Hawaii Life Real Estate Brokers » REO

Oceanfront Price Reductions in North Kohala (Hawi)

Beth Thoma Robinson, R(B) — Thu, 02 Feb 2012 01:15:24 +0000

I took my dog whale watching along the oceanfront near Hawi this morning. Technically, it was his daily run, but this time of year most of our favorite places to walk offer fabulous opportunities to spot whales. From home I can see whether the windmills near Hawi’s Upolu Airport are turning lazily, briskly, or not at all…and in calmer winds, one of our favorites is the walk along Hoea flats next to the 88-acre oceanfront parcel for sale.

This 88-acre oceanfront parcel (MLS# 231242) adjacent to the runway below the windmills was just reduced to $1,588,000

Oceanfront Foreclosure Still Available at Screaming Deal Price

The whales seem to prefer to hang out a bit to the east of this airport property, where I’ve often seen them up close and personal from the oceanfront mansion that is back on the market as a bank-owned foreclosure. When last I blogged about this property, it had been reduced to $4 million…and now it is offered for only $3,150,000. That’s for over 13,000 sq. ft. and 20 acres!

Whale watching from your living room for $3,150,000 in this foreclosure (MLS# 244454)

If you like the location, but not this estate home, which has sensibility a bit more Waterford chandelier than tiki torch, the adjacent 20-acre lots also had their prices reduced last week to $1,050,000 (MLS# 231244). Technically not oceanfront because the county requires the oceanfront to be assigned to a single parcel in these small gated subdivisions, these front row lots are effectively oceanfront with only a narrow strip of conservation-zoned land in front of them.

Two 20-acre parcels to the right of the mansion in this photo were reduce to $1,050,000 each

125 Acres for Large Oceanfront Compound or Development Opportunity

Continuing east from Hawi to Kapaau town, another large oceanfront parcel of land also had its price reduced this month from $4,950,000 to $3,988,000 for 125 acres. One might ask what makes a parcel of 125 acres worth $4 million when the 88-acre parcel a few miles away is offered for less than half the price? Try half a mile of ocean frontage; subdivision potential (which also means a savvy buyer could subdivide solely for the purpose of legally building multiple dwellings for a family compound); and no risk of one’s calm and privacy being disturbed by operations at the adjacent airport or windfarm.

Oceanfront 125-acres is currently grazed by cattle; oceanfront compound or equestrian estate? (MLS# 244771) now $3,988,000

Eight other nearby Kohala parcels of vacant land, 7 to 50 acres with big ocean views, were also subject to price reductions recently, reflecting the market perception that prices have dropped 20%-25% in the last year. With the winter rain turning pastures green and the whales singing, it’s certainly a good time to show oceanfront property in North Kohala and along the Kohala Coast!

A hui hou!
Beth Thoma Robinson, R(B)

Deal – Brand New $475K Home For Sale With Attached 1-Bed Cottage in Wailuku

Rustin Singleton, RS — Sat, 14 Jan 2012 03:45:15 +0000

This is a brand new home that went into foreclosure right after it was completed. It is located in Wailuku, which is 10 minutes from the airport on the northern side. This is in a great central location for anyone who wants a regular home instead of the tourist types in our resort towns.

This home (MLS# 340514) sits on a huge lot of over 12,000 sq. feet. It also has an attached 1-bedroom cottage for that mother-in-law, or to use as added income. The price just reduced to $475,000 down from $589,000. Over 2,400 sq. feet of living space and the 500 sq. foot cottage make this a steal of a deal. Don’t wait on this one!

This is in an older neighborhood that has seen a great deal of revitalization over the past few years. It is literally 100 yards to the ocean. The views from the deck are superb. There are whales on this side of the island along with the cruise ships that come and go. The beaches aren’t much here, but the surf is always great.

Don’t wait on this one! I have seen it personally and have even taken some video. It is in a great location and will move quickly with this new price reduction. Feel free to ask me about it, or any other listing you see.

Rustin
808.281.1625
rustin@hawaiilife.com

Just Listed – Princeville Paniolo Bank-Owned (REO) Condo For Sale

Carol Skon, RB — Sat, 14 Jan 2012 01:15:01 +0000

Are you looking for a great buy on a bank-owned (REO) property in Princeville? I just listed this first floor end condominium (MLS# 251048). It offers views out to a tree-lined path to Anini Beach and beyond to the Prince Golf Course.

