Condos For Sale at Waikoloa Colony Villas are Evaporating

With the beginning of spring, all the units have sold but two!

I had a call from a customer yesterday who read my recent blog about Waikoloa Colony Villas. She had seen a couple of listings on the Hawaii Life website and was asking for additional information. Every single listing she had given to me were shown as contingent or sold. Even after reading my blogs, she had a hard time believing me when I told her that only 2 listings were still available for sale.

Since the beginning of the year, 5 units have sold from $230,000 to $355,000. Two of them were short sales, two were REOs, and one was a regular sale. There are currently 11 town homes in escrow (asking price from $269,000 to $419,000) among them are five short sales, three REOs and three regular sales.

If Waikoloa Beach Resort and, more specifically, Waikoloa Colony Villas is the place you want to be on the Kohala Coast, you will have to choose from two 3 bedroom units. The first one (MLS# 238877) is located at a walking distance to one of the swimming pools.

It has been on the market for 168 days and is hard to see since it is in a vacation rental pool, and showings are not allowed when it is occupied. I had the opportunity to show it to clients, so do not hesitate to contact me with additional questions. Listed at $399,000, it is the less expensive of the two.

The other unit (MLS# 235650) is also in a vacation rental program. It has a fabulous view of the golf course. It has been on the market for 298 days and the reason it is still on the market is because the sellers are determined to get their asking price, or very close to it.

I recently wrote an offer on this unit, and based on the most recent sale of a 3 bedroom unit at $355,000, it was difficult for my buyers to justify an asking price of $450,000. With virtually no inventory, it will be interesting to see if someone is willing to pay their price.

This may be a signal that the values are on their way back up?