As the year began, my 2014 review concluded that Kolea sales were on an upward trend in both numbers and price. So far 2015 looks much like 2014, with most of the sales in the more moderately priced 12-plex buildings. We had 10 condo villas sold in 2014, and year-to-date there are five sales, exactly the same pace.
|Kolea Condo Sales Summary January thru May 2015|
|MLS Sale $||5||$535,901||$1,082,500||$757,680||$695,000||N/A|
|DOM to sale||5||10||402||175||143||N/A|
|SP to LP %||5||90.2%||101.1%||97.8%||100.0%||100.0%|
Distressed Property Opportunities Make a Reappearance at Kolea
While in 2014 there were no distressed (short sale or REO/foreclosure) properties sold at Kolea, we started the year with two bank-owned properties (a two-bedroom condo and a single family home) and one short sale listing. All three of these have sold, accounting for 60% of the sales year-to-date.
The only home currently listed at walk-to-the-beach Kolea is listed for $5,650,000 (MLS# 274572)
The condo sold for $535,901 after a big price reduction stimulated a bidding war. Although sold “as is” and without furnishings, this was a real buy as the same unit (ground floor, two bedroom), one building away, sold for the full $695,000 asking price!
Best Buys – Relative Value Still the Key
A peek of ocean view from the lowest priced Kolea condo for sale (MLS# 278164)
The lowest priced Kolea listing, and the only interior upper floor 2 bedroom listed, is my listing, Kolea 11H (MLS# 278164). Priced at $800,000, exactly where a unit in Building 15 sold last month. The outside two bedroom units are listed from $895,000 to $1,185,000.
Kolea 8D is directly across from the Beach Club, three bedrooms with garage offered for $1,599,000 (MLS# 278396)
The ground floor three bedroom villas in Kolea’s six-plex buildings are clustered in price right around $1.6 million. As mentioned in my January post, my listing of Kolea 8D is the only one that will always have a bit of ocean view. Most of the ground floor units will eventually have houses built on the lot in front, if they don’t already.
As you might recall from my earlier posts, two of the larger 3 bed/3.5 bath Kolea villas sold in 2014. Front row, second floor 12B sold for $1.8 million and front row, third floor 7F sold for $2,100,000. If you want that view towards Anaeho’omalu Bay in an upper unit, you have a big jump in seller expectations.
Relative value in an ocean view penthouse, try Kolea 2C listed at $2,295,000 (MLS# 268393)
Second floor Kolea 8E is listed at $2,095,000, or 16% above the comp. Second floor 4E is listed at $2,300,000. Similarly third floor 4F is at $2,995,000 relative to the $2,100,000 comp.
My advice if you are seeking relative value is to look on the west side of Kolea, buildings 1-3, which face towards Naupaka Place and the Hilton. The third floor penthouse units are 1F listed at $1,799,000 (you do have noise from Waikoloa Beach Drive traffic from the lanai) and 2C listed at $2,295,000.
A hui hou,
Beth Thoma Robinson, R(B)