Regular readers of my blog posts may wonder whatever happened to that bank-owned Hawi oceanfront mansion, or the foreclosed beachfront homes in Kolea on the Kohala Coast I wrote about in a post two months ago?
Asking price is $6,500,000 for this Kolea home (MLS# 241295)…but may not be the best value
As of last week, the two REO homes at Kolea—the one on lot 13 offered for $3,695,000 and the one on lot 4 next to the Beach Club offered for $3,400,000—are both in escrow. That leaves the house on lot 16 offered for $3,750,000 and the one on lot 5 for $6,500,000.
The lot 5 house sold in 2006 for $6,600,000 to the current owners, who apparently don’t get that even setting aside distress sales, the house that sold in 2009 for $6,500,000 had 5,733 sq. ft. and 5 bedrooms versus 3,677 sq. ft. and 3 bedrooms; pricing seems to be more than $2 million off…wonder if they will look at offers?
Whale-watching lanai at Hawi oceanfront foreclosure (MLS# 244454) now down to $3,850,000
If just under $4 million is your target price point for your oceanfront home, you still have a shot at the 13,000+ sq. ft. home on 20 acres near Hawi. It recently had a small price reduction to $3,850,000, so the price keeps inching down. I predict the eventual buyer will walk onto the lanai just as a whale is breaching a few hundred yards away. With 7 months on market, the bank is wanting a quick close. Maybe try an aggressive offer with a 3-week close?
The new oceanfront foreclosure opportunity comes as twins: Lot 7 and Lot 8 at Naupaka Place next to Kolea were purchased by the same buyer. The bank now owns them after foreclosure and has just listed them for $2,550,000 each. Full disclosure: I am the listing agent for these lots, as well as adjacent Lot 9 (MLS# 233826).
What should lots at Naupaka Pl. be worth, given the price of homes selling at Kolea? It’s hard to make a direct comparison because there is a location premium at Naupaka. Look at the steps to the beach from Lot 7/8 Naupaka Place compared with the distance to the ocean from the Kolea home above. Plus, behind the gates of Kolea you find both single family homes and 16 condo buildings; behind the gates of Naupaka Place are only 11 lots. The one home that was built and sold in Naupaka is around 5,000 sq. ft. with 4 bedrooms. It changed hands twice for $10,500,000 at the market peak in 2007 and for $9,500,000 in 2009.
For more information about these or other oceanfront and beachfront properties for sale on the Kohala Coast, feel free to call or email me directly!
A hui hou,
Beth Thoma Robinson, R(B)