Waikoloa, HI Real Estate News

By Johnny McElree
(Live Your Dreams!)
Yahoo Real Estate reclaimed the top spot in May on a list of the most popular real estate websites compiled by Experian Hitwise, bumping the National Association of Realtors' official listing portal, Realtor.com, into second place. Hitwise showed the two sites with virtually identical market share - Yahoo Real Estatecaptured 6.51 percent of traffic in the category, compared with 6.46 percent for Realtor.com - and with comfortable cushions over third-placeZillow (5.69 percent) and fourth-place Trulia.com (4.77 percent). Also climbing the ranks of the Hitwise top 10 were fifth-place MSN Real Estate(2.42 percent market share), which was up three positions from April, and HGTV'sFrontDoor Real Estate (2.38 percent), up four places to sixth. Those sites' gains came at the expense of seventh-...
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By Beth Thoma Robinson, R(B) SFR - Hawaii Island Luxury Resort Real Estate
(Hawaii Life Real Estate Brokers Big Island)
Another luxury Kolea condo for sale has taken a price reduction to short sale territory.  Today's price reduction on Kolea 3E from $1,395,000 to $1,250,00 comes iwth the caveat that this is now a short sale subject to bank approval...and a bargain for some lucky and patient buyer! Pocket doors open to view from Kolea 3E (MLS 239266), now a short sale priced at $1,250,000 This is the largest of the Kolea condo villa flooplans, at 2,174 sq ft of interior space, 3 bedrooms/e.5 baths.  Kolea 3E is a second floor unit that current overlooks one of the 17 lots at Kolea, this particular one vacant and not yet built.  Many owners and renters prefer the quiet of this side of Kolea, farther from the Beach Club and the Marriott.  Even though the view is a bit more distant, it is west-facing for th...
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By Beth Thoma Robinson, R(B) SFR - Hawaii Island Luxury Resort Real Estate
(Hawaii Life Real Estate Brokers Big Island)
  In my previous reports this year on Halii Kai condos for sale, the market has been completely dominated by short sale, foreclosure and developer sales.   There is currently one REO (foreclosure) - Halii Kai 4B - still in escrow with at least two more in the pipeline. There are currently five short sales at Halii Kai with accepted offers being presented to banks for approval, which as of yesterday would have left only four available.  Coincidentally, all of them happen to be the groundfloor 3 bed/2 bath outside unit that is usually the most popular floorplan. However, today we saw the release of two new resale listings at Halii Kai, both of which are short sales with great ocean view locations on the golf course. Halii Kai 12C is a 2BR/2BA with a solid rental track record in the buildi...
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By Beth Thoma Robinson, R(B) SFR - Hawaii Island Luxury Resort Real Estate
(Hawaii Life Real Estate Brokers Big Island)
Yesterday's West Hawaii Today had a notice of foreclosure sale for a Halii Kai condo at Waikoloa Beach Resort. The ActiveRain blog post that has brought me more prospective buyers than any other was the announcement of the listing of Halii Kai 16C as a foreclosure--and this notice is for the mirror-image unit next door! Careful distinctions are in order here.  Usually when people ask me about "foreclosures" they are actually interested in what banks and real estate agents refer to as "REOs" or real estate owned by a lender after completion of the foreclosure process.  Less commonly, they want to know how to find out about properties up for foreclosure auction, such as this Halii Kai condo. The Halii Kai condo set for foreclosure is in one of the closest buildings to the private Ocean Cl...
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By Beth Thoma Robinson, R(B) SFR - Hawaii Island Luxury Resort Real Estate
(Hawaii Life Real Estate Brokers Big Island)
It was like "old home week" at the Kolea Waikoloa Beach Resort property auctions yesterday.  Surprisingly, rather than generate a lot of interest from Concierge Auctions huge database, it seemed that most of the bidders on both the home and condo for sale were people already "sold" on the Kolea lifestyle, including several current owners and a former salesperson for the developer! I can't reveal what the final selling prices were until the sales close escrow.  For the condo, that will be on or before April 21st according to the contract.  However, the fine print in the oceanfront Kolea home contract is that it would be subject to bank approval at the final bid price.  Like any short sale, that means that it will really be up to the mortgage holder to accept the shortfall, and the curre...
