Hawaii Life Real Estate Brokers » Halii Kai

Dawn Surf Patrol at Halii Kai Resort

Diane Chavez, RS — Wed, 01 Feb 2012 23:06:32 +0000

Early Morning Surf Session at “Peaks” off the Mauna Lani Hotel

Just beyond the Canoe House Restaurant

The high surf warning draws a few “naughty” wave riders across the edge of the golf course around 6:30am as they anticipate the promise of a good swell. The resort condos are close enough to make this type of excursion effortless.

Halii Kai resort condos are a big favorite due to the quality construction. The ocean club with pool, fitness hale, Bar and Grill are uniquely well done and appreciated by the members. The lowest priced unit (MLS# 248981) available now is a short sale priced at $399,000. In the last 30 days, 6 condos down the coast have recorded at an average price of $487,500 so picking up a short sale is not a bad idea.

If you would like to see a Halii Kai condo and the local surf spot, call 808-987-8294 or e-mail me at diane@hawaiilife.com

Kohala Coast Resort Deals (Four-Bedrooms or More)

Beth Thoma Robinson, R(B) — Sun, 15 Jan 2012 01:00:52 +0000

Increasingly in the luxury end of the Kohala Coast Resort real estate market, we find among our buyers close-knit families who often travel with at least three generations, or both sets of grandparents, or several adult siblings. For these buyers, a three-bedroom condo or home is a bare minimum; lately we’ve had some clients for whom three-bedrooms is not enough. If you are looking for a Big Island resort property with four bedrooms or more, there are only a handful of deals among the condos and homes for sale.

This entry level 4-bed home at Kukio (MLS# 249867) is listed for $4,490,000

What Does it Cost to Buy a 4-Bedroom Home at the Big Island Luxury Resorts?

“Deal” is always relative in Hawaii resort real estate! So, let’s establish a baseline. For the most part, whether at Hualalai, Mauna Kea, Mauna Lani, or Waikoloa Beach Resort, attached condos have three bedrooms at most. That means for four bedrooms you are mostly looking at a single family detached home with its own swimming pool, even if classified as a condo. That also means, for the most part, a price tag that jumps a step above the condo level.

For example, you have many choices in 3-bedroom condos at Hualalai Resort in the $2.5 million range and some older condos creeping below $2 million. A 4-bedroom home at Hualalai will cost $4+ million.

Similarly, at Mauna Kea Resort, you can buy a 3-bedroom Wai’ula’ula condo under $900,000; the least expensive 4-bedroom property for sale at Mauna Kea would be the Kauna’oa paired town homes at $2 million and up.

At Mauna Lani Resort, a 3-bedroom condo might sell for as little as $600,000 fully furnished at Fairway Villas or Golf Villas; the 4-bedroom Champion Ridge home that sold in 2011 went for $2.9 million, although there are homes listed in the Champion Ridge for well less.

Current Best Buys in 4-Bedroom Hualalai Resort Property

Lowest priced 4-bed home for sale at Hualalai is this Na Hale at Kahikole (MLS# 239153) for $4,550,000

Starting from the top, I don’t see a listing that represents a “deal” for 4-bedroom real estate at Haulalai Resort, but remember that Hualalai Realty dominates the real estate listings and they have every incentive to keep asking prices high. The trick is for the buyer to work with an agent who knows the comps and is willing to be aggressive with offers.

For example, there were two “deals” in 2011: the sellers of a Kai Molino Estates home listed at $3,150,000 accepted $1,999,900! This is an older property (1997 vintage); in newer homes, the “deal” tag goes to a sale at Hainoa Estates. Last year’s deal was a home listed for $4,950,000 that sold for $3,500,000.

The least expensive 4-bed homes currently listed are in Na Hale at Kahikole, priced right around $4.5 million. A similar home sold in 2011 for an even $4 million. These are 3-bedroom villas with a separate 4th bedroom guest suite. At Hainoa Estates, list prices are currently a bit higher than at Kahikole. The question is whether either of the current sellers, listed for $4,695,000 and $4,795,000, will accept below $4 million.

Current Best Buys at Mauna Kea Resort

The 4th bedroom in this Mauna Kea Fairways North home (MLS# 245034) is a separate “ohana;” asking price $2,695,000

Last year’s screaming deal was a home at the Uplands at Mauna Kea that was a REO (bank-owned after foreclosure). It sold for $1,050,000.

