Best Buy at Hualalai Resort
As I mentioned in my last blog Sales at Hualalai Resort, home of the Big Island’s luxurious Four Seasons Resort continue to soar. The sales story this month also include foreclosures and short sales. A few months ago Katie Minkus, Hawaii Life’s Big Island Broker-in-Charge blogged about a foreclosure auction at Hualalai. One of the two homes auctioned just closed. The home’s original asking price was $7,750,000. The price paid at auction was an amazing $4,650,000. I am going to be keeping my eye on the two neighboring homes still priced above $8 million.
As for short sales there is a 3-bedroom villa on the market for $1.6 million. The seller’s paid $2.1 million back in 2006. A neighboring villa priced at $2.25 million just sold for $1.55 million and this wasn’t a short-sale. Another villa is now on the market for $1.66 million. Having previewed both in my opinion this one is the deal, with it’s panoramic ocean views from the great room and master suite, a private outdoor shower and garden off the master bath and beautiful furnishings. The Hainoa Villas sit atop a hill looking out over the resort to the Pacific. The private clubhouse is a short walk away.
With all the sales some owners are choosing to raise their prices. This is an unusual strategy in this market but these may be the last properties we see under $2 million at Hualalai Resort. Here is a gallery of homes and villas at Hualalai.
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Katie Minkus, R(B) | Oct 28th, 2009
Aloha, Erik. If memory serves correctly, the original asking price on the auctioned-off house was around $12M, then dropped through to about $10M before the developer was foreclosed upon. Then, interestingly enough, the bank that foreclosed on the property went out of business and was taken over by the FDIC. If you look on the TMK, you can see the FDIC was “owner” of the property for a short time. We certainly don’t see THAT every day!!! So the $4.6M price paid at auction was even more drastic than it seems. In fact, I think the house cost the developer around $8-9M to build, so those buyers got a STEAL! Which is great because they may need the extra money to pay for Hualalai homeowners fees!! Hee.