Big Island

Waikoloa Village REOs and Short Sale Condo Inventory For Sale is Getting Low

I recently had a buyer interested in looking at 2 bedroom condos in Waikoloa Village that were “the deals”—REOs and short sales. When I started to draw up the list of 2 bedroom condos—the list was very short. In all of Waikoloa Village, there are only FIVE 2 bedroom condos on the market at this time that are distressed sale units.

Short sale special—(MLS# 245769) a stand alone 3 bedroom condo with 1,258 sq. ft. listed at $299,900

Looking at all the REOs and short sales for sale, there are 3 one bedroom units and 2 three bedroom units. A quick total gives me only 10 condos out of a total of 38 for sale in Waikoloa Village currently.

Looking at the condos that are currently in escrow, buyers show a strong preference for distressed properties, with 12 out of 18 escrows going to the REOs and short sales over the regular sales. To be sure, distressed sales have been the driving force of the real estate market for the past few years, but at some point, the sellers in trouble will have sold their units and the great deals will be gone.

No one knows exactly when this will happen, but Waikoloa Village hit the bust of the condo market in 2009 when there were only 7 condos sold in the entire year. In 2010, the deals of distressed properties started. Since then, there has been 66 condo sales in 2010 and 2011, so far. Some smart buyers have seen the deals and acted.

There are still deals to be found and there will be more distressed properties to come on market, but the good ones go quickly now. If you want a deal, you need to study the market, have an agent checking the new listings for you, and when a deal comes your way…take it!

I love the Big Island! Aloha.

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