This year? I’ve already blogged about the developer closeout at Kauna’oa, but not every 4-bedroom buyer will like a paired home, and with the Kauna’oa floor plans, not all buyers consider the 4th bedroom a suitable bedroom. Among the other six homes on the market at Mauna Kea, the two lowest priced (Fairways North at around $2.7 million) each have a challenge, but they’ve been on the market for years, so I’d say make them an offer.

Four Bedrooms at Mauna Lani Resort

Second floor is a second master suite in this 4-bed Ka Milo floor plan (MLS# 246447) for $1,095,000

There IS a 4-bed condo floor plan at Ka Milo at Mauna Lani Resort. Its compact layout is well thought through to place a second master suite on a second floor directly above the ground floor master. The disadvantage for some buyers would be the lack of a private pool, but for the buyer who just needs four bedrooms and doesn’t mind the shared amenities, here is an option for only $1,095,000.

If you need your privacy and a pool, the entry level single family home community at Mauna Lani Resort is Champion Ridge. There is a home listed at $1,750,000 (MLS# 248964), almost a million less than anything else in there. Challenges: 2-story floor plan that many find odd and a lot that backs up to the road.

If your budget allows, step up to 49 Black Sand Beach, where the view or pool at any individual home is less of an issue when you can walk to the private beach club amenities. The lowest priced 4-bed home for sale at 49 Black Sand has been reduced to $2,995,000 (MLS# 226747)…and having been on the market almost 2.5 years, perhaps they are ready to make a deal.

Screaming Deals at Waikoloa Beach Resort

Single family home at Kolea (MLS# 226945) is now priced at $2,600,000 – less than a penthouse condo

Speaking of 2.5 years on market, look at the date stamp on the MLS photo for the house on Lot 16, Kolea at Waikoloa Beach Resort. Originally asking $4.9 million, the price is down to $2.6 million for this 5-bedroom home. Privacy is a plus; lack of ocean view a minus, but you are easy walking distance from the beach at Anaehoomalu Bay, or the restaurants and shops at the King’s Shops and Queen’s Marketplace. As recently as 2010, a 3-bedroom Kolea condo sold for $2,550,000, so for the right buyer, this is a deal.

Two Halii Kai condos connected to make a 6-bedroom unit; each master has its own lanai with ocean view…$1,030,00 each

Finally, if you want the most bang for buck defined as number of bedrooms for the price, here’s your deal: Halii Kai 8F (MLS# 249218) and 8G (MLS# 249216), two penthouse condos of 3 bedrooms each that have been combined with a door between. That gives you a total of 6 bedrooms with two master suites (each having its own lanai). The asking price for the pair is $2,060,000! Again, you won’t have a private pool, but if your family prefers to have the kids splashing in the big pool while the adults sip their mojitos at the Ocean Club bar and watch for whales, this is a situation one can truly call unique.

A hui hou,

Beth Thoma Robinson, R(B)

Halii Kai Developer Almost Sold Out – Resort Condo Market Update

Beth Thoma Robinson, R(B) — Mon, 26 Dec 2011 21:15:27 +0000

The story of 2011 for the Halii Kai condo market was not so much short sales and foreclosures, as it was the developer close out. As we head into the final week of the year, they have closed on 25 Halii Kai units, have two condos in escrow, and are negotiating on two more deals. They have only a handful of condos left for sale…more on that in a moment.

The popularity of Halii Kai is due in large part to its oceanfront amenity area.

2010 Halii Kai Sales

For reference, in 2010, what sold at Halii Kai was:

13 developer sales
7 short sales
1 REO (the only one for sale)
1 non-distress oceanfront resale
and 1 mynah bird in one papaya tree (oops, sorry, pidgen versions of Christmas carols on the brain).

In other words, the developer sold twice as many condos this year as last. They made the decision to compete with short sale and foreclosure listings, and did so successfully. What’s more it was a stronger year overall in terms of total number sold.

2011 Halii Kai Outlook

As of this moment, with one week to go in the year, in addition to the 25 closed Centex sales, 2011 at Halii Kai looks like this:

4 short sales
3 REOs
1 oceanfront non-distress sale
and 7 short sales showing contingent–which means: with accepted offers submitted to lenders for acceptance.

