I get several calls a week from buyers who are looking for a Mauna Lani or Waikoloa Resort condo from $400K- $500K. If you read my blogs regularly, you know I (along with hundreds of other brokers and bankers) predicted the condo market recovery would be this winter for Hawaii.
Over the past week, I have written three offers for two different buyers trying to get the last of the “deals” in a very tight market. Each of those offers, I am sad to report, has been met with counter offers at or near the list price by sellers who are willing to wait for another buyer willing to pay what they feel is fair market price in a low inventory market.
There are 6 available listings in the Waikoloa Colony Villas and 6 in Halii Kai that fit the bill of “2 plus bedrooms, a garage, and nice amenities under $500,000.” I mention these two developments specifically, as they are the two of my favorites in the Waikoloa Beach Resort; the third being Kolea where there is nothing below $1.2M!
In the Mauna Lani Resort, there are two listings that meet the “under $500,000 criteria”:
- A small 3-bedroom ground floor in Palm Villas (MLS# 253992) listed at $399,000
- A 2-bedroom end unit in Fairways at Mauna Lani (MLS# 247728) listed for $498,000
These same floor plans sold over the winter months for $325K and $430K, respectively.
If you were sitting on the fence, now is the time! I’m not saying there will not be any deals left by summer, or that they won’t come along periodically, but please know that the elevator is going up!
As May is typically our slowest month in Hawaii for real estate sales, any value purchase yet to be made is most likely to occur before the summer vacationers arrive!
Living and loving the resort life.