If you have any interest in real estate at all, whether Hawaiʻi real estate or continental U.S. real estate, you have read and heard endlessly about “lack of inventory.”
Forgive me for whining when you know I have had a profitable year. Put yourself in my shoes, the shoes of all my colleagues. I have a bunch of disappointed buyers who missed out on one or more listings they liked. They are anxiously asking about new listings, mystified that they arenʻt getting alerts on their searches. I wish I had new listings to offer. The demand still seems far from fulfilled.
I have been selling at Waikoloa Beach Resort since I worked with the developer of Kolea and Halii Kai starting in 2005. Even in the last market peak there was plenty of inventory being offered pre-construction by several developers at a range of price points. In 2021, there are no new developments (other than the Ainamalu project that is currently paused).
The current situation is extreme. There have been 158 sales at Waikoloa Beach Resort since January 1st. There are only five active listings. Three of them are condominiums. Two of them are vacant lots. The price range is $750,000 for a 2-bedroom condo at Waikoloa Colony Villas, to $5,950,000 for a 1-acre oceanfront lot at Naupaka Place.
Only 3 Condos for Sale At Waikoloa Beach Resort
You are looking at very distinct offerings in the condos for sale at Waikoloa Beach Resort.,
Waikoloa Colony Villas are all townhouse-style condos, six units to a building. Some have golf course views. There are two pools and amenity areas. The townhouses have a diverse mix of full time owner residents, snowbirds, long-term renters and short-term vacation rentals. The only Colony Villas active listing happens to be owner occupied, but would qualify for a vacation rental license if that were your preference. Built in 2003, it is ready for a refresh, but at $750,000 after a recent price reduction it stacks up with the recent sales.
Halii Kai at Waikoloa Beach Resort is best known for having an oceanfront private club with pool and a full service bar and grill open only to owners and their guests.
Halii Kai 8D has one of the best views in the complex. Iʻm not just saying this because it is my listing. The orientation of the buildings is such that building 7 and 8 look directly down the golf course at the ocean (and your year-round sunset view). The “D” units are on the side closet to the ocean, which gives an ocean view from the kitchen, great room, and master bedroom. Offered for $1,595,000.
New to the market this week is Kolea 15J, offered for $1,550,000. This is an interior two-bedroom, approximately the same size, and configuration as Halii Kai 8D. Although the finishes are a bit more upscale at Kolea, the ocean view at 15J is peek-a-boo. I know this unit well, having listed it as a short sale in 2011, when it sold for $525,000, about half of the developer price of $1,100,000. This is another complex where current sales are well above the highest levels of the last cycle. With scarce inventory, sellers are getting their asking prices or close to them.
Oceanfront Naupaka Place Lots for Sale
It was a stretch of the imagination to see the eleven lots at Naupaka Place with luxury homes on them when I listed lots 7 and 8 in 2013. Now there are in fact homes built on four them…and the owner of one of those homes actually owns four lots and built across two of them. This owner has lot 10 listed for $5,800,000 with a fully permitted set of house plans included…and you already can see the quality of home next door. I cannot emphasize enough how big a deal it is to have a home ready to break ground in the current environment, when even if your plans are ready, you might not see permits for over a year.
Lot 11 on the end closest to the Hilton is also offered for sale, at $5,950,000. You wonʻt have homes on both sides…and it comes with plans in process. Tough call. You should walk them both with me.
If you are an owner at Waikoloa Beach Resort — or anywhere along the Kohala Coast — there has never been a better time to sell. Presentation still matters though, so letʻs talk details if you are interested.