This unit has 1,058 square feet with one bedroom and 2 bathrooms. This is a great floor plan that gives you lots of flexibility. Start with a large entry, then on one side you have a kitchen, dining and living area, and bathroom. On the other side is a bedroom/sitting area with a full bathroom. You can live in the entire condo, or live in one side and rent the other, or rent out each side separately. This unit has two lanais, tiled floors throughout, and the bathrooms have been remodelled. The condominium needs work, but is being offered for $134,900.

Paniolo at Princeville

Princeville Paniolo is a small condominium complex of 26 units (11 buildings) located in Princeville, Kauai that were built in 1979. The last 2 sales (in 2011) at Princeville Paniolo sold for $285,000 and $400,000.

Waikoloa Village Home For Sale with Privacy and Large Backyard

Catherine Klug, RS — Sat, 07 Jan 2012 19:30:02 +0000

The distressed sales, like bank owned and short sales, accounted for more than 60% of all home sales in Waikoloa Village in 2011. Should you choose a straight sale over a distressed property, this move-in ready property might be for you! It is the original Waikoloa Bluffs model home (Mauna Kea model B). It is in good condition and offers privacy.

If you enjoy relaxing outdoors, you will take advantage of the huge fenced-in backyard with mature Hayden mango and tangello fruit trees. You could even consider future expansion, or install a trampoline or swimming pool. There is a large covered lanai, nicely protected from the wind, that is perfect for entertainment. It has enough room to set up a hot tub with an electrical 220 line already installed.

68-3563 Awamoa Place in Waikoloa Village (MLS# 250439)

Based on a price point between $300K and $400K, you will be looking at 19 homes for sale and 10 of them will be sold “as-is” since they are distressed properties (5 REO’s & 5 short sales). Among the 9 others, this one is kept with pride and situated on a quiet cul-de-sac. I would definitely put it on your ”must see” list. There are three factors when selling a home: location, condition, and price. This Waikoloa Village home for sale listed at $350,000 meet all these criteria.

I live, work, and play in Waikoloa Village. Come by and I will show you around!

Honua Kai-Hoku Lani – Maui Condo Property Pick of the Year

Kathleen Wilson, R(S), SFR — Fri, 06 Jan 2012 23:30:38 +0000

One of the great luxuries about living in Hawaii is the ability to live indoors and outdoors at the same time. This resort offers it all! Not only does it bring the panoramic ocean views indoors, you will also experience verberating waves lapping the shore and rocking you to sleep at night.

Honua Kai-Hoku Lani offers all the favorites my buyers ask for and I know these amazing assets are what you are looking for too! You will not need to make any compromises with your purchase at this luxury resort.

So many buyers become confused looking at properties and feeling they need to make unwanted choices: an ocean view or not, a pool or not, a gym or not, a spa or not…not at Honua Kai-Hoku Lani. It has everything including an over abundance of amenities, a fabulous Kaanapali oceanfront location, and high-end finishes. With sales prices (sold in 2011) from $400,000 to $2,790,000, you have all the choices rolling at your feet.

With mesmerizing ocean and mountain views, sea breezes, 3 distinct pools, 5 spas, a fitness center, and the ability to hand over your property as a vacation rental for extra income while you are away, it makes a lot of sense…

But that’s not all! Be sure to add to the list of positives:

Daily maid service
Lobby cafe
A gourmet deli
Duke’s Maui Restaurant

Still, I have not covered the gammet of all that Honua Kai–Hoku Lani has to offer. This property is a must see in 2012! No wonder this is the favorite pick of the year from my buyers!

Call me for an apointment and I will also show you the competition as well as this fabulous property. Connect with my blogs for how to find the best value for your property purchase, which includes a step-by-step process on “how to” purchase a bank owned property.

Besides all the great luxury properties we have available on Maui, our offices are working upwards of 30 pre-foreclosures (properties not listed in the MLS) at any given time. To protect homeowners and tenants currently still living in bank owned properties, and because of MLS rules, we are unable to give out addresses of our unlisted pre-foreclosures. Yet, I offer a solution that will help you to be among the 1st on the list to see a highly sought after property when it is first listed.

