Waikoloa Condo Sales Numbers Strong But Prices Low

With the July sales figures in for Wailkola Village condo sales there was again a strong sales number of 6 condos closed but a low average sales number of only $110,241. And again, it’s a familar line up of complexes accounting for most of the sales with Elima Lani having half of the sales with three, Fairway Terrace in with two sales and Makana Kai At Wehilani had one sale. Finally, distressed sales- short sales or REO’s (bank owed properties)- were the main condos that buyers wanted with 5 of the 6 sales falling into this catagory.

Elima Lani Unit 308 was the top seller at $130,000

There was again a condo sale in the $70,000 range—Fairway Terrace unit A 101 closed at a sales price of  only $75,548 for a two bedroom unit. The high sale of the month was an Elima Lani unit that had been listed at $159,900 and was not a distressed property, closing at $130,000. This condo had been remodeled with granite counters in kitchen and baths, tile, new laminate flooring, and new paint. All this and the best it would fetch was only $130,000.

One big note of concern for the next few months of sales is the large slow down in condos going into escrow. In the last 90 days there has only been a total of only 4 condos going into escrow. As condos have been closing the number in escrow has been dropping and is now down to just 7 condos left to close. The  list in escrow is again the same complexes—Elima Lani with four and Fairway Terrace accounting for two of the escrows and Paniolo Club in the count for one.

While there are currently 41 condos listed for sale in Wailoloa Village, my guess is most of the future escrows will be coming from the ten that are in the sub $130,000 price range. And, as you may have guessed, thesse are mainly condos in Elima Lani and Fairway Terrace.

I just wrote a blog last week on a great price on an Elima Lani unit (MLS# 237413) that is a new listing at $89,900. This condo is available with special Fannie Mae Home Path fiancing  that includes a 3% down.  Also  for the first 15 days on market priority is given to owner occupant buyers, investor offers may be presented at any time, but will not be reviewed by seller until after 15 days on market. This is really great to see an opportunity for an afforadable condo with afforadable financing being given a chance for owner occupants first. YEAH!

If you’d like more information on Waikoloa Village condos, please feel free to contact me.