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By Beth Thoma Robinson, R(B) SFR - Hawaii Island Luxury Resort Real Estate
(Hawaii Life Real Estate Brokers Big Island)
Late last night I got an email from the Concierge Auction manager regarding the auction today of the Kolea Beachfront Penthouse Condo Villla at Waikoloa Beach Resort.  This is not a foreclosure auction, but a professionally managed auction designed to move a property at premium pricing in 30 days. Only this time, an REO came on the market the week before the auction and stole their thunder. With front row Kolea 10F offered for sale at under $1.4 million, it may have changed expectations on which property was the better deal. Now they are looking for last minute registrations. Three of my clients who had decided to pass are now weighing their options. Key to their decision will be that any bid, even a lowball, will still have a buyer's premium of $175,000 tacked on for the auction house....
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By Beth Thoma Robinson, R(B) SFR - Hawaii Island Luxury Resort Real Estate
(Hawaii Life Real Estate Brokers Big Island)
March 15, 2011 I am putting the date at the top of this post, because a Kolea penthouse showing up as an REO (bank-owned property for sale after foreclosure) for only $1,390,000 is the kind of blog post that will attract continued attention! This is the view from Kolea 10F of the beach at Waikoloa Beach Resort  (MLS 243619) I am putting the date at the top of this post, because a Kolea penthouse showing up as an REO (bank-owned property for sale after foreclosure) for only $1,390,000 is the kind of blog post that will attract continued attention! History of Kolea 10F, which is located in the building right across from the Beach Club, meaning right across from the path to the beach at Anaeho'omalu Bay: The developer sold this to the original owner in 2005 for $2,950,000. When it was fina...
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By Rob Dalton, Big Island Vacation Rental Guru
(Waikoloa Vacation Rentals)
Hawaii experienced its second tsunami warning in about a year. It was interesting to see how google reported the information this year as opposed to last year. Last year when the tsunami warning came about I searched terms such as hawaii tsunami warning to see what was going on.  The first result was a local news station that did report information, but was not as fresh of information as they were reporting on television.  That was the only real useful information provided from the google search so I just watched the news. This year I did the same search, which provided an entire different set of results.  First was "News", which had 4-5 recently written articles about what was going on.  Further down there were videos, which featured webcams of some areas where the tsunami was supposed...
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By Beth Thoma Robinson, R(B) SFR - Hawaii Island Luxury Resort Real Estate
(Hawaii Life Real Estate Brokers Big Island)
"Short sale, foreclosure or auction: which is currently the best buy in Big Island real estate?" was the question I client posed to me yesterday after receiving a mailing about the beachfront home and penthouse villas being auctioned at Kolea at Waikoloa Beach Resort on March 21st. The only answer to the question is "it depends" and for a particular property, community or location on the Big Island, the only way to answer for sure is to know the market and recent comparable sales.  The other important information to have concerns hidden costs in the different auction scenarios. The first question to ask is who is conducting the auction.  If it is an auction house rather than a foreclosure auction, the winning bidder must pay a "buyer's premium" of 8-10% of the purchase price to the auc...
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By Johnny McElree
(Live Your Dreams!)
Coming up on March 21st will be the first Concierge Auction at Kolea Resort for the extraordinary property at 69-1065 Kolea Kai Circle, and unparalleled home with stunning architecture, location and style. Also check out Kolea 2C that will be up for auction. Click here to read entire article, photos & more!
