Although I'm primarily working on the east side of the island, I keep my eyes open for good deals near the resort areas in Kona and Kohala. The median condo sale price in Kailua-Kona and surrounding areas dropped from $335,000 in 2008 to $250,000 in 2009. Lowest sale price in Kona in 2009 was $45,000 and the highest was $4,900,000. Currently there are 302 active condo listings with prices ranging from $49,000 to $7,300,000. The low end is usually short sale or distressed sale. If you are patient it is a great time to pick up bargains. Many of the condos in Kona can be used as vacation rentals; so there is potential to make a profit or at least pay for most of your mortgage when you are not using the unit.