I held off on writing my annual review of the real estate sales at beachfront Kolea at Waikoloa Beach Resort because for a while there were no active listings. A handful of condos came on the market this weekend, so letʻs review Kolea condo sales for 2021, and then move on to the available properties.
Looking from the Kolea amenity areaʻs hot tub across the ponds to the beach at Anaehoʻomalu Bay
Sales and Prices for Kolea Condos Skyrocket in 2021
A typical year for Kolea real estate was consistently about 10 sales of condominium villas (roughly 8% of the 132 units), and an occasional trade of a single family home or vacant lot (there are only 17 of those). Listing inventory was typically 10-15 condos, representing a cross-section of the 6-plex and 12-plex floor plans. Even 2020 looked pretty typical with nine Kolea condo sales and an average price point of just under $1 million.
Writing in early 2022, it seems hard to believe that a Kolea 2 bedroom sold for only $685,000 less than 2 years ago. In 2021, 23 condos changed hands, the lowest price was $890,000 and the average price point soared to $1.7 million!
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Kolea Condo 2022 Prices Break Records from Previous Market Peak
A month into 2022, we have already had four closings at Kolea, and there are three more condo villas in escrow. Prices now exceed where they were for developer sales and early resales up to the 2008 real estate market crash, setting new highs.
Two sales in building 13 illustrate the point. This was the last of the six-plex buildings to close when I worked for the developer, hence commanded high prices. Kolea 13C, a top floor 3-bedroom, 3 bath with 2,174 sq ft originally sold for $2,550,00 in 2006. It sold again in 2013 for only $2,100,000 nicely furnished. The most recent listing received multiple offers and sold for an asking price of $2,995,000 – 17% above the original price.
I have always loved the location of Kolea Condos Building 13, with a grassy lawn in front of the lanai side
The history of second floor Kolea 13E is even more astonishing. It looks like this:
2006 – Sold by developer to original owner for $2,150,000
May 2009 – Traded by original owner as part of purchase of a Kolea single family home for a nominal value of $2,000,000
Dec 2009 – Sold to my client for only $1,050,000 (need I mention that client became a friend?)
2019 – My client sales for $1,475,000 for a 40% gain over a decade
2021 – That buyer flips at $1,895,000 – almost 30% in 2 years
2022 – Currently listed for $2,950,00 – in escrow in only 13 days! Will be watching for this sale price.
Active Kolea Listings in February 2022
All Kolea units have a built in summer kitchen with barbecue and mini-fridge. This is Kolea 3A.
Three Kolea condominiums came on the market over the weekend.
- Kolea 16M -1,554 sq ft, 2 bedroom corner penthouse asking $1,850,000
- Kolea 3A – 1,716 ground floor 3 bedroom with attached garage asking $2,295,000
- Kolea 1E – 2,175 sq ft second floor 3 bedroom asking $2,999,888
Of the three, my pick would be Kolea 3A as the one that most closely tracks a recent sold comp, meaning it could likely be financed with minimal appraisal concern. Call me for details.
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