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Kolea at Waikoloa Beach Resort: March 2018 Market Update

In my two most recent blog posts about Kolea at Waikoloa Beach Resort, the news was an upcoming auction of a penthouse condo, and a Kolea condo that had gone to foreclosure. The real news three months into 2018 is that the larger villas in the six-plex buildings are selling more than the smaller two bedroom, a reversal of the past several years.

view from lanai of Kolea 1C

Large lanai and pocket doors provide for indoor-outdoor living at Kolea Penthouse 1C (MLS 616384)

Larger Kolea Condos Selling in 2018

Of the four Kolea condo villas sold or in escrow in the first three months of the year, all but one are the 2,147 sq ft units with three bedrooms and 3-1/2 baths. While that is a slower pace of sales than is typical for our “high season,” it helps remedy the supply-demand imbalance that has persisted with the larger units.

Summary – Kolea Condos Sold or In Escrow YTD
# Lowest Highest Average Median Mode
Listings 4 $800,000 $2,390,000 $1,684,750 $1,774,500 N/A
MLS Sale $ 2 $695,625 $1,715,000 $1,205,313 $1,205,313 N/A
DOM to sale 2 21 526 274 274 N/A
Sale/Current Price 2 87.0% 95.3% 91.2% 91.2% N/A
Sale/Original Price Original price data is not available before 2015
DOM (Contingent)

In case you are wondering what penthouse Kolea 7F sold for at auction…it didnʻt. Sell, that is. The offers were not satisfactory to the Seller, so it was withdrawn from the market. If you wondering what happened to the unit that was in foreclosure, Kolea 16B did come back on as an REO (bank-owned) listing and sold for $695,625. That was, in fact, a steal for the buyer, as my listing of that 2-bedroom exterior 1,554 sq ft floorplan in Building 15 sold last year for $1,077,000.

Grassy Lawn Kolea 13

Building 13 has an ocean view but has more privacy than most front row buildings thanks to this lawn

Best Values at Kolea at Waikoloa Beach Resort

With  15 active condo listings at Kolea, in both six-plex and twelve-plex buildings with varying degrees of ocean view, it may at first glance be difficult to discern the values. Ultimately, any Kolea condo still benefits from (a) the walk-to-the-beach location and (b) the high end single family homes built on the 17 lots that front the 16 condo buildings.

If you want the largest floorplan and a keyed elevator, consider second floor Kolea 13E (MLS 613726), listed for $1,675,000, less than the most recent sold comps. This one has an ocean view, privacy, and has never been rented. If you want a three bedroom on the first floor, Kolea 13D, directly below 13E, has an attached garage and is priced at only $1,299,000 (MLS 615169). Remember that the first floor units donʻt have an ocean view as the single family homes obstruct that view.

Single Family Homes For Sale at Kolea

House for sale at Kolea

This home next to the Kolea Beach Club looks over the anchialine ponds to the beach.

Speaking of single family homes, one of the homes at Kolea, on lot 14 facing the Hilton Waikoloa Village, is in escrow with an asking price of $4,575,000. The two other homes listed face towards Anaehoʻomalu Bay and are listed at $5,995,000 (MLS 607466) and $10,250,000 (MLS 613101).

Of course, I have opinions and stories about all the homes and condos listed at Kolea, where my history goes back to when I sold these properties pre-construction for the developer. Call me if you have questions!

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