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$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.

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Catherine Klug

May 24, 2011

Pat, I’m pretty sure you will find a buyer for this bargain! The lowest REO sales price this year was $93,000. Can you please remind us what are the maintenance fees?

Catherine Klug

May 24, 2011

Pat, I’m pretty sure you will find a buyer for this bargain! The lowest REO sales price this year was $93,000. Can you please remind us what are the maintenance fees?

Tara Kelly

May 30, 2011

Aloha Pat, what a score of a deal!!! You are the go to girl when finding the deals in Waikoloa Village…

Tara Kelly

May 30, 2011

Aloha Pat, what a score of a deal!!! You are the go to girl when finding the deals in Waikoloa Village…

Pat Strausse, R(B)

May 30, 2011

@Catherine, HOA is the same as last year – $376. So, with interest rates still low and figuring in tax benefits with rents for Elima Lani still around $900 a month this condo could be less a month that renting for mnay owners and possibly that also for an investor with a higer down payment
@Tara, You’re right! This really is a great deal for someone.

Pat Strausse, R(B)

May 30, 2011

@Catherine, HOA is the same as last year – $376. So, with interest rates still low and figuring in tax benefits with rents for Elima Lani still around $900 a month this condo could be less a month that renting for mnay owners and possibly that also for an investor with a higer down payment
@Tara, You’re right! This really is a great deal for someone.

Alexander

January 29, 2013

could I put an offer in

Alexander

January 29, 2013

could I put an offer in

hinosjim

September 27, 2015

I would like to buy.

Pat Strausse

September 28, 2015

Sorry, but this condo is no longer available. This blog was written in 2011 and since
then prices have returned to the high $100s and low $200s. Aloha, Pat

hinosjim

September 27, 2015

I would like to buy.

Pat Strausse

September 28, 2015

Sorry, but this condo is no longer available. This blog was written in 2011 and since
then prices have returned to the high $100s and low $200s. Aloha, Pat

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