Halii Kai – November 2015 Market Update

It’s been almost six months since my last post about sales at the oceanfront condominium community Hali’i Kai at Waikoloa Beach Resort. Admittedly, I haven’t been blogging much in that period. But Hali’i Kai condos haven’t been selling much either.

Last Friday saw the first sale at Halii Kai since May 2015. Our listing Halii Kai 20G, a 3 bed/3 bath condo in the Coconut Grove, closed for $625,000. That brings total sales for the year to seven units.

At $945,000 asking price and with golf/ocean view, Halii Kai 7A (MLS# 289239) is right in the sweet spot

Sales Continue in Mid-Range

At the time of my May report, there were two units in escrow, one of which fell out. The distribution of the seven Halii Kai sales to date is as follows:

• 5 golf/ocean view units, at price points ranging from $1,095,000 for Halii Kai 8D as the highest sale this year, to $645,000 for Halii Kai 8B. Both of these were two bedrooms, with 8D being a larger, corner unit, and 8B the smallest floorplan.
• One golf view, Halii Kai 1A, sold for $575,000
• One Coconut Grove garden/mountain view, sold for $625,000

 
Here’s the summary:

Coconut Grove has garden views, like this from 2-bedroom vacation rental Halii Kai 22A (MLS# 286743) for $569,000

Mismatch Continues Between Listing Distribution and Buyer Distribution

With a total of 21 active listings at Halii Kai, and no condos currently in escrow, we continue to see the pattern that we had over my last few reports. The average price of a listing is just under $1 million, while the average sale, depending on whether you look at median or mean, is in the $650-750,000 range.

Here is the breakdown of average listings between the four “view” zones at Halii Kai:

• Three of the listings are direct oceanfront, at asking prices between $1,250,000 and $1,800,000
• Eleven condos are in the golf-ocean view range between buildings five and twelve. The lowest priced Halii Kai condo for sale is currently 5B at $499,000 with a bit of ocean view. The same floorplan in the building closest the Ocean Club, 12B, is $795,000.
• Two units have the golf course view for $637,000 and $677,500
• Four Coconut Grove condos have garden and mountain views, priced from $569,000 for a 2 bedroom

Forecast for Halii Kai Sales

The big news at Halii Kai is the renovation of the Ocean Club Bar and Grill. Remember, this is the only condo complex on the Kohala Coast with its own on-site restaurant…and it happens to be perfectly positioned on the oceanfront, for year-round sunsets and watching whales in season. I’m optimistic about the continued popularity of Hali’i Kai with owners and with vacation rental guests.

Expanded bar at Halii Kai’s Ocean Club Bar and Grill is perfect for watching sunset with friends

My personal opinion is that the number of units on the market represents an opportunity for buyers as Halii Kai has not yet exhibited the price appreciation from market bottom that we are seeing at some of the other projects.

Some owners have more motivation to sell than others; feel free to call or email me if you want to know the background on a particular unit and whether it is priced to sell.

A hui hou,

Beth Thoma Robinson, R(B)
Direct: 808.443.4588
Email: beth@hawaiilife.com