Answer a few questions below, and as bank owned properties become available and ready to be placed in the MLS, you will be among the first to be contacted for showings. Keep in mind that my bank owned properties go from list to contract, on average, in 16 days and this is the reason to place yourself on THE exclusive list.

Please send the information below, or call 808.463.8080 to speak with me personally:

Assets you desire in a property: (i.e. acreage with a house and cottage, condo, 3 bed/2 bath, swimming pool, vacation rental on the golf course, etc.)
Pre-approval letter or proof of cash: I would be happy to send you names of loan officers, so that you can be pre-approved and ready to make an offer
Preferred location: (i.e. W. Maui, S. Maui, or an actual town such as Haiku, Kapalua, Kihei, Wailea, or a zip code)
Phone number, name, and email address

Kathleen Wilson, SSCP – Short Sale Certified Professional – Five Star Institute, RECP – REO Certified Professional – Five Star Institute and SFR – Short Sale Foreclosure Resource

How Do 2011 West Hawaii Real Estate Stats Compare to Previous Years?

Dan Fumento, R(S) and Marion Fumento R(S) — Thu, 05 Jan 2012 22:16:58 +0000

Stat-a-palooza time now that 2011 is over and the new year begun. We put together some interesting stats for West Hawaii condo and residential sales. These stats cover the area from Keauhou to Waimea (TMK 3-6 and 3-7).

It’s interesting to note here how similar these graphs are even though one could make the case that many condo buyers are second home buyers and many residential buyers are not. Nevertheless, the graphs show an up-turn in the years the financial crisis was erupting and a steep decline starting several years before.

Now, let’s look at prices over the same period of time:

Again the graphs are similar and both show a price decline that is in its sixth year. So, unit sales are picking up as prices continue to decline. Clearly a buyer’s market, as they scoop up bargains at prices that might not be seen again for some time. We know that inventories are very low and it will be interesting to see how that affects prices in the coming year.

At some point, the laws of supply and demand will kick in, and prices are bound to stabilize and turn again. We already have clients who would like to purchase a second home and can’t find what they want because the inventory in some condo complexes is slim or non-existent.

Our advice to potential buyers and clients who have been looking for the opportunity to purchase in Hawaii is to start looking for what you want now. It may take a while to find and we think there is greater upside potential for prices than downside.

For more detailed market information contact us.

Four GREAT Condos For Sale with Killer Prices at The Villages at Mauna Lani

Pam Deery, R(B) — Sat, 31 Dec 2011 08:00:35 +0000

There are currently four “bargains” in the Villages at Mauna Lani; will you be one of the lucky buyers of these few remaining deals?

#301

This is a Maile model, which is a 2,752 sq. ft. reverse living floor plan (MLS# 250094), is in a great location, and has some nice views facing West for sunsets and some golf course views over the top of the single family house in back of it. It is bank owned and does include very nice furnishings (rare for a bank property). The asking price of $759,900 is already below the recent comps, which were unfurnished!

#304

This unit (MLS# 245885) is the Lehua model, which is a bit smaller floor plan (2,174 sq. ft.), but still generous with three full suites also with furnishings included and not a distressed sale, although it is priced competitively at only $775,000.

This floor plan is very popular with two suites on the second floor, an open great room, kitchen, and one suite on ground floor. This is a more traditional layout with large covered lanais and an outdoor kitchen through a retracting wall of doors to a tree screened private rear yard, and the lanai faces East for morning sunrises and cooler afternoons.

#612

This unit (MLS# 250751) is the Maile model, also bank owned, and has a northwesterly view. Not quite as private as 301, but if your preference is for the Maile and you want it unfurnished (for the talented buyers) with a northern view…this is a great value purchase lower than any of the recent sales or current listings with a list price of $729,900. The unit shows new on market…but it’s actually relisted with a different agency already being on the market since June of 2011. I have written offers on this unit and would be happy to share my knowledge…

#309

This last unit (MLS# 249284) is a beautifully decorated Maile unit that is not a distressed sale and includes the high-end furnishings. It has a western view similar to its neighbor and competitor (#301), but with a price tag of $899,000. This will likely be the last of the Mailes to sell, but hey…if the best is your thing and price doesn’t matter, this is a beautiful unit with little wear and tear at nearly ½ of the original cost to sellers.

