Walk to the Beach Part 1 March 28, 2008
Posted by brobinson in : Waikoloa Beach Resort , add a commentThe resorts may not have all the good beaches, but the existence of a beautiful beach or two on the sand-scarce Big Island accounts for the location of Mauna Kea, Mauna Lani and Waikoloa Beach Resorts. For the most part, development began near the beaches and radiated out from there. However, there are also a handful of newer projects where lucky owners can walk to the beach. So for the next few weeks that’s going to be my topic.
Having gotten so busy that I missed posting, we’re now already at the last week of the month, back again to the Waikoloa Beach Resort in my monthly rotation. Three hotels were originally planned for this resort and only two built. The site of the third hotel became Kolea, with its 17 oceanfront lots and 16 building containing a total of 126 condominiums. Because of this history, Kolea owners have their own path from the Kolea Beach Club to the beach at Anaeho’omalu Bay.
Houses have been built on most of the lots, either for the owner’s own use or on spec. Two of the remaining lots have recently gone under contract, which leaves only lots 6, 15 and 17 on the market. And with the house on lot 16 in escrow, there is currently only one home listed, at just under $10 million. Amazing views and proximity to a sheltered beach give these homes and home sites scarcity value.
The condominium villas were built with upscale finishes to complement the lovely homes they face. Many owners say the mahogany-trimmed pocket doors opening up onto an oversize lanai were the feature that drew them to Kolea. Prices here depend on both square footage and view, ranging from under $1 million for a 2-bedroom without ocean view (but still steps from the beach!) to over $3 million for a front-row 3-bedroom penthouse.
As in many newer communities, i.e. those built during the “boom”, a higher-than-usual percentage of the original buyers were investors and there is a large selection of condominiums available for resale. Sellers’ price expectations vary wildly, but among those thirty options, there are some that immediately stand out as terrific opportunities. I see several in prime locations where the seller has priced below what they paid two or three years ago, with furnishings now included!
A hui hou,
Beth
February Resort Sales the MLS Doesn’t Show March 1, 2008
Posted by brobinson in : Waikoloa Beach Resort , add a commentI was down at Halii Kai Thursday to pick up keys for a client who closed this week and check on my oceanfront listing. One of the sales executives there was excited to give me an update on their fantastic sales during the month of February. Unless there is an outside agent representing the buyer, these are sales that don’t show up when your agent searches the MLS, because this developer does not participate. The sales flashing across my screen indicate that this was a good month overall at the Kohala Coast resorts, and in all price ranges. For example in the Waikoloa Beach Resort where Halii Kai is located, there were sales under $500,000 at the Shores, Vista Waikoloa, and Colony Villas up to a house at Kolea for $5,450,000. Altogether a dozen sold, contingent or under contract in the resort is not a bad month.
But here’s the surprise. At Halii Kai, they have TEN new sales this month at prices from $629,000 to $1,325,000! That means that sales at the resort were almost double what was reported, and the market appears much healthier than at first blush.
Reading between the lines, the sales at Halii Kai were oceanfront, ocean view, and golf view–the most desirable locations. In fact, they’ve almost sold out their recently released Building 8 which was one of the remaining two ocean view buildings at the project.
That leads me to believe that within a week or two they will have to release their last ocean view building. Full Disclosure: I used to sell Halii Kai for the developer, Centex Destination Properties. Not like I have a crystal ball, but I know how they work. So it is a pretty good bet that Building 7 goes on the market real soon.
What does this mean for you? Any ocean view resale listings will obviously be listed at a premium to the developer pricing, so this is a great opportunity to get into a really unique condominium community at aggressive pricing and developer incentives.
A hui hou!
Beth