What happens next at Halii Kai?

Two of the short sales in escrow are Hawaii Life listings that got accepted offers in just the last week. We are negotiating on another one. So let’s look at the supply/demand balance as we head into the high season.

Developer inventory has become so slim that yesterday they released the first of their four model homes, for the groundfloor 3 bed/2 bath floorplan that they’ve completely sold out. They have only four condos for sale in the Coconut Grove (garden/mountain view), all the larger 3bed/3bath townhouse still at around the $500,000 price point. They have one ocean view condo, the smaller 2bed/2bath in Building 7, asking $484,000…and note that they began 2011 with a list price of $625,000 for that unit! Not counting the model, they have only three golf-view units left.

The lowest priced Halii Kai condo is short sale 18B at $350,000 (MLS 248005); short sale 5B is asking $399,000 (MLS 248981)

On the resale market, we have only three short sales without offers. There are 10 additional listings, half of which are at the $1 million price point and above.

Prediction

My prediction is that the remaining short sale listings and the resales below $500,000 will go quickly. There is always demand for direct oceanfront and one of the two oceanfront listings is clearly the better buy for $450,000 less than the competition!

Halii Kai 15H (MLS 25035) is the best buy on the direct oceanfront row at $1,239,000; this is your view.

If you’ve been waiting and watching the market for Halii Kai condos, this is not a time to hesitate. The developer is nearly sold out and the bulk of the short sales seem to be behind us. We have seen prices begin to turn up at nearby condo communities such as Kolea, where appraisers are no longer checking the “declining market” box on their appraisals. By mid-year 2012 that may be true at Halii Kai as well.

A hui hou

Beth Thoma Robinson R(B)

Direct: 808.443.4588 Email: beth@hawaiilife.com

Waikoloa Beach Resort Condo Sales Statistics (Oct. 2011)

Catherine Klug, RS — Fri, 11 Nov 2011 21:15:49 +0000

If you have read my blog about the September sales update, you already know that the community of Hali’i Kai is getting the most attention from buyers. The month of October (2011) ended with only 2 condo sales at Waikoloa Beach Resort and both were at Hali’i Kai, the ideal place to enjoy the Waikoloa lifestyle.

Hali’i Kai Ocean Club perched on the ocean’s edge

The Halii Kai developer, Centex Homes, was able to cross 2 more units off their sales list last month. A 2 bed/2 bath “Ho’oulu” model in the Coconut Grove was swiped at $399,000 and listed at $475,000. A “Mahana” model, a smaller 2-bedroom floor plan with golf and ocean views, sold at $475,000 with an asking price of $545,000. Both properties were purchased with a conventional loan; many buyers are currently choosing to finance because of the low rates. Hali’i Kai is classified as a resort condo, which means at least 30% down was required.

The Waikoloa Beach Resort may welcome 17 new homeowners in the months to come since 17 condos are in escrow at the moment. The 2 developer units that just sold looked like an easy ride for buyers: quick response from the developer, brand-new units, great prices, one to two years break on the HOA dues, and one year or more fit and finish warranty as well as a 10 year structural warranty included.

Transactions may not be as smooth for the six Halii Kai buyers that have chosen the short sale road. We count six transactions at Kolea, four of them are short sales. One buyer grabbed the last developer unit at Waikoloa Beach Villas and four others signed up for distressed properties at Waikoloa Colony Villas, Fairway Villas, and Vista Waikoloa. No doubt that with 12 units in escrow, Hali’i Kai and Kolea are leading the way!

Kolea Beach Club pavilion overlooking Anaeho’omalu Bay

Resort amenities among gated communities are the big draw on the Kohala Coast as buyers are particularly interested in top-of-the-line extras, such as Hali’i Kai Ocean Club or Kolea Beach Club, when they purchase a Hawaii property. With 86 condos currently for sale, what would draw you to a Waikoloa Beach Resort condo?

Ocean View Double Penthouse For Sale at Halii Kai

Pam Deery, R(B) — Wed, 02 Nov 2011 04:45:29 +0000

Killer opportunity! There are two adjoined penthouse suites for sale (being sold separately) in Halii Kai’s premiere oceanfront, gated community in Waikoloa Beach Resort. Both condos have ocean, golf course, and sunset/sunrise views from all four lanais. These condos have never before been offered for sale, have never been rented, and are in pristine condition!

