.

When 2009 sales did start up, it was a different condo sales market from 2008.    Sale prices took a large drop downward.   Elima Lani, one of the two entry level complexes, saw its prices drop from the  $200,000’s into the $100,000’s.   For 2008, the average condo sales price in Waikoloa Village was $268,317 but for 2009 it dropped to $210,933, a drop of about 21%. Elima Lani was by far the most active complex with 6 of the 18 sales,  followed by the other entry level complex, Fairway Terrace, with 3 sales.

One other very interesting tidbit I saw in the sales figures was the type of financing used in these sales.  In both 2008 and 2009 there were about 8 cash sales in the condo market.  But, the stat that I think needs following,  is that from the last nine sales in 2009,  6 were cash sales. The days of fast and  easy money for buying a condo are gone.    In today’s market it takes a substantial down, a good borrower….AND a complex the lender is willing to lend in.  Currently, there are some condo complexes that lenders prefer to not lend in at all and some they will but at a higher interest rate.  All in all,  it pays to do your homework with your agent and your lender before you start looking in today’s condo market.

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Katie Minkus, R(BIC)

February 19, 2010

Aloha, Pat – great post! What a difference a year makes, huh? Fascinating that it’s not possible to get ANY financing at all for a condo complex like Fairway Terrace right now because of a pending lawsuit against the HOA. Four years ago anyone could have bought a unit (for more than double the price) with 105% financing!!!

Katie Minkus, R(BIC)

February 19, 2010

Aloha, Pat – great post! What a difference a year makes, huh? Fascinating that it’s not possible to get ANY financing at all for a condo complex like Fairway Terrace right now because of a pending lawsuit against the HOA. Four years ago anyone could have bought a unit (for more than double the price) with 105% financing!!!

C J

August 9, 2010

What did the fairway sell for wondering Fairway terraCE

C J

August 9, 2010

What did the fairway sell for wondering Fairway terraCE

Pat Strausse, R(B)

August 10, 2010

Good question C J,

There were only 3 Faiway Terrace units that sold in all of 2009 –
all of these units were the 2 bed 2 bath condos:
F 205 sold 8/2 $130,000
D 108 sold 12-11 $107,000
N 202 sold 10-29 $200,000
N building is the one on the top section that is at the point with the best views in the complex and has always sold at a premium price. So far for 2010 there ave been 8 sales with prices ranging from a high of $115,000 for another N unit – N103 to a recent cash sale – A103 that just closed on 7/30 for $69,300 – and that’s at 53% of the sales price just about a year ago for unit F205. Wow what a difference a year can make again!

Pat Strausse, R(B)

August 10, 2010

Good question C J,

There were only 3 Faiway Terrace units that sold in all of 2009 –
all of these units were the 2 bed 2 bath condos:
F 205 sold 8/2 $130,000
D 108 sold 12-11 $107,000
N 202 sold 10-29 $200,000
N building is the one on the top section that is at the point with the best views in the complex and has always sold at a premium price. So far for 2010 there ave been 8 sales with prices ranging from a high of $115,000 for another N unit – N103 to a recent cash sale – A103 that just closed on 7/30 for $69,300 – and that’s at 53% of the sales price just about a year ago for unit F205. Wow what a difference a year can make again!

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