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Kolea Best Buy Alert – Home and Condo Price Reductions

Prospective buyers who missed out on the beachfront Kolea luxury home and penthouse condo auction in March are in luck as BIG price reductions have created two new best buys in the past two days:

  • a bank-owned single family home was reduced from $4,900,000 to $3,995,000 (making two Kolea homes listed under $4 million!)
  • a front-row Kolea condo had been withdrawn from the market at $1,995,000 and returns reduced to $1,375,000 as a short sale

Starting with the condo Kolea 10E (MLS# 241405), this is a 2nd floor villa of the largest, 2,147 sq. ft. floor plan and is directly across from the Kolea Beach Club with its infinity pool and private path to the beach.

This luxury condo is now listed at the same price the facing unit sold for as a short sale in February 2010. Another point of reference, the villa directly above was the foreclosure that inspired a bidding war in March. It just closed at $1,569,000.

Beachfront Kolea includes single family residences and luxury condos; all owners are welcome at the Beach Club

The Kolea home on Lot 13 (MLS# 241676) is one of two bank-owned (REO) single family residences with private pools fronting the ocean. The lot it sits on was purchased for $3,295,000. The home is 4,784 sq. ft. with a separate guest wing separated from the main house by a pool.

At an asking price of $3,950,000, it is highly likely that one of the previously rejected offers will suddenly be resurrected and walk off with the prize!

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Heidi White, R(S)

May 5, 2011

Hi Beth- Yes, these homes are VERY nice. With one of the 6 Kolea Kai homes for sale, now in escrow/ an accepted offer & at a possible higher price its exciting to see the 2 ‘deal priced REOS’ available. I get a feeling someone is going to realize this value and snatch one of these luxury island bargains up!

Heidi White, R(S)

May 5, 2011

Hi Beth- Yes, these homes are VERY nice. With one of the 6 Kolea Kai homes for sale, now in escrow/ an accepted offer & at a possible higher price its exciting to see the 2 ‘deal priced REOS’ available. I get a feeling someone is going to realize this value and snatch one of these luxury island bargains up!

Heidi White, R(S)

May 5, 2011

BTW the one in escrow was the auction in March right? Hummm wonder what the price was?

Heidi White, R(S)

May 5, 2011

BTW the one in escrow was the auction in March right? Hummm wonder what the price was?

Katie Minkus, R(BIC)

May 6, 2011

Aloha Beth… thank you!! We can always count on you for the most accurate and updated information about the Kolea market – muchos mahalos!!!

Katie Minkus, R(BIC)

May 6, 2011

Aloha Beth… thank you!! We can always count on you for the most accurate and updated information about the Kolea market – muchos mahalos!!!

Beth Thoma Robinson R(B)

May 6, 2011

@ Heidi – I think about what these would go for if transported to Puako and just shake my head. We won’t hear on the auction results until approved by the lender as a short sale…still some time to wait.
@ Katie – another price reduction on a fabulous ground floor unit, I’d better get blogging!

Beth Thoma Robinson R(B)

May 6, 2011

@ Heidi – I think about what these would go for if transported to Puako and just shake my head. We won’t hear on the auction results until approved by the lender as a short sale…still some time to wait.
@ Katie – another price reduction on a fabulous ground floor unit, I’d better get blogging!

Pam Deery, R(B)

May 7, 2011

Interesting Beth. The cost per foot for the house less the cost of the lot would put the house at $126. per foot! hmmm. pretty good buy!

Pam Deery, R(B)

May 7, 2011

Interesting Beth. The cost per foot for the house less the cost of the lot would put the house at $126. per foot! hmmm. pretty good buy!

Jon

May 9, 2011

Missed HaliiKai 12C coming to market in the mid $500K range ….. while it sold in 2007 for 1.2-1.3m M.

Who is the listing agent for 12C? Who is the short sale bank involved here? …. some are much better than others.

Maybe the listing agent can provide some insight

Mahalo

Jon

May 9, 2011

Missed HaliiKai 12C coming to market in the mid $500K range ….. while it sold in 2007 for 1.2-1.3m M.

Who is the listing agent for 12C? Who is the short sale bank involved here? …. some are much better than others.

Maybe the listing agent can provide some insight

Mahalo

Beth Thoma Robinson R(B)

May 9, 2011

@ Jon, Pam Deery and I are the listing agents on Hali’i Kai 12C. Please contact me directly if you would like more information on this short sale. I can tell you there is only one bank loan on it so I do expect it to be relatively straightforward. And thanks, you are correct, I’m overdue for a blog with an update on Hali’i Kai best buy opportunities.

