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Waikoloa Beach Resort Condo Update: Things Are Changing

We have been researching condo activity and prices for several clients recently in the Waikoloa Beach Resort. The trend recently has been to a very reduced supply of condos for sale and rising prices. For the most part, that is still the case. There are currently 46 active listings in the resort, with the lowest priced condo now at $325,000 at the Shores, the highest in Kolea at $2,900,000.

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Sunset at Waikoloa's Anaehoomlau Bay

In an amazing turnaround from just two years ago, there are no short sales that are active listings and only one of the 46 listings is a REO (foreclosure).

Kolea Experiences High Number of Listings in 2013

One oddity is that over 40% of the listings are in Kolea, which currently shows 19 active listings ranging from $799,000 to $2,900,000. Considering that many developments only have a few listings (Fairway Villas 4, Beach Villas 3, Colony Villas 1, Vista Waikoloa 2), this is an amazing amount.

Looking into it we could find no underlying reason for the high number of listings and we put it down to the random dynamics of owners in that particular complex. Building 9 alone in Kolea has 7 condos on the market. While the scarce inventory has generally pushed prices higher and worked in the seller’s favor, the large inventory in Kolea may be an exception, giving buyers some leverage.

Big Island Real Estate Market Continues to Recover

While prices have risen from the lows of 2011 and 2012, they are still well below the highs of five years ago. In that light, bargains are still out there and at prices that have plenty of opportunity for upside as the Big Island market continues to recover. For more information on any of the condo complexes or an analysis of specific listings, contact us.

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sean

May 15, 2013

Agreed. I have been watching for the market rotation with my friend who bought in 2011, Kolea, Vista and the Shores. Kolea is approaching original pricing and there appears to be recent buyers looking to be profit takers and 2. original owners who have been waiting sell around break-even. With Kolea pricing and low WBR inventory I have been waiting for a rotation to the Vista and Shores. Vista buy points are now above $400K ( yesterday -a $445,000 escrow), pressing $500K on certain higher demand units. As for the Shores, a Villa I believe just closed outside of the MLS in the $675K range while other second/ third floor units there are seeing more activity with pricing in the $399,000 to $425,000. Often over-looked is the property managers expense to owners which often leaves cash buyers break even or worse. Looks like most people making vacation rental profits are now VRBO which at some level is suppressing rental rates.

sean

May 15, 2013

Agreed. I have been watching for the market rotation with my friend who bought in 2011, Kolea, Vista and the Shores. Kolea is approaching original pricing and there appears to be recent buyers looking to be profit takers and 2. original owners who have been waiting sell around break-even. With Kolea pricing and low WBR inventory I have been waiting for a rotation to the Vista and Shores. Vista buy points are now above $400K ( yesterday -a $445,000 escrow), pressing $500K on certain higher demand units. As for the Shores, a Villa I believe just closed outside of the MLS in the $675K range while other second/ third floor units there are seeing more activity with pricing in the $399,000 to $425,000. Often over-looked is the property managers expense to owners which often leaves cash buyers break even or worse. Looks like most people making vacation rental profits are now VRBO which at some level is suppressing rental rates.

Beth Thoma Robinson R(B)

May 17, 2013

Good comment from Sean. Whereas at most other complexes, each new set of sellers onto the market has crept up gradually in pricing from the most recent comparable sales (in part constrained by appraisals), at Kolea this set of sellers are at substantially higher prices than the last comps of their floorplans. Hence, the only three sales at Kolea this year were all escrows that stretched over from last year, representing value purchases relative to today’s pricing.

Beth Thoma Robinson R(B)

May 17, 2013

Good comment from Sean. Whereas at most other complexes, each new set of sellers onto the market has crept up gradually in pricing from the most recent comparable sales (in part constrained by appraisals), at Kolea this set of sellers are at substantially higher prices than the last comps of their floorplans. Hence, the only three sales at Kolea this year were all escrows that stretched over from last year, representing value purchases relative to today’s pricing.

sean

October 5, 2013

Looks Waikoloa Beach Resort continues to evolve. The 3 year inventory at the Shores has dwindled if you prefer a second or third floor – although 2 Golf Villas are available in the $670,000 range. Puna landscaping has taken over the Shores and will have this complex in much better shape by 2014 as they keep Kolea and Vista in great shape. Long over due change at the Shores. Kolea continues to a high demand rental property and is undergoing owners input for construction of a second pool. Herb continues to keep Vista managed well and Vista condo sales have been approaching $475,000 range. Look for the large floor plans to command $475,000 to $525,000 in 2014 depending on upgrades.

sean

October 5, 2013

Looks Waikoloa Beach Resort continues to evolve. The 3 year inventory at the Shores has dwindled if you prefer a second or third floor – although 2 Golf Villas are available in the $670,000 range. Puna landscaping has taken over the Shores and will have this complex in much better shape by 2014 as they keep Kolea and Vista in great shape. Long over due change at the Shores. Kolea continues to a high demand rental property and is undergoing owners input for construction of a second pool. Herb continues to keep Vista managed well and Vista condo sales have been approaching $475,000 range. Look for the large floor plans to command $475,000 to $525,000 in 2014 depending on upgrades.

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