(MLS# 249216)
(MLS# 249218)

These three bedroom, three bathroom, two-story condos were professionally decorated and furnished with top-of-the-line finishes, blinds, and decor. They boast a spacious feeling with the dramatic vaulted great rooms, open stairwell leading to the second story master suite, and guest quarters.

With a combined total of 6 bedrooms and 6 bathrooms, they would make a great property for large groups or partnership. With the generous size of the rooms, each home currently sleeps eight (yes, in beds) comfortably.

Building #8 is just a very short walk to the oceanfront owner’s club, with its own chef and celebrity bartender. You can enjoy some serious whale watching, casual dining, or just ocean side lounging with a dip in the club’s heated salt-water pool all the while keeping an eye on the unrivaled views of the Kohala sunsets, Maui, and Mauna Kea.

After a brisk workout at the oceanfront exercise hale for your cardio, you can take a brisk walk around the Waikoloa Beach Resort loop taking in some window shopping at the King’s Shops and Queen’s Marketplace, or a beach stroll along Anaehoomalu Bay.

This is an exceptional opportunity as there are no other properties on the entire Kohala Coast like it. Please call me for your private tour of this exclusive listing.

A hui hou!

September Sales Update at Waikoloa Beach Resort Condos

Catherine Klug, RS — Sat, 15 Oct 2011 00:00:15 +0000

During the month of September 2011, the community of Hali’i Kai was the shining star at Waikoloa Beach Resort with 4 condo sales out of a total of 6. Buyers didn’t wait for the whale season to start to take ownership on the Kohala Coast!

The Community of Hali’i Kai

If you look at the statistics below, the 6 sales from last month were equally coming from 3 types of sales: 2 were straight sales, 2 were developer sales, and 2 were short sales.

What is interesting—and does not show on the graph—all transactions were cash sales except for the sale at Fairway Villas (CNV). The length of time to close all the transactions ranged from a 2 week closing (Hali’i Kai developer sale) to a 7 month closing (short sale at Kolea).

In nine months, 74 condos have sold at Waikoloa Beach Resort versus 67 last year for the same period of time. There are 86 condos currently listed for sale and 80 more days to go before the end of 2011.

Based on the figures from last year, 25% of the condo sales were made in the last quarter. Let’s see if this statistic will be reached by the end of December, and if so, about 21 condos will be disappearing from the current inventory.

Stay tuned and happy selling!

Halii Kai Building 12 on (Short) Sale

Beth Thoma Robinson, R(B) — Fri, 26 Aug 2011 00:27:42 +0000

The oceanfront Halii Kai condos are arranged on a long narrow strip of land along the northern boundary of Waikoloa Beach Resort (parallel to the Ke Kailani property at Mauna Lani Resort), leading from the entrance down to the fabulous and appropriately named Ocean Club amenities right on the shoreline.

There is no beach here, only a high cliff, which fortunately offers protection from the waves that not all oceanfront properties enjoy, both in ordinary times and during last March’s tsunami.

Only three of the 24 Halii Kai buildings are directly oceanfront. Although there are currently no second-floor condos for sale in the oceanfront row, the feeling in these homes is like living on a cruise ship.

The ground floor condos in buildings 13, 14 and 15 enjoy a bit of green grass in between the lava of the shoreline and the blue ocean beyond. I was going to blog about our new listing in building 15, but it got an offer before I got around to it! There are still three oceanfront units for sale if oceanfront is your dream.

For many buyers though, I’ve found the building of choice is Building 12. This is the building that overlooks the signature hole of the Waikoloa Beach golf course…and so is the closest building to the Ocean Club pool and restaurant, enjoying the closest ocean views along the golf course side, but without the intensity of being directly oceanfront.

View from Halii Kai Building 12 condo for sale (MLS# 224389) for $999,000 short sale pricing

At the initial pre-construction offering, Buildings 11 and 12 were released at the same time as the oceanfront Halii Kai buildings, and in the bidding frenzy, these condos sold at prices almost as steep as the oceanfront units. In today’s market, prices have taken a nose dive and that leaves the original buyers far underwater.

Today, of the eight units in Halii Kai building 12, five are on the market as short sales and one was previously listed, but is currently withdrawn. Two of these short sales have offers at or near bank approval stage. Two recently came back on the market in search of a new offer, and the third is just recently released.