Remember, as with all Mauna Lani properties, the Beach Club at Mauna Lani is one of the special perks of ownership!

Living & loving the resort life.. ahui hou!

Resort Report – Mauna Lani Resort Sales (Nov. 2011)

Dan Fumento, R(S) and Marion Fumento R(S) — Sun, 18 Dec 2011 20:49:35 +0000

Here’s an update for condo sales in the Mauna Lani Resort through November, 2011. The first graph tracks the number of condos sold:

While this graph shows condo sales trending down over the course of 2011, it is interesting to note that condo sales in Mauna Lani are at 57 through November compared to 40 for the same period in 2010. Two of the three sales in November were resales, one was a foreclosure.

The next graph tracks the median selling price:

Clearly, prices are not plunging and seem to be holding their own. As of the end of November, there were 51 active listings in Mauna Lani compared with 47 at the end of October.

So, unit sales are up for the year, prices seem to be steadying out, and inventory is still on the low side, historically. Has the market bottomed? Are we seeing a consolidation as things stabilize? Does this mean great deals will be harder to find going forward?

November Sales Summary For Maui Homes and Condos

Loren E. Clive, R(B) — Sun, 04 Dec 2011 01:00:49 +0000

Standout Statistics For Homes

Distressed sales, including short sales and REOs (bank-owned foreclosures), now comprise 44% of the home market; even more than I thought!
Median home price is down to $445K.
Inventory levels continue to decline. This metric indicates an improving market according to the laws of supply and demand. There is currently a 10 month supply of homes on the market, down from 16 months (respectively) in October.
Average days on market hover near five months. We at Hawaii Life do better. My aim with each property I list is to have it in escrow in the first 30 days.
In South Maui, Kihei experienced a slight uptick in median price, Maui Meadows almost doubled and Wailea’s median price fell dramatically from $2.4M to $1M.
Home sales are up 10% by volume with average sales price flat from a year ago; median prices are down 5%.
Central Kahului/Wailuku continues to dominate home sales volume with nearly 1/4 of the market by units sold, and Kihei running second at 17%.

Standout Statistics For Condos

Distressed sales, including short sales and REOs (bank-owned foreclosures), now comprise 33% of the condo market.
Median condo price is down to $216K.
Inventory levels continue to decline. This metric indicates an improving market according to the laws of supply and demand. There is currently a 15 month supply of condos on the market, down from 19 months (respectively) in October.
Average days on market hover near five months.
Condo sales remain the same by volume, but average sales price is down by almost 25%. Vacation rental shoppers (pay attention!), now is your opportunity to purchase that second home at a deep discount.
Kihei tops the condo market with some 37% of volume by unit island-wide. Other top condo sales locations include:
- Napili/Kahana/Honokowai at 20%
- Kaanapali at 11%
- Central at 11%
- Wailea at 9%
- Maalaea at 4%
- Kapalua at 2%
- Full report from RAM

Questions on how the market affects the sale or purchase of a home on Maui? Contact me for a complimentary comparative market analysis that shows what homes are selling for in your area of interest.

Kapalua Golf Estates 2-in-1 Condo For Sale

Rustin Singleton, RS — Fri, 02 Dec 2011 04:00:19 +0000

This unit (MLS# 348805) is the exact same layout as the unit I wrote about yesterday. It has 2 bedrooms and 2 full bathrooms with the added touch of a lockout capability; use one for short term rentals (top video) and one for family (bottom two videos).

There is over 1,300 sq. feet of living space and great golf course and ocean views from the single story condo. This condo is priced at $524,900; $50,000 less then the other REO, but not nearly as nice. The remodel was cut short and there are many personal touches that were never upgraded.

It does have very nice furniture though. For the right buyer who wants to finish the remodel, this could be a great property. Both bathrooms will need some major upgrades to compete with the other listing I posted yesterday. This listing is also listed as a Homepath property, which means special financing for an owner occupant.

I can explain more about the Homepath financing if you ask. These are both great buys in Kapalua.

Rustin Singleton
808.281.1625
rustin@hawaiilife.com