Kohala Estates – Ocean View Short Sales and REOs

Kohala Estates sits in between two gated communities (Kohala Ranch and Kohala by the Sea) and has the same sunny climate, typically 1 to 3-acre lots, and big ocean views. It does not have CC&Rs, minimum size building requirements, or monthly dues. Whereas, the average sales price so far this year in Kohala Ranch is $1,350,000, in Kohala Estates the median price works out to a moderate $555,000.

Four homes have sold in Kohala Estates so far in 2011, and none of these were distress sales (short sales or REO “foreclosures”). Unlike in some neighborhoods, where distress sales dominate, these market sales give us good “comps” to use in evaluating the deals currently available.

The least expensive home sold for $456,300 for a 2 bedroom, 1,711 sq. ft. house on over 3 acres with great potential, but in need of a complete remodel. The most expensive was a 4 bedroom, 2,316 sq. ft. home with guest quarters and a swimming pool, sold turnkey for $847,500.

There are two more homes currently in escrow, meaning six sales in the first half of the year. Six Kohala Estates residences are currently listed for sale, so this is a pretty balanced market. Of the six Kohala Estates residential listings, two are short sales and one is a bank-owned “REO” property. Two of the others look competitively priced as well!

#1 Best Buy: In comparison with the home sold for $847,500 in January, how about a short sale that likewise has four bedrooms, a main house and ohana, privacy, ocean views, and a total of 2,241 sq. ft. for $599,000?

Is this ocean view home with ohana the best buy at Kohala Estates (MLS# 245522) ?

#2 Best Buy: The other short sale listing at Kohala Estates has a great location at the end of a cul-de-sac with a perfect spot to add a pool behind the 3 bedroom, 1,536 sq. ft. home, with an asking price of $550,000.

Kohala Estates short sales are long on ocean views (MLS# 233717) priced at $550,000

#3 Best Buy: Bank-owned after foreclosure, this house reminds me of an artist’s compound in Santa Fe or Taos. REOs are sold “as is” and this one has a title problem that will make for a long escrow, but 1,380 sq. ft. on 2.33 ocean view acres for only $400,000 will make it a happy home for someone!

Kohala Estates foreclosure (MLS# 244013) is in search of an artistic soul; Price $400,000

Short sale and REO transactions both involve dealing with bank bureaucracy. Our team has a track record of success and we don’t hesitate to represent either buyers or sellers in these transactions.