After a few sales of Kolea condominiums (that fabulous beachfront Kohala Coast property) where prices ticked up after previous distress sale levels, we suddenly find ourselves today with a new short sale and a new REO (bank-owned foreclosure).
Starting with the top, Kolea 10F is a penthouse unit in a front-row position facing the Beach Club pool and walking path to the white sands of Anaehoomalu Bay. It offers three beds, three and a half baths, pocket doors opening onto the huge ocean view lanai, a full 2147 sq ft of luxury. Priced at $1,650,000, buyer should also expect to pay several months of delinquent HOA dues (which run about $2000/mo). No telling whether the Lender will accept this price, given that the two most recent sales of this floorplan were 2F at $1,500,000 and 7F at $2,550,000. The explanation of the differential is longer than I can give in this quick blog post, but appraisers will look hard at the numbers.
A bit of the anchaline fish ponds behind A-bay is visible from Kolea 11F. Only one building behind 10F, but the back buildings have 12 rather than 6 villas each, meaning that this is a 2 bedroom 2 bath of 1270 sq ft. The asking price is $459,900. Because this is already bank-owned that is the offer price they are looking for. If you have been waiting in the wings for the next Kolea foreclosure, don't hesitate as this could even generate multiple offers and a bidding war. (Dues for this floorplan will be around $1350/mo).
Both of these units are a short walk to the beach which means great rental potential.
,
A hui hou,
Beth Thoma Robinson R(S) SFR
Direct: 808.443.4588 Email: beth@hawaiilife.com
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