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Halii Kai – Ocean View Condo Sales Continue (May 2015 Update)

In my review of last year’s condo sales at oceanfront complex Halii Kai at Waikoloa Beach Resort, I noted a strong buyer preference for the more expensive, ocean view units rather than the golf and mountain view buildings. As our winter-spring selling season draws to a close, that pattern seems to have continued into 2015.

Five Halii Kai sales recorded in the January – April period, and four of those five are in buildings along the golf course with an ocean view. There are two units in escrow, both in (you guessed it) an ocean view building. That answers the question posed in my earlier blog post, of whether buyers would see better value in the smaller ocean view two bedroom or the mountain view three bed/three bath for the same price.

Halii Kai 12C Ocean view

The classic Halii Kai golf and ocean view, as seen from Halii Kai 12C (MLS# 280257)

Unique at Halii Kai: Same Floorplans in Three View/Price Ranges

One of the main selling points for the Halii Kai community is the developer’s smart decision to create a private club on the oceanfront. Here’s why I call it smart.

Faced with a long, narrow strip of land (“Hali’i Kai” means “spreading down to the sea”), the builder Centex chose to replicate the same building throughout the complex. That means you can buy an identical unit directly on the oceanfront, along the golf course with ocean view, along the golf course with golf course only view, and in the Coconut Grove with garden and mountain views.

But regardless of the view from your condo, you or your vacation rental guests can enjoy sunsets and whale watching in season from the pool, workout room, or Ocean Club Bar and Grill.

If a three bed/three bath condo best fits your lifestyle, here are three active listings illustrating relative value.

View from oceanfront Halii Kai condo for sale

Oceanfront Halii Kai 15F is 1,677 sq. ft., 3 bed/3 bath, offered for $2,000,000 (MLS# 279648)

Halii Kai 5F ocean view

Ocean and golf view Halii Kai 5G is 1,677 sq. ft., 3 bed/3 bath, offered for $1,050,000 (MLS# 283336)

Halii Kai 20G for sale

In the quiet Coconut Grove area, Halii Kai 20G is 1,677 sq. ft., 3 bed/3 bath, offered for $665,000 (MLS# 278644)

Next to Sell at Halii Kai

There are 16 active listings at Halii Kai, with an average asking price just under $1 million:

Summary
# Lowest Highest Average Median Mode
Listings 16 $519,000 $2,000,000 $961,422 $937,500 $1,145,000
On the other hand, the average price of actual sales in 2015 so far is $785,200 if you look at the mean, or $646,000 if you look at the median. The two pending sales are on a two bedroom listed at $675,000 and a three bedroom listed at $999,000, which are just in line with what’s sold so far this year.
Sales Summary – Halii Kai Jan – April 2015
# Lowest Highest Average Median Mode
Listings 5 $589,900 $1,099,000 $834,580 $699,000 N/A
MLS Sale $ 5 $575,000 $1,060,000 $785,200 $646,000 N/A
DOM to sale 5 32 506 190 126 N/A
SP to LP % 5 91.0% 97.5% 94.2% 93.5% N/A

The buyer whose target price point is $1 million is going to be evaluating the pros and cons of the ocean view units clustered in the low $1 million range.

Halii Kai 11A ocean view

Lanai view from two bedroom Halii Kai 11A, must be why it has a strong rental track record (MLS# 282677)

The buyer in the mid-$600,000s is going to be looking at the three bedroom choices in garden/mountain view. If you are thinking of using the condo for a vacation rental when you aren’t in residence, the Coconut Grove is popular with renters who, like many owners, prefer to pay a little less for their vacation and still get the benefit of the oceanfront amenities.

Halii Kai 18E ground floor

Some renters prefer a ground floor unit like Halii Kai 18E, lowest priced 3 bedroom at $635,000 (MLS# 277647)

Confused by all the choices? I’ve kept a spreadsheet on Halii Kai resales since the very first ones in 2008, and I’d be happy to help you figure out where the right value choice is for you.

A hui hou,

Beth Thoma Robinson, R(B)
Direct: 808.443.4588
Email: beth@hawaiilife.com

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