Two pieces of good news for owners at the oceanfront Halii Kai condominium community at Waikoloa Beach Resort could mean more potential profits for the buyer planning to use the condo for vacation rental.
Halii Kai at Waikoloa Beach Resort is a gated oceanfront condo community with highly reviewed vacation rentals.
Monthly Dues Reduced at Halii Kai Condos
There are only a handful of oceanfront condominium developments along the Kohala Coast, as most of the best real estate got assigned to the hotels and to luxury home developments. Other than Halii Kai, the oceanfront condo options would be only Kolea at Waikoloa Beach Resort, and Mauna Lani Point or Terrace at Mauna Lani Resort…and the upcoming offering at Hapuna Prince which will be a different concept and price point altogether.
Belly up to the bar at Halii Kaiʻs private oceanfront restaurant for a “smoothie” after your workout.
The developer at Halii Kai was smart to put an over-the-top amenity area on the oceanfront that all the units can enjoy. Besides the usual pool, hot tub and fitness room, Halii Kai actually has a restaurant and bar exclusive for owners and their guests, including renters.
That level of amenity, and the oceanfront location, comes with a price — higher monthly association dues relative to nearby condo neighborhoods. Thatʻs why it was good news when the Halii Kai Board of Directors opted to reduce the Ocean Club fee by $75/month. Halii Kai dues in 2018 are lower than last year. When does that ever happen?
Lower Rental Management Fees
There is no requirement that Halii Kai owners rent their condominium. And if they do rent, there is no requirement that they use a particular rental management company…or any company at all. In other words, Halii Kai is NOT a “condotel.”
However, many owners use Castle Resorts, which owns the cottage that is inside the gate at Halii Kai but on a separate parcel. And Castle has just sent a letter to its Halii Kai vacation rental clients letting them know that effective June 1st they will be increasing the ownerʻs share of gross rental revenue to 70% from 60%…and if the owner generates the booking, they still get an additional 10%.
View from Halii Kai 11A (MLS 601519), a popular vacation rental with ocean view close to the Club.
Listings that are popular vacation rentals like Halii Kai 11A, listed for $994,000, just became more attractive to a new owner! There are currently only 13 active Halii Kai condo listings, ranging in price from $579,999 (MLS 612805) for a 2-bedroom with golf course view to $1,299,000 (MLS 612854) for a 3 bed/3 bath with golf and ocean view. There are currently no listings in the three direct oceanfront buildings at Halii Kai.