Beth Thoma Robinson R(B)

May 9, 2011

@ Jon, Pam Deery and I are the listing agents on Hali’i Kai 12C. Please contact me directly if you would like more information on this short sale. I can tell you there is only one bank loan on it so I do expect it to be relatively straightforward. And thanks, you are correct, I’m overdue for a blog with an update on Hali’i Kai best buy opportunities.

Jon

May 9, 2011

Thanks,
I keep my eyes peeled for the right deal, but my number is around $350K to $400K. 12C and my budget don’t intersect …… yet.

Jon

May 9, 2011

Thanks,
I keep my eyes peeled for the right deal, but my number is around $350K to $400K. 12C and my budget don’t intersect …… yet.

Beth Thoma Robinson R(B)

May 9, 2011

@ Jon, at Hali’i Kai the only sales in that price range are REOs towards the back of the property, not ocean view. Sounds like you are among my many prospective buyers whose wishful thinking is that price point will come around on ocean view as well. If so, I can guarantee we will have a bidding war and prices won’t last lol!

Beth Thoma Robinson R(B)

May 9, 2011

@ Jon, at Hali’i Kai the only sales in that price range are REOs towards the back of the property, not ocean view. Sounds like you are among my many prospective buyers whose wishful thinking is that price point will come around on ocean view as well. If so, I can guarantee we will have a bidding war and prices won’t last lol!

Daniel

May 11, 2011

JON,
You may find this interesting: Halii Kai 6E 3bed/2bath today reduced to $450,000 Does it go lower? Or a bidding war that Beth refers to? I would be interested but I just found a bank unloading a WBResort property that the family liked better and it’s a good buy point in the event the market continues lower. I believe it will be the lowest closing price the complex in 23 years. There several agent here on Hawaii Life willing work at obtaining the best buy in 20 years! Good luck, Daniel

Be aware HK has several distressed properties … I’m going with a complex where there are only a couple.
August 26, 2010, 1:07 pm Price $795,000 $695,000
October 15, 2010, 2:23 pm Price $695,000 $635,000
January 12, 2011, 9:24 am Price $635,000 $575,000
February 8, 2011, 10:18 am Price $575,000 $525,000
March 12, 2011, 9:43 am Price $525,000 $499,000
May 9, 2011, 1:42 pm Price $499,000 $450,000

Daniel

May 11, 2011

JON,
You may find this interesting: Halii Kai 6E 3bed/2bath today reduced to $450,000 Does it go lower? Or a bidding war that Beth refers to? I would be interested but I just found a bank unloading a WBResort property that the family liked better and it’s a good buy point in the event the market continues lower. I believe it will be the lowest closing price the complex in 23 years. There several agent here on Hawaii Life willing work at obtaining the best buy in 20 years! Good luck, Daniel

Be aware HK has several distressed properties … I’m going with a complex where there are only a couple.
August 26, 2010, 1:07 pm Price $795,000 $695,000
October 15, 2010, 2:23 pm Price $695,000 $635,000
January 12, 2011, 9:24 am Price $635,000 $575,000
February 8, 2011, 10:18 am Price $575,000 $525,000
March 12, 2011, 9:43 am Price $525,000 $499,000
May 9, 2011, 1:42 pm Price $499,000 $450,000

Beth Thoma Robinson R(B)

May 12, 2011

Hi Dan,
Thanks for taking the time to comment, now I know you are reading my posts both here AND on ActiveRain LOL.
Interestingly, although we still have several active short sales at Halii Kai and you will find other complexes with fewer ACTIVE short sales, mostly that is a function of price point. Halii Kai and Kolea are more expensive thanks to oceanviews and beachfront location, respectively,and have higher dues than other Waikoloa Beach Resort properties, hence a smaller pool of potential buyers. At other projects like Colony, Fairway, or Waikoloa Beach Villas, the price points fell to an affordable range, hence all those short sale and REO properties got snapped up. You’ll find blog posts here on Hawaii Life explaining in more detail.

Beth Thoma Robinson R(B)

May 12, 2011

Hi Dan,
Thanks for taking the time to comment, now I know you are reading my posts both here AND on ActiveRain LOL.
Interestingly, although we still have several active short sales at Halii Kai and you will find other complexes with fewer ACTIVE short sales, mostly that is a function of price point. Halii Kai and Kolea are more expensive thanks to oceanviews and beachfront location, respectively,and have higher dues than other Waikoloa Beach Resort properties, hence a smaller pool of potential buyers. At other projects like Colony, Fairway, or Waikoloa Beach Villas, the price points fell to an affordable range, hence all those short sale and REO properties got snapped up. You’ll find blog posts here on Hawaii Life explaining in more detail.

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