Compared with my Halii Kai market report a year ago, 2016 has brought more sales activity, without a corresponding increase in prices. With the closing last week of the first REO (bank owned after foreclosure) sold at Halii Kai since 2011, there have been 10 sales, compared with only 7 this time last year. The full year 2015 saw 9 units sold.
The popular golf and ocean view at Halii Kai, this from 2-bedroom 11A asking $1,050,000 (MLS# 601519)
Big News: Halii Kai Foreclosure Sale Below Market
There was an understandable frenzy when Halii Kai 12G, a 3 bed/3 bath condo with golf and ocean views, came on the market in October at $608,400. The original owners, who bought from the developer, “gave it back to the bank” via a deed-in-lieu of foreclosure a few months previously. Although sold unfurnished and in As Is condition, it was literally in a vacation rental program up until the day of foreclosure.
With dozens of offers in, the listing agent called for “best and highest bids” and it sold for $825,000. Great deal for the buyer, even with the cost of furnishings added. For perspective, the mirror image unit, 12F, sold for $1,175,000 in 2014 (our listing) and is currently on the market for $1,200,000
Halii Kai Prices Flat to Lower in All View Categories
Oceanfront penthouse offered for $1,495,000 has to be an oceanfront best buy on the coast (MLS# 296774)
The highest priced of the ten Halii Kai condos sold so far this year was oceanfront 14H, ground floor 3 bed/2 bath sold for $1,085,00. The identical unit, one building over, sold for $1,100,000 in 2015 after selling as our listing for $1,125,000 in 2012. When the developer sold these at the height of the market, they were priced over $2 million.
At the other end of the spectrum, in the Coconut Grove where the buildings have the same floorplans but garden and mountain views, Halii Kai 19F, top floor 3 bed/3 bath sold for $548,000 unfurnished. This compares with our sale of 20G last year for $625,000 furnished.
Overall the average price at Halii Kai across all four floorplans and the different views remains fairly constant at mid-$700,000s.
Buyer’s Market & Strong Choices at Halii Kai For High Season
With sixteen active listings from $545,000 to $1,495,000, Halii Kai is moving into the “high season” for our resort real estate market with the possibility of seeing another sale or two before year-end.
As an example of what the median price point of $750,000 will buy, we have both Halii Kai 9B (MLS# 600798) and Halii Kai 10B (MLS# 296639) listed for $750,000. Both are 2 bed/2 bath ground floor units, furnished, with golf/ocean views. These two will likely appeal to different buyers. One is a strong vacation rental; the other is used only by the owner, but has a garage. Pricing is at market, given our sale of the same floorplan in building 12 for $725,000 this year.
A hui hou,
Beth Thoma Robinson, R(B)