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Scarce “Deals” in Kohala Coast Resort Condos: Part 1 Mauna Kea Resort

Yikes! We’re not even half-way through July, the Big Island’s Kohala Coast resorts are swarming with this summer’s prospective real estate buyers, and the good condo deals are getting snapped up faster than I can write a blog post about them.

In fact, the joke is that it’s been a choice between writing (offers and counteroffers) and writing (blog posts). Not really a choice at all…in an environment where the best real estate buys are getting multiple offers as soon as they are listed for sale, the blog post will have to wait.

View from Kolea foreclosure that had multiple offers upon listing…a good reference point for Mauna Kea “deals”

Best Condo Buys at Mauna Kea Resort

There is not a lot to sort through for best buys at Mauna Kea Resort simply because there are almost no condos on the market: 4 units at Kumulani, 2 Ridge condos and one duplex villa at Wai’ula’ula, one Halia Hale at Kauna’oa, and one of the Villas at Mauna Kea. Nevertheless, there are decent buys in this list from $550,000 to $2 million.

The Hawaii Life team has written often about Kauna’oa – and the last developer home, asking price $2,100,000 (MLS# 229396) – is still on the list for the buyer who wants 3,000 sq. ft. plus of space, proximity to the beach, a high level of amenities…and who is not bothered by the monthly dues, which almost are at the level of a Hualalai Resort condo.

Short sale listing at Wai’ula’ula at Mauna Kea…comparable sales at $800,000

There is one short sale listing at Wai’ula’ula, a first floor condo F102 (MLS# 255571), which you might have missed because the listing only has one interior photo, which fails to convey the ocean views or the beautiful finishes. The listing mistakenly shows as only 2 bedroom (although the text correctly describes it as a 3 bedroom). Asking price $815,000 and most recent sales have been right at $800,000.

While this condo lacks the proximity to the beach of Kolea, the quality and ocean views are similar, so these two choices often appeal to the same buyer. But here’s the kicker. At Kolea, the only listings in the $800,000’s today are 2 bedroom 1,270 sq. ft. condos with limited view…which makes either the short sale…or Wai’ula’ula E201 offered at $869,000 furnished (MLS# 245994)…look like a real steal for over 2,000 sq. ft. with huge lanai and ocean view.  

Or look at this data point. The 2nd floor REO (bank-owned after foreclosure) listing at Kolea that has a comparable 2,100 sq. ft. just came on the market at $1,140,000 and had multiple offers…given that a first floor, 1,700 sq. ft. Kolea condo closed this spring for $1,200,000.

Gotta run, but will be back soon with my picks for Mauna Lani Resort condos.

A hui hou,

Beth Thoma Robinson, R(B)
Direct: 808.443.4588
Email: beth@hawaiilife.com

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Erik Hinshaw R(S)

July 11, 2012

Interesting times Beth. You are spot on as usual. Same thing is happening in Kona in ALL price levels.

Erik Hinshaw R(S)

July 11, 2012

Interesting times Beth. You are spot on as usual. Same thing is happening in Kona in ALL price levels.

Catherine Klug, R(S)

July 13, 2012

Multiple offers? Sounds like “deja vu” all over again… thanks, Beth!

Catherine Klug, R(S)

July 13, 2012

Multiple offers? Sounds like “deja vu” all over again… thanks, Beth!

Kathy Awai, R(S)

July 16, 2012

The buyers are out there looking for those deals, no doubt about it!

Kathy Awai, R(S)

July 16, 2012

The buyers are out there looking for those deals, no doubt about it!

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