REO’s & Short Sales Dominate The Big Island’s Waimea “Green Side” Sales

While the average sales price to date in Waimea (Kamuela) is $425,390, Green Side Waimea distressed sales averaged almost half that amount.

Dry Side Waimea Short Sale Listing (MLS# 228261), $649,000.

While we’re just a few months into this year, there is starting to be a noticeable difference in the type of sales between “Dry side” and “Green side” Waimea on Hawaii’s Big Island.

“Green side” Waimea, usually defined as tmk 3-6-4, has a good share of the market with 4 of 10 sales to date in Kamuela so far in 2010. “Dry side” Waimea has had six sales spread out from Lualai to Sandalwood, Kamuela Heights down the highway to Kamuela View Estates. All 6 dry side sales were NOT short sale transactions.

The “green (or “wet”) side tells a different story. 3 of the 4 sales were distress sales – 2 REO’s and 1 short sale. While the overall sales price to date in Waimea is $425,390, these distressed sales averaged almost half that amount at $229,900.

Some good news for you quality (a.k.a. bargain) hunters: All the good deals are not gone! Currently, out of 83 listings for sale in the Waimea area, 17 are either pre-foreclosure, REO or short sale status. Contact me for your personalized tour of the area, with an emphasis on the best bargains right now.