Please let me know if you find my December update in a series about the Waikoloa Beach Resort real estate market useful. (Read update #1 from November.)
It is all about supply and demand and a deeper understanding of the numbers…
Do You Like to Look at the Trends and the Numbers?
I think it is useful to get a picture of what is happening in the Waikoloa Beach Resort from a fact-based perspective as opposed to people just talking about “what they heard someone say that place over there sold for,” which I hear quite a bit…so let’s take a look…
Waikoloa Beach Villas: When I last wrote my update, there were 6 properties on the market – ranging from $479,000 to $639,000. As of December 27, there are 9 properties on the market – ranging from $479,000 to $725,000 with none currently in contract and none sold Dec 1 to December 27…
So not too much activity in the Beach Villas. Why might this be? My guess is that it is due to the construction taking place to remediate issues that were found in the building phase of the project several years ago. There were some legal issues for quite some time, but once they were resolved the association was able to move forward and get the repairs done. Now that they are taking place, I think that is making people wary of looking or making offers on units.
I think that makes for a great opportunity to buy as you have less pressure from other buyers and sellers wanting to sell. Simple rules of supply and demand.
Waikoloa Colony Villas: There were 8 properties on the market – ranging from $404,000 to $499,000 in my last update. As of December 27, 9 properties on the market – ranging from $404,000 to $525,000.
- 1 property (MLS# 28874) went under contract on 12/7/2015 – listed at $499,000
- 2 properties sold from December 1 to December 27 – #2304 (MLS# 288774) listed for $420,500 sold for $400,000 and #1104 (MLS# 287559) listed for $479,500 sold for $457,000
Fairway Villas at Waikoloa Beach Resort: (not to be confused with Waikoloa Fairways, which is up in the Waikoloa Village!) Again in my November update, there were 13 properties on the market – ranging from $369,000 to $579,000. As of December 27, there are 12 properties on the market ranging from $399,00 to $625,000.
- 1 property sold between December 1 and December 27 – (MLS# 285899) listed for $475,000 and sold for $460,000 (DOM 1)
- (MLS# 287627) went under contract on 11/30/2015 – listed at $369,000 (DOM 117)
- (MLS# 284330) went under contract on 12/21/2015 – listed at $398,000 (DOM 225)
- (MLS# 278467) went under contract on 11/23/2015 – listed at $399,900 (DOM 420)
Kolea Condo Villas: As before in the November update, 15 properties on the market – ranging from $745,000 to $2,995,000. No units sold or went under contract from December 1 to December 27. There are 4 more listings, for 19 listings on the market – still in the same price range as last month.
If you have not seen a Kolea unit, I will strongly advise that you get inside one before buying at another complex. The standard at Kolea is high – from the stone work to the crown molding. Once you get outside, the pool area with access to the beach is another feature that sets this complex apart from the others.
Vista Waikoloa: 4 properties on the market – ranging from $459,000 to $545,000 from my November update. There are now 6 properties on the market – ranging from $449,000 to $554,000.
- One property (MLS# 287143) sold in December with a listing price of $625,000 and a sold price of $615,000
- No properties went under contract between December 1 and December 27
The Shores at Waikoloa: Update in November had 9 properties on the market – ranging from $300,000 to $730,000. There are now 13 properties on the market – still in the same range as last month.
- No properties went under contract from December 1 through December 27
- One property (MLS# 280162) sold on 12/14/2015 for $320,000 with a listing price of $325,000
- Another (MLS# 274812) sold on 12/9/2015 for $470,000 with a listing price of $489,000
Halii Kai: 22 properties on the market – ranging from $499,000 to $1,800,000 from the November update. Now there are 20 properties on the market.
- No properties sold between December 1 and December 27
- One property (MLS# 282051), Unit 7F, went under contract through December 27. It was listed at $999,999.
I love this listing at Hali’i Kai (MLS# 288370)
Hali’i Kai 19F, listed by Beth Thoma Robinson R(B) – 20544
What Do I Make of the Above Information?
I noticed that most complexes had an increase in inventory. Why? I think people know the Hawaii busy season is here, and if they want to sell, now is the time to get their property listed and on the market. Agents know this too and have been marketing hard to get the word out to sellers that if you want to sell, get your condo on the market to take advantage of the island when it has the most shoppers!
If You Are Planning to Make an Offer to Buy
The difference between the sold price and listing price is an important piece of information to use in addition to comparable sales when formulating an estimate of market value. Always make sure to do all the number crunching with your agent before you make an offer.
If You Are Planning to List Your Condo For Sale
DOM, or Days on Market, is important when trying to determine how long it may take to sell your unit at different price points. If you want to sell it fast, you need to price it aggressively. If you want top dollar, it will mean a longer time on the market.
See you out there!
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Note that these listings and sales data were gathered from the Hawaii Information Service in December 2015. As the market is always changing – check with me for the latest up-to-date information.