I've been posting regularly about the appearance of foreclosures at my two favorite Waikoloa Beach Resort communities, oceanfront Halii Kai and beachfront Kolea. Nothing is a sure thing when it comes to investing in real estate, but whether you are buying for your own use or for investment it is clear that if you can get an oceanfront, ocean view or walk-to-the-beach property for the same price or less than the hundreds of homes that do not share these attractive features, your better bet is to buy the property with scarcity value.
There were a few big news items in this week’s MLS updates and I want to get the word out as quickly as possible.
Hali'i Kai 13A, the oceanfront REO (bank owned property), has been reduced again to $814,995 with almost 5 months on the market!
16C is now listed as an REO (lender-owned property). Prior to foreclosure it had been listed as a possible short-sale at $599,000. The new price is $384,900. That’s lower than you can buy a garden view for the same Mahana floorplan from developer inventory. But this unit has ocean view and all the upgrades including the lanai wetbar.
Two properties also showed up listed as potential short sales, one a new listing and one a huge price reduction. In the Coconut Grove, 24H is a new listing at $450,000 for the 3/2 Kipuka. On the oceanfront, 14C was reduced to $750,000. Of course, there is no guarantee the lenders on these two properties would accept an offer at or near these prices, but given where pricing is for the two REOs, the prices are not ridiculous.
There is evidence that the foreclosure wave through Halii Kai might be swift. Another 2/2 condo and a 3/3 penthouse are also in the pipeline, but to the best of my knowledge there are not dozens of condos at risk as in the high-foreclosure areas on the Mainland. These are terrific units, although the new owners will have to put in furnishings and in some cases new appliances and spruce them up. But unlike the typical foreclosed properties I’ve seen in single family homes and even other condo projects nearby, the Halii Kai units are in great shape, mostly having been used by owners or rented right up until the final moment.
Don’t forget that buyers will have to accept the properties “as is” and provide evidence of cash funds (if a cash buyer) or a prequal letter (if financing) with their offer. Normal credit requirements apply. If you know of someone who might be interested, they can contact me for additional information, or put them in touch with your realtor of choice!
A hui hou,
Beth Thoma Robinson R(S)
Direct: 808.443.4588
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