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By Beth Thoma Robinson, R(B) SFR - Hawaii Island Luxury Resort Real Estate
(Hawaii Life Real Estate Brokers Big Island)
Even the buyer of foreclosure Halii Kai 24C (MLS 242791) can walk down to the Ocean Club for sunset At the beginning of January I wrote a review of Halii Kai condo short sale and foreclosure activity and although this is titled February update, I have to confess that 7 weeks have passed. Since my previous post, all of the action has been in short sales, REOs, and DEVELOPER inventory, hence the revised title of this post.  The activity over the past couple of weeks contains a few surprises. SOLD SURPRISE There was only one closed sale during this time period, one of the REOs.  I was surprised both by which one of the three REOs for sale went first, as well as by the amount of discount to the asking price (typically when banks list property they only accept offers close to asking price, ...
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By Beth Thoma Robinson, R(B) SFR - Hawaii Island Luxury Resort Real Estate
(Hawaii Life Real Estate Brokers Big Island)
Kolea 2C in the upper left corner is set for auction on March 21st (MLS 235065) List Price: $2,295,000. Earlier this week I blogged on the Hawaii Life website about the planned auction of one of the oceanfront homes at Kolea on the Big Island's Kohala Coast. This morning I got a call from another agent to let me know that one of his listings, Penthouse Villa 2C, was going to be included in the March 21st auction by Concierge Auctions. That is the same auction company known around here for auctioning Cher's house at the Hualalai Resort for $8.7 million. Buyers seeking a deal are often attracted by the word "auction", but as I explained in my Hawaii Life post, there is a huge difference between a foreclosure auction and an auction conducted by a company such as Concierge.  The purpose of...
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By Beth Thoma Robinson, R(B) SFR - Hawaii Island Luxury Resort Real Estate
(Hawaii Life Real Estate Brokers Big Island)
This week (February 22, 2011) a buyer client who first called me after reading my blog posts closed on one of the last remaining short sale deals at beachfront Kolea on the Kohala Coast.  The smaller 2bedroom condos in the 12-plex buildings originally (and in early resales) sold for over $1 million, so my new owners feel there is plenty of upside to the $421,000 they paid for theirs. But with no 2-bedroom short sales or foreclosures on the market, and only one I am aware of in the pipeline, the least expensive of this floorplan is 3rd floor Kolea 16J (MLS 233827) at $798,000 ....and I say least expensive because the other 2 bedroom currently for sale just INCREASED its asking price to $830,000 (that one is a 2nd floor unit with some interior upgrades).  Designer-furnished Kolea 16J is ...
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By Rob Dalton, Big Island Vacation Rental Guru
(Waikoloa Vacation Rentals)
I just recently had a photographer come out to do some shoots of properties I manage at Kolea at Waikoloa on the Big Island of Hawaii. I knew what he could do as far as stills of the interiors go, but he also did videos. He shot a video of the pool and surrounding areas with his camera (not a video camera). To my surprise it turned out great! You can enjoy it below. Comment if you have had any success shooting videos really well and what type of camera you used.
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By Beth Thoma Robinson, R(B) SFR - Hawaii Island Luxury Resort Real Estate
(Hawaii Life Real Estate Brokers Big Island)
The Waikoloa Beach Villas developer townhouse-style unit for sale (MLS 241983) has a built-in grill like this With the developer of Waikoloa Beach Villas having moved most of their remaining inventory in 2010, and the short sales and foreclosures having been snapped up at attractive prices, the beginning of the 2011 high season finds prospective buyers with very little to choose from. Of the four condos currently listed for sale, three are developer.  One of these is a 3-bedroom on the golf course side offered for $569,900.  Of the eight (yes, 8!) condos with offers on them, four are 3-bedrooms, at prices ranging from $449,900 for an REO(bank-owned) property to $499,900 for another developer unit.  The REO was a great buy for someone.  It had lots of cool upgrades, with the only downsi...
