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Waikoloa Village Condo Sales Die in October

Condo sales for Waikoloa Village dropped to almost nothing in October with just one sale for the entire month. The sole sale for last month was an Elima Lani short sale for unit #102 that closed at $120,000. This was a ground floor golf course frontage condo.

While sales were slow, there was activity in condos going into escrow. During the month there were 3 condos that went into escrow. There was plenty of activity in new listings with a total of 7 condos coming onto the market. But, the overall number of available units will actually go down as there was a total of 9 condos taken off the market.

Waikoloa Hills unit went into escrow after the price was slashed from $149,900 to $100K

Currently, there are 14 condos in escrow, so future months should go back to higher levels of closed sales. Elima Lani and Fairway Terrace continue to provide most of the condo sales and current escrows, but Waikoloa Hills now has 3 units in escrow.

Waikoloa Hills unit #504, (MLS# 227744), is an REO that had an almost unbelievable price drop down to $100,000. This puts this unit drastically below the other two units in escrow—the next door unit #503 is in escrow with a listed price of $157,000.

There are now 41 condos on the market in Waikoloa, starting at $87,000 and ranging up to $635,000. If you’ve been following my monthly updates, you’ll see that the number of available units is slowly going down—we’re down about 10 units from just 6 months ago.

If you would like to see any of these Waikoloa condos, please contact me. I’ll be back next month with a look at November sales.

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Beth Thoma Robinson R(B)

November 29, 2010

Pat, can you give us a feel of what the difference would be between a condo listed for $87,000 and one listed for over $600,000? That is quite a range!

Beth Thoma Robinson R(B)

November 29, 2010

Pat, can you give us a feel of what the difference would be between a condo listed for $87,000 and one listed for over $600,000? That is quite a range!

Pat Strausse R(B)

November 30, 2010

Great question Beth,

As you would imagine the sub $100K condos are almost always distressed properties – short sales or REO’s. Many of these look distressed as well…often appliances have been removed, flooring usually needs to be replaced, walls probably need to be repainted. Don’t be too surprised if there is also some plumbing that needs to be repaired. These units are found in Fairway Terrace and Elima Lani so the square footage for a 2 bed 2 bath unit will be either just below 800 sf or 854 sf with one parking stall. You would probably get a parking lot view or views of other buildings.

When you get into the upper $500,000 you’re talking the Pointe at Waikoloa and resort quality throughout. These units are almost 1700 sf and have both a garage and parking stall. The views in this units are superior to almost all Waikoloa condos and there is an oversized lanai to enjoy your sunset views and drinks. Granite, tile, upgraded appliances and furnished..its all at The Point at Waikoloa units.

One other difference at this time, only one Point unit has sold in the past two years and that was in 2008 for $380,000. Fairway Terrace and Elima Lani continue to be the bulk of the sales in Waikoloa Village. And while some of the units need fixing up, when you only have 800 sf to redo it can often be done on a fairly small budget. So, if an investor is able to pick a condo up in the low $100,000’s or even below and then put a little into it for repairs it will probably return a profit. And, an owner is often able to buy one of these units, fix it up and live there for less than renting somewhere else. That’s why these sub $100,000 units tend to sell farily quickly.

Pat Strausse R(B)

November 30, 2010

Great question Beth,

As you would imagine the sub $100K condos are almost always distressed properties – short sales or REO’s. Many of these look distressed as well…often appliances have been removed, flooring usually needs to be replaced, walls probably need to be repainted. Don’t be too surprised if there is also some plumbing that needs to be repaired. These units are found in Fairway Terrace and Elima Lani so the square footage for a 2 bed 2 bath unit will be either just below 800 sf or 854 sf with one parking stall. You would probably get a parking lot view or views of other buildings.

When you get into the upper $500,000 you’re talking the Pointe at Waikoloa and resort quality throughout. These units are almost 1700 sf and have both a garage and parking stall. The views in this units are superior to almost all Waikoloa condos and there is an oversized lanai to enjoy your sunset views and drinks. Granite, tile, upgraded appliances and furnished..its all at The Point at Waikoloa units.

One other difference at this time, only one Point unit has sold in the past two years and that was in 2008 for $380,000. Fairway Terrace and Elima Lani continue to be the bulk of the sales in Waikoloa Village. And while some of the units need fixing up, when you only have 800 sf to redo it can often be done on a fairly small budget. So, if an investor is able to pick a condo up in the low $100,000’s or even below and then put a little into it for repairs it will probably return a profit. And, an owner is often able to buy one of these units, fix it up and live there for less than renting somewhere else. That’s why these sub $100,000 units tend to sell farily quickly.

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