History in the Making as Prices Plunge for Waikoloa Village Condos

For the first time in seven years, a Waikoloa Village condo has closed at under $100,000.

Fairway Terrace Unit F103 closed last month at $92,000. I had to go back as far as 2003 and review a total of 521 condo sales in Waikoloa Village before I found any sales under $100,000. And in 2003, there were only a total of 8 sales under $100,000, and these were all one bedroom units, while the unit that just sold was a two-bedroom unit. History is being made again…only last time it was on the way up, and now its on the way down!

Another interesting note is that, while April was a fairly slow month in Waikoloa Village with only two sales, both of these sales were REOs at Fairway Terrace where, earlier in the year, lenders had canceled several escrows due to a pending lawsuit.  While one of the most recent sales was cash, the other sale was indeed a loan, suggesting that all is clear again for loans at Fairway Terrace.

Fairway Terrace Unit F103 closed at $92,000.

Currently, there are 13 condos in escrow at Waikoloa Village, and three of those are priced under $100,000. While Elima Lani continues to dominate sales activity with 7 of these escrows, buyers’ interest has expanded to other complexes and into higher price ranges. There are currently three condos listed in the $300,000 range in escrow representing two 17th Fairways at Waikoloa and one Waikoloa Fairways A unit (this building has always been one of my personal favorites).

In total, there are 52 condos on the market in Waikoloa Village.  Every complex is represented, making it a great time to take a look at what Waikoloa has to offer.

For more information about any of the numerous condos for sale at Waikoloa Village, contact me.