Starting from the top, Halii Kai 12G is the penthouse, two-story, 3 bedroom, 3 bathroom floor plan and is available for $999,000 (price subject to lender approval). The mirror-image unit, 12F, is one of the two with accepted offers.

The recently released 2nd floor larger 2 bed/2bath Halii Kai 12A is a short sale priced at $735,000 (MLS# 247382). The same floor plan in building 11 sold last year for $775,000, also as a short sale. Where the appraisal will come in on this depends on the view of the appraiser…is it still a declining market? Did 11D being on the ocean side of the building mean there was a view premium?

This was the most popular floor plan last year, and the only other options currently for sale would be developer inventory. Halii Kai 5D (MLS# 243411) is a developer unit with a peek of ocean view, and I know they will deal below the $540,000 asking price as I just had a buyer fall out there too!

The ground floor condo ocean view from Halii Kai’s building 12 is also not too shabby

The ground floor 3 bed/2 bath 12H also just lost its buyer (the coconut wireless has it the buyer had submitted offers on multiple short sales and got approval on a different one first). Offered for $695,000 (MLS# 238903), this is the only one of these short sales where the list price/sq. ft. seems a little low. If I were representing a buyer, I would probably caution them to expect a counteroffer from the seller’s lender on this one.

What makes these ocean view short sales especially appealing is that all three are still active vacation rentals and current on their HOA dues. Although the furniture will have to be purchased under separate bill of sale, that means they are ready to go for either rental or buyer’s personal use!

Halii Kai Condo Sales Update on the Big Island

Beth Thoma Robinson, R(B) — Thu, 09 Jun 2011 02:16:48 +0000

Two months ago, I wrote that with the inventory of condos for sale at Waikoloa Beach Resort and Mauna Lani declining rapidly, the short sales and developer inventory at Halii Kai seemed to me to be one of the remaining “best buy” opportunities in the under $500,000 price point. To have access to Halii Kai’s oceanfront amenities at that price point makes even the units without ocean views sell for a premium compared with condos at golf course communities within Waikoloa or Mauna Lani Resorts.

Sure enough, since then three short sales at Halii Kai found buyers. Check the MLS and you will find 6 units marked “contingent,” all of them short sales waiting for lender approval.

With the developer at Halii Kai not reporting all their escrows or sales in the MLS, it turns out the pace of sales activity is understated by half. According to the principal broker there, they have 5 units in escrow, perhaps thanks to their most recent round of price reductions. The 3 bed/2 bath ground floor unit is again the most popular Halii Kai condo for sale, representing two of the short sales and four of the developer escrows.

View from Halii Kai 12H (MLS# 238903), short sale opportunity with its price reduced to $889,000

In fact, the developer only has one of these left in the Coconut Grove, in Building 19. They have said they will be competitive with short sale and REO (foreclosure) listings, but their asking price is $485,000 and recent closings have been at $445,000.

That tells me that the short sale 18H (MLS# 231165) which just had a price reduction to $399,000, is looking competitive even if the buyer has to cough up some additional cash for delinquent HOA dues. This happens to be a Hawai’i Life listing and will be relatively easy as short sales go since we are dealing with a smaller bank and a negotiator who actually answers her phone!

Another of our short sales, Halii Kai 9C (MLS# 227346), has an asking price of $500,000…and unlike the developer units of the same 2bed/2bath floor plan in Building 7 which are priced at $590,000, this one comes with a garage rather than a carport. Our philosophy is to price our short sales close to where the banks have told us their valuation came in, so that we can avoid spending months on the short sale process only to have the buyer walk away from a bank counteroffer.

The uncertainty and length of the short sale process is one reason buyers will opt for a Halii Kai developer condo rather than a resale requiring bank approval. However, with only six Halii Kai developer condos for sale under $500,000, the supply/demand equation is about to shift.

If you like the 3 bed/2 bath floor plan, but not the walk from the Coconut Grove to the Ocean Club, Halii Kai 17H (MLS# 240245), offered turnkey furnished with a super rental track record for $549,000, looks like the best buy outside of developer and short sale options.