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By Beth Thoma Robinson, R(B) SFR - Hawaii Island Luxury Resort Real Estate
(Hawaii Life Real Estate Brokers Big Island)
  View from Halii Kai 12H, now listed as a short sale at $999,000. In the past month since my most recent market update, two REO (foreclosure) listings and two new short sales have appeared at Halii Kai in the Waikoloa Beach Resort.  That means there are currently 18 Halii Kai condos for sale excluding developer listings: 6 short sales 2 REO (bank-owned) 10 non-distress listings. For reference, in 2010, what sold at Halii Kai was: 7 short sales 1 REO (the only one for sale) 1 non-distress oceanfront resale 13 developer sales. Foreclosures are the lowest priced condos for sale Last year the developer sold out its remaining smaller 2bed-2bath units that were going in the $400,000 price range.  Luckily, the two foreclosures may be an even better deal for the savvy buyer at this price point...
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By Beth Thoma Robinson, R(B) SFR - Hawaii Island Luxury Resort Real Estate
(Hawaii Life Real Estate Brokers Big Island)
Back in September I got a call from a couple who were renting at Waikoloa Colony Villas. They were loving it and wanted to see condos for sale there.  We spent a productive day viewing the ample attractively priced options, and they left for home armed with information about how to submit an offer long-distance. In the almost-four months since their visit, six Colony Villas condos have sold and seven more are under contract!  The sold prices range from a low of $237,900 for the smaller of the two 2-bedroom models, and a "high" of only $305,000 for the 3-bedroom floorplan.  At these prices, less than half what the sellers paid, there is strong demand for this project.  All of these are spacious townhomes. Amenities include two swimming pools, tennis courts, and a fitness room. The develo...
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By Johnny McElree
(Live Your Dreams!)
   Where on the planet can you watch someone swim for 6.2 miles, bike for more than 241 miles and then run for 52 miles inside of 3 days?  On the Big Island in Hawaii you can -  aka "tri-island."   This is the destination spot for tri-athletes and Ultraman is the finale of all triathlons for the year.  With limited sponsorship and a reputation that few can even comprehend, this 27th annual event was none-the-less amazing to watch and attend. The energy amongst the teams is friendly and very supportive.  Overall, Ultraman is really just a bunch of nice people with some ultra mind-over-matter goals and they are not there for the money, media or attention. Read the entire article & photos here:  http://www.hawaiiluxurylistings.com/ultraman-aka-uberpeople/
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By Beth Thoma Robinson, R(B) SFR - Hawaii Island Luxury Resort Real Estate
(Hawaii Life Real Estate Brokers Big Island)
As I am still getting emails and calls from my July 2009 blog post about the first sweet deal in an REO (foreclosure) at Halii Kai at the Waikoloa Beach Resort, it is clearly time for an update. With this view from oceanfront condos at Halii Kai, it is only a matter of time till they sell, with whale season upon us... Halii Kai has been "hot" in 2010, with 20 sales recorded to date (and at least two of my short sale listings are set to close this month--please join me in knocking on koa wood).  Of those 20 sales, there is a clear price-driven element.  Once the developer decided to be competitive with distress sales, despite the fact that they have almost no ocean-view inventory left, they have dominated this year's closed transactions: 13 developer sales 5 short sales 1 REO 1 non-distr...
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By Johnny McElree
(Live Your Dreams!)
     Aloha All, My listing at Kolea #11D is facing imminent foreclosure. Please let me know if you or your client has any interest. We recently reduced the price from $689,000 to $460,000. This Garden Villa is ideal for a family who wants to be able to have their kids play on the grassy lawn in front of the unit. Ownership of Kolea 11D grants you all of the privileges of living at Kolea, one of the finest developments on the Kohala Coast. With its outdoor kitchen, 9′ retractable doors, African Mahogany trim, summer kitchen, and upscale appliances, this Villa has all of the best which Kolea offers. Nearby is world class shopping, dining, and golf. Within strolling distance are the azure waters of Anaeho'omalu Bay. Come live your dreams today! Features: Gourmet Kitchen, KitchenAid Applian...
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