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.
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.