Best Buy – More Hali’i Kai Condo Short Sales on the Big Island

Beth Thoma Robinson, R(B) — Sun, 03 Apr 2011 01:18:56 +0000

With the inventory of condos for sale at the Kohala Coast resorts dwindling—and multiple offers becoming more common—the short sale and developer close out prices at oceanfront Hali’i Kai seem, to me, to be the best buy at either Waikoloa Beach Resort or Mauna Lani Resort in the $400,000 to $1 million price point.

The under $500,000 market has been particularly “hot” the past six months with 44 sales and 31 units contingent (meaning either in escrow or short sales with offers awaiting lender approval). There are currently no REO (bank owned after foreclosure) properties for sale in this price point, although there are still a few I can think of in the pipeline as failed short sales.

Let me repeat: 75 entry-level condos at Waikoloa Beach Resort and Mauna Lani found buyers in the past six months, and there are a total of 39 active listings. That works out to a 3-month supply if the buying trend continues! And, given the number of inquiries my colleagues and I are receiving, there is still plenty of interest in properties under $500,000, especially condos with vacation rental potential. Hence the stories of multiple offers and bidding wars on desirable listings.

The private oceanfront poolside restaurant at Hali’i Kai is popular with owners and renters

Hali’i Kai is one of the most attractive real estate options at Waikoloa Beach Resort for several reasons:

The oceanfront amenity area with pool, fitness room, and private restaurant
Low density condo community with quality construction
Proximity to golf, shopping, restaurants
The Halii Kai developer still has about 20% of the condos for sale, and they have decided to price aggressively to compete with short sales and foreclosures!

Recently, a reader of a related blog post about Halii Kai asked why so many of these short sales have been falling out of escrow. This has happened on several of my own short sale listings. My listing partner, Pam Deery, and I find we are most successful at short sales when we price close to where we know the bank’s valuation or appraisal will be. Although we may be able to negotiate a bit lower than that fair market value because the bank has a cost to foreclose, despite our best advice, we find some buyers get fixated on their low ball number.

Halii Kai 9C (MLS# 227346) and 16E (MLS# 236590) are both offered right around the $500,000 mark. Both are current on HOA dues and in move-in condition. Both recently lost their buyers when the bank countered near list price. At this price, they are bargains compared with developer alternatives! At just above $400,000, Halii Kai 18H (MLS# 231165) is the lowest priced 3 bedroom and the lender is still willing to work with us on a short sale.

Other listing agents try to address this phenomenon by listing high. I believe the two ground floor 3 bed, 2 bath units in Building 12, offered as short sales, have no offers because the asking prices (just under $1 million) are $150K-$200K above the number a buyer could expect the lender to approve! When a larger 3 bed, 3 bath had its price reduced to $999,000 as a short sale, it was under contract within days.

These four Halii Kai short sales, which could be bought at half-off the original sales prices, look to me to be best buys in a real estate market where good value has suddenly turned scarce!

Canadian Home Purchases in Hawaii on the Rise

Michele McKinley, RS SFR — Sat, 19 Mar 2011 04:00:57 +0000

The day of the tsunami last week, I received a phone call from potential buyers in British Colombia. I’ve been getting more inquiries from Canadians—especially from British Colombia—over the past 6 months. Looks like having Hawaii in the news reminds Canadians of an important aspect of the housing market.

My Canadian buyers were impressed with Hali’i Kai for its sunsets, amenities, and security

As the U.S. dollar declines, the Canadian dollar strengthens. What is just a good deal to Americans is a bargain to a buyer holding Canadian dollars. A buyer last year told me that the B.C. market has been heating up. In 2010, housing prices escalated by 5%!

An odd aspect of the Canadian buyers I’ve worked with is that they have all been all-cash buyers. This tells me that folks up North who are sitting on assets recognize the great prices the weak dollar affords. For the most part, they are people who plan to retire in 2 to 5 years and think that Hawaii properties are priced well now.

The Canadians I showed around last weekend were interested in the upscale properties. We looked at Hali’i Kai in Waikoloa Beach Resort. They liked it because of the location convenient to the beach, shops, restaurants, and the amenities like pools and the private restaurant. They also wanted a development that was safe for their children, so the Hali’i Kai’s gate and security were attractive.

Whether you are Canadian, American, or Scandinavian, Hawaii oceanfront condos are a very good buy in the spring of 2011. Let me know what your requirements are, and I will find you a Big Island home that makes you happy.