$70,000 Elima Lani Condo in Waikoloa Village – Deal of the Decade

Recently, I’ve told buyers they probably need to realize they shouldn’t be expecting to be getting more deals of the decade with $70,000 condos in Waikoloa Village.

In the past few months, condo sales have been strong and sales prices in Waikoloa Village have been slowly headed higher. So, what just came on the market yesterday in Waikoloa Village? A $70,000 Elima Lani condo! Seriously, this is a deal—the next closest in price is listed at $122,900.

As you can see, this condo (MLS# 245484) lacks a stove and a fridge—common for a REO

This condo is a ground floor unit (#901) and is a REO property, or bank owned condo having gone through foreclosure. The unit is owned by Freddie Mac and has a fairly new program available to owner occupants that may pay up to 3.5% of the buyer’s closing cost if they close this summer.

Some things to be aware of when buying this, or any REO are:

• You will be buying it AS IS
• No warranties/guaranties/seller disclosure
• No survey/staking
• No termite inspection paid by the seller (common in most sales in Hawaii)
• No homeowner docs paid by seller (common in Hawaii)

One last thing about this condo, is Freddie Mac now has a program similar to Fannie Mae’s where priority is given to owner-occupant buyers for the first 15 days on market. This comes under the Freddie Mac First Look Initiative.

So, owner-occupants get first shot at this condo at this price through 6/8/2011. After this time, the condo is eligible for investor offers. I may end up eating a second helping of crow, but I’m going to say this condo won’t be around in 2 weeks.

I love the Big Island! Aloha.