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 developer is the same as the Fairways at Mauna Lani and Kulalani, and prospective buyers will recognize the similar floorplans.
The floorplans at Waikoloa Colony Villas are all spacious, townhouse-style condos
With that level of demand, suddenly the available "inventory" shrunk to almost nothing.
Economics 101 predicts two things will happen:
- prices will begin to rise
- the suggestion of slightly higher prices will bring new listings on the market.
In fact, there are currently only 10 active listings at Colony Villas, and of these 10 condos for sale, only 4 of them have been on the market over 75 days! Of these listings, one is a short sale and two are REOs (foreclosures), the bank-owned properties having been in the pipeline for quite some time.
Put another way, with 12 closed sales this year and 7 in escrow...and only 10 condos currently for sale, those remaining bargains are likely to sell quickly, and the next set of non-distressed sales begin a rising price trend.
And now excuse me, I have an appointment to show Waikoloa Colony Villas this morning.
A hui hou,
Beth
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