HAWAI'I LIFEWaikoloa 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.
Aloha Pat – I cannot believe the prices on these condo units!!! Unreal!!! Remember when they were selling for over $300k??? Makes me wish I had a bunch of cash socked away in my mattress…
Wow, that’s crazy!!! Glad I joined the Hawaii Life team so I can sell one of these incredible condo deals! Wish I could buy one for myself!
I like living in Waikoloa Village and I think these condos can be a GREAT fit for many buyers. Reading your statistics and getting this overview is really valuable! So…looks like the opportunities for buyer’s just keep rolling in. Mahalo, Pat!
I mean…Incredible!!!Only $89,900 for a 2 bedroom condo in Hawaii. Plus, it only takes me about 12 – 15 minutes to get to amazing beaches like Hapuna Beach, which has been named one of the top 10 beaches in the US!
You have so much sales, you are sales wizardry!
Hi Ricky,
Thanks for reading my blog, I’m sorry if it wasn’t clear, but I wasn’t the sellling agent for this condo. I post monthly blogs and report on the sales in my areas of the Big Island. Thanks for reading my blog and please keep coming back if you’d like to keep up with sales on the Big Island.
Aloha,
Pat
Beautiful, Ilove Elima Lani condos. Is it up for least to own? If not can I rent from owner for about 2 years, Until, I am ready to buy? Is their any beautiful home like this to rent?
I am interested