Amazingly, I still get inquirires off my blog post from a year ago about the first REO properties listed at Halii Kai condominiums on the Kohala Coast (one was oceanfront 13A and the other ocean view 16C). I now have met the new owners of both of those properties, and both profess to be very happy with their purchase. So what's for sale (and selling) at Halii Kai as we roll into June 2010?
Surprisingly, only 7 properties have sold so far this year: four developer sales, two oceanfront two-bedrooms and a near-oceanfront two bedroom. The story on the three resale units shows the spectrum of transactions: one oceanfront was a foreclosure and the other was a premium price on a premium unit; the third was a short sale. Of the NINE properties currently in escrow, seven are short sales and two are developer units.
Although we know of a handful of units in the foreclosure pipeline, I've embarassed myself predicting their imminent arrival as REOs. I'm beginning to think the banks are keeping them in inventory waiting for prices to increase. In fact, there are currently only 10 active resale listings at Halii Kai, so for the oceanfront and ocean view where the developer has only a handful of units left, the action is in the resale market, and most of those owners are holding out for higher prices.
There are only three units that currently stand out as deals to me, all of them three bedroom:
Three bedroom/two bath short sale Halii Kai 18H offered at $398,000. One of only two short sales left without offers, this condo will make a fabulous vacation rental (right next to the tennis courts and that popular groundfloor floorplan); but it is beautifully furnished for the second home owner as well. The developer has this one priced at $515,000.
Three bed/three bath townhouse style Halii Kai 5G on the golf course has pretty ocean view from the master bedroom lanai, offered at $875,000. Pristine condition as it has never been rented, genuine Tommy Bahama furnishings. Not a short sale, just priced to compete with the developer price reductions, so no uncertainty or long wait to enjoy your new condo.
And don't miss the last oceanfront 3BR/3BA short sale Halii Kai 14G offered at $1,697,500. The most recent sale of this floorplan was $2,050,000 in late 2008 and it originally sold for $2.4 million. You can't get closer to the ocean than this! Comes with upgraded appliances, built-in wet bar on the lanai, and year-round sunsets.
This will be an interesting summer at Halii Kai!
A hui hou,
Beth Thoma Robinson R(S)
Direct: 808.443.4588 Email: beth@hawaiilife.com
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