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Update on Kolea Condo Foreclosures and Short Sales

I posted recently about foreclosure opportunities at two of the Big Island Kohala Coast’s most unique and beautiful condominium communities, beachfront Kolea and oceanfront Halii Kai.

"A bay" beach from Kolea condos

The activity really picked up at Kolea when I took a short sale listing and priced it at $469,000 for a 2 bed/2 bath…a condo of the same floor plan changed hands in July 2008 for over $1 million! There are three bank-owned properties (REOs) at Kolea, all 2-bedroom units. I think mine is one of the top two because its ground floor location happens to open onto a green lawn instead of the building in front.

The other one of the top two was priced at $510,000 but today took a reduction to $460,000. And it is a third floor near the Beach Club with a peek of beach view! Expect multiple offers.

Monthly maintenance dues are high because Kolea owners pay for having the only direct beach access at Anaehoomalu Bay. And if you need more than 2 bedrooms, there are some gorgeous single family oceanfront homes. Email or call me for my spreadsheet of available Kolea properties.

One of two REO (bank-owned foreclosures) on the market at Halii Kai closed escrow this week–a direct oceanfront

Halii Kai oceanfront pool

2-bedroom sold for $814,995 – so there’s our half-price sale again as the condo sold in 2007 for over $1.6 million. There are no foreclosures currently on the market at Halii Kai, but there is an oceanfront 2-bedroom short sale and a 3-bedroom ocean view townhouse style villa offered at a fire sale price! I also have a spreadsheet on Halii Kai properties, including remaining developer inventory.

Did I mention that the developer is finally cutting deals?

The Halii Kai foreclosure that came on the market at $384,900 received multiple offers. The lucky buyers will need to furnish it, but those multiple potential buyers felt its location and condition made it a steal at that price. If the $300,000 price point appeals to you, I’m about to list shares in an almost-oceanfront beautifully furnished Halii Kai condo. With a 1/6th share, you pay only 1/6th of the carrying costs, making the share alternative even more attractive!

A hui hou,

Beth Thoma Robinson, R(S)

Note: Interested in staying at Kolea before you buy? Why not rent a Kolea condo?

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J. Perkins

July 24, 2009

Aloha,

You mention the Kolea monthly maintenance dues are high. Are the Halii Kae dues as well? Can you provide additional info on those?

Thanks much.

J. Perkins

July 24, 2009

Aloha,

You mention the Kolea monthly maintenance dues are high. Are the Halii Kae dues as well? Can you provide additional info on those?

Thanks much.

Beth Thoma Robinson

July 24, 2009

Thanks for your question.

Halii Kai dues are high, but not as high as at Kolea. As you seem to know, the same developer (Centex Destination Properties) built both Kolea and Halii Kai. The homeowner associations therefore built large reserves from the start and have comparable insurance costs, both of which are positives. Kolea has the burden of paying for its direct beach access. At Halii Kai, owners pay for the fabulous Ocean Club amenities, which puts its dues above other condos in Waikoloa Beach Resort.

For comparison, the 2BR mentioned at Kolea has dues around $1355/mo. A similarly sized 2BR at Halii Kai runs $1135/mo.

Aloha
Beth

Beth Thoma Robinson

July 24, 2009

Thanks for your question.

Halii Kai dues are high, but not as high as at Kolea. As you seem to know, the same developer (Centex Destination Properties) built both Kolea and Halii Kai. The homeowner associations therefore built large reserves from the start and have comparable insurance costs, both of which are positives. Kolea has the burden of paying for its direct beach access. At Halii Kai, owners pay for the fabulous Ocean Club amenities, which puts its dues above other condos in Waikoloa Beach Resort.

For comparison, the 2BR mentioned at Kolea has dues around $1355/mo. A similarly sized 2BR at Halii Kai runs $1135/mo.

Aloha
Beth

foreclosure short sales

July 24, 2009

Kolea,a great location to be in,is a place with ocean front which is welcoming.

foreclosure short sales

July 24, 2009

Kolea,a great location to be in,is a place with ocean front which is welcoming.

Beth Thoma Robinson, R(S)

July 27, 2009

I posted this on Friday. By this morning I heard from the listing agent that the Kolea REO had an acceptable full price offer.

Buyers, if you are serious about playing the REO game, you MUST, I repeat MUST be prepared to jump without hesitation. If you’re not a cash buyer, have prequal letters in hand (get them from both Bank of America and Wells Fargo…or if you have your eye on a particular property, check with your agent to see if it another lender). Do all your due diligence on the property and neighborhood in advance! Know that the lender will typically drop the price at the 30, 60 and 90 day marks. At 90 days, expect to make a full price offer, so know what your bottom line is.

Let me know when you are ready. I look forward to assisting you on the next one!
Beth Thoma Robinson R(S)

Beth Thoma Robinson, R(S)

July 27, 2009

I posted this on Friday. By this morning I heard from the listing agent that the Kolea REO had an acceptable full price offer.

Buyers, if you are serious about playing the REO game, you MUST, I repeat MUST be prepared to jump without hesitation. If you’re not a cash buyer, have prequal letters in hand (get them from both Bank of America and Wells Fargo…or if you have your eye on a particular property, check with your agent to see if it another lender). Do all your due diligence on the property and neighborhood in advance! Know that the lender will typically drop the price at the 30, 60 and 90 day marks. At 90 days, expect to make a full price offer, so know what your bottom line is.

Let me know when you are ready. I look forward to assisting you on the next one!
Beth Thoma Robinson R(S)

Paulette

June 9, 2010

Would like to know what is going on with the forclosure mkt there in Koloa.

Anuy info will be helpful

Mahalo

Paulette

June 9, 2010

Would like to know what is going on with the forclosure mkt there in Koloa.

Anuy info will be helpful

Mahalo

Beth Robinson R(S)

June 9, 2010

As a year-later update, that first wave of foreclosures passed quickly and now more distressed units are selling as short sales. There are buyers lined up, and at times we’ve actually seen bidding wars. I know of a couple of units that the lenders seem to be sitting on, waiting for comps to rise.
Aloha
Beth

Beth Robinson R(S)

June 9, 2010

As a year-later update, that first wave of foreclosures passed quickly and now more distressed units are selling as short sales. There are buyers lined up, and at times we’ve actually seen bidding wars. I know of a couple of units that the lenders seem to be sitting on, waiting for comps to rise.
Aloha
Beth

Gary Bland R S

April 6, 2011

Aloha Beth, Again plenty of information to share. Glad to see the Big Island moving Real Estate!

Gary Bland R S

April 6, 2011

Aloha Beth, Again plenty of information to share. Glad to see the Big Island moving Real Estate!

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