Another Halii Kai Condo Foreclosure Sale

Real Estate Agent with Hawaii Life Real Estate Brokers Big Island

Yesterday's West Hawaii Today had a notice of foreclosure sale for a Halii Kai condo at Waikoloa Beach Resort. The ActiveRain blog post that has brought me more prospective buyers than any other was the announcement of the listing of Halii Kai 16C as a foreclosure--and this notice is for the mirror-image unit next door!

Careful distinctions are in order here.  Usually when people ask me about "foreclosures" they are actually interested in what banks and real estate agents refer to as "REOs" or real estate owned by a lender after completion of the foreclosure process.  Less commonly, they want to know how to find out about properties up for foreclosure auction, such as this Halii Kai condo.

BBQ area at Halii Kai Ocean Club

The Halii Kai condo set for foreclosure is in one of the closest buildings to the private Ocean Club amenities

Under Hawai'i law, there are two avenues for foreclosure.  Non-judicial is the more common (that's the equivalent of a sheriff's sale).  This notice was for a judicial foreclosure, which follows a slightly different process.  In both cases, it is rare for a bidder other than the foreclosing bank to buy the property.  In the case of a judicial foreclosure, the sale is subject to court confirmation and as a real estate agent I do not represent buyers in these sales.

I've been tracking this particular Halii Kai condo for many months thinking it should be coming on the market as an REO.  I've recently seen with other distressed properties at the Kohala Coast resorts that the companies handling the foreclosures are having a tough time properly serving the owners (since these are second home or investment properties with non-resident owners). When that happens, they cancel the trustee sale and move to a judicial foreclosure.

If you want to preview Halii Kai 16B which is the 2 bed/2 bath condo with a bit of ocean view that's facing foreclosure auction, there will be open houses on the afternoons of May 7th and 14th. The Foreclosure Sale takes place on Tuesday May 24th, but again is subject to court confirmation and you will probably be outbid by the receiver for the mortgagee. In that case it could be many months before the condo is listed as an REO; and if what happened with its neighbor is any indication you might find yourself in a bidding war!

Alternatively, there are short sale opportunities at Halii Kai in the $500,000 range that would have you enjoying your new Halii Kai condo and sunsets at the Ocean Club long before this foreclosure finds it way back on market.

A hui hou



This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
ActiveRain Community
Hawaii Hawaii County Waikoloa Halii Kai
Resort Communities
Vacation and Second homes
Hawaii Real Estate Professionals
Resort and Second Properties (RSPS)
halii kai foreclosures
halii kai short sale
halii kai condo for sale

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Sondra Meyer:
Star View Real Estate - Colorado Springs, CO
See It. Experience It. Live It.

I love the view! 

Apr 25, 2011 03:24 PM #1
Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes

May you get qualified buyers and get a quick sale and fast closing. All the best.

Apr 25, 2011 03:45 PM #2
Debbie Lynn
Prudential California Realty - Rancho Santa Fe, CA
Realtor, North San Diego 858.775.9771

Hali'i Kai is awesome, so is Beth!

Apr 25, 2011 03:48 PM #3
Beth Thoma Robinson
Hawaii Life Real Estate Brokers Big Island - Hawi, HI
R(B) SFR - Hawaii Island Luxury Resort Real Estate

@ Sondra, you've got to come see if for yourself and we'll set up a riding adventure!

@ Bob and Carolin, thanks for the good wishes, especially since these are short sales I need all the help I can get.

@ Debbie - I think the number of successful real estate agents (like yourself!) and mortgage brokers who bought at Halii Kai is a good indication of just how special a place it really is.  When you see it all, you only want to buy the best!  A hui hou...

Apr 25, 2011 04:43 PM #4
Ellen Caruso
Daniel Gale Sotheby's International Realty - Glen Head, NY

Beth, I'd like to rest on that porch any day of the week!

Apr 25, 2011 05:02 PM #5
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Beth Thoma Robinson

R(B) SFR - Hawaii Island Luxury Resort Real Estate
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