As soon as I receive confirmation from the escrow company that the sale of unit #906 has recorded this morning, I will call my happy Canadians buyers and congratulate them for grabbing a sweet deal at Waikoloa Colony Villas.
If you have read my last blog about the trend of the market at Waikoloa Colony Villas, you may already know that the inventory disappeared, leaving behind only 2 active listings. The 8 properties currently in escrow are 2 REO listings, 5 short sale listings (so, who knows how long it will take for them to close), and 1 regular sale.
My clients scored by getting a nice 2 bedroom turn-key unit (MLS# 242086) at $270,000 and did not to have to deal with a distressed property situation. Since the beginning of the year, 7 properties have sold, 4 among them were 2 bedroom units, but all of them were distressed properties (4 REOs and 1 short sale). Most of them were in need of TLC, or new appliances, whereas theirs was ready to move in with brand new carpet in the living and dining area.
Now let’s look at the condo market in the entire Waikoloa Beach Resort. I don’t see any condo for sale under the $300,000 mark except for a 1 bedroom condo (MLS# 228914) listed for the past 456 days at the Shores for $250,000. Only 5 condos for sale up to $350,000 are on the market. Hurry up!
Buyers can’t time their investing moves until they know what is available. This means, take the time to research the market. With my help, that’s exactly what my clients did before scheduling a trip to buy at the beginning of March. It was just a question of picking the solid properties and getting the timing right. Another satisfied client! It makes what I do rewarding and worth while…
Beth Thoma Robinson, R(B)
April 20, 2011
Congratulations, Catherine. Your ability to find the right choice for a buyer in a market where the inventory is suddenly so tight speaks to your knowledge of the Waikoloa Beach Resort condo communities. You clearly know these choices inside out. What’s your top pick among the five left under $350,000?
Beth Thoma Robinson, R(B)
April 20, 2011
Congratulations, Catherine. Your ability to find the right choice for a buyer in a market where the inventory is suddenly so tight speaks to your knowledge of the Waikoloa Beach Resort condo communities. You clearly know these choices inside out. What’s your top pick among the five left under $350,000?
Pat Strausse, R
April 20, 2011
Congrats Catherine! Wow a Colony Villas turnkey for $270,000! That’s a great deal. Your clients really did score – when they hooked up with you! I know you have been following the inventory at Colony Villas and the entire Waikoloa Beach resort so you can give your buyers complete market information. Hope you get more of those Canadians to work with, eh?
Pat Strausse, R
April 20, 2011
Congrats Catherine! Wow a Colony Villas turnkey for $270,000! That’s a great deal. Your clients really did score – when they hooked up with you! I know you have been following the inventory at Colony Villas and the entire Waikoloa Beach resort so you can give your buyers complete market information. Hope you get more of those Canadians to work with, eh?
Catherine Klug
April 20, 2011
Thank you Beth and Pat! To answer your question, Beth, I think the next one to go will be Fairway Villas O-21. It has a terrific view, tiles all the way through, non distressed property and listed at $310,000.
Catherine Klug
April 20, 2011
Thank you Beth and Pat! To answer your question, Beth, I think the next one to go will be Fairway Villas O-21. It has a terrific view, tiles all the way through, non distressed property and listed at $310,000.
Katie Minkus, R(BIC)
April 20, 2011
Great job, Catherine, it’s clear why buyers would choose to work with someone as knowledgeable as you! What do you think a Colony Villas unit would have sold for at the “top” of the last up market?
Katie Minkus, R(BIC)
April 20, 2011
Great job, Catherine, it’s clear why buyers would choose to work with someone as knowledgeable as you! What do you think a Colony Villas unit would have sold for at the “top” of the last up market?
Catherine Klug
April 20, 2011
@ Katie: Colony Villas #906 sold yesterday for $270,000 when the Seller bought it for $600,000 in 2005. Records show the highest sale for the same floor plan (2/2) was $680,000 in 2005. Yes, my clients really did score!
Catherine Klug
April 20, 2011
@ Katie: Colony Villas #906 sold yesterday for $270,000 when the Seller bought it for $600,000 in 2005. Records show the highest sale for the same floor plan (2/2) was $680,000 in 2005. Yes, my clients really did score!
Pam Deery R(B) Big Island
April 21, 2011
Catherine; It is interesting that we all have buyers who want the best deal ever and there is not much inventory left! Doesn’t it stand to reason that hind sight may be in the works here. The best deal available is one that is within range of the most recent sales and an average between distressed and “traditional” sales, if there is such a thing.. I think your client is very fortunate also!
Pam Deery R(B) Big Island
April 21, 2011
Catherine; It is interesting that we all have buyers who want the best deal ever and there is not much inventory left! Doesn’t it stand to reason that hind sight may be in the works here. The best deal available is one that is within range of the most recent sales and an average between distressed and “traditional” sales, if there is such a thing.. I think your client is very fortunate also!
Daniel
April 27, 2011
With the sub 500K market picking up before the slow season, I randomly called one Waikoloa management company today just to check in. ( I only had time to call one today) This popular complex has 8 condos that are distressed and NOT on the market yet. I’m unclear why they are not being listed as short sales? I was told a bank took control of one yesterday.
I’m thinking this complex can’t be unique, can it? What if each complex had 8-10 units just waiting to be REO’s this summer? A major Hawaiian bank executive back in 2008 predicted to Hawaii real estate market was in for a major cycle and compared the tops and bottoms of the previous cycles. His bottom and well as my bottom of this cycle will be 2012. As we near the bottom, I’m sure we will see small upticks and re-tracements though….
Daniel
April 27, 2011
With the sub 500K market picking up before the slow season, I randomly called one Waikoloa management company today just to check in. ( I only had time to call one today) This popular complex has 8 condos that are distressed and NOT on the market yet. I’m unclear why they are not being listed as short sales? I was told a bank took control of one yesterday.
I’m thinking this complex can’t be unique, can it? What if each complex had 8-10 units just waiting to be REO’s this summer? A major Hawaiian bank executive back in 2008 predicted to Hawaii real estate market was in for a major cycle and compared the tops and bottoms of the previous cycles. His bottom and well as my bottom of this cycle will be 2012. As we near the bottom, I’m sure we will see small upticks and re-tracements though….
Annie Mendoza, (RS)
April 29, 2011
Catherine…did your buyers see the RR105C? Daniel…I’m sure you are familiar with that??? He has commented on other posts about inventory. Catherine, if they did see the RR105C, did it reflect the same statistics that Daniel is quoting here from a randomly called management company? I’m just concerned about the legitimacy of his info. Many of the agents hitting the pavement have day to day interaction with owners, with property managers, with the on-site managers and people who stay in the loop about who is not paying dues, in default, etc. And what we see is not just smoke and mirrors. Fewer distressed properties is what we are seeing.
Annie Mendoza, (RS)
April 29, 2011
Catherine…did your buyers see the RR105C? Daniel…I’m sure you are familiar with that??? He has commented on other posts about inventory. Catherine, if they did see the RR105C, did it reflect the same statistics that Daniel is quoting here from a randomly called management company? I’m just concerned about the legitimacy of his info. Many of the agents hitting the pavement have day to day interaction with owners, with property managers, with the on-site managers and people who stay in the loop about who is not paying dues, in default, etc. And what we see is not just smoke and mirrors. Fewer distressed properties is what we are seeing.
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[…] I wrote my last blog about Waikoloa Colony Villas, about 4 months ago, there were only 2 active listings to choose […]