Haliʻi Kai at Waikoloa – 2022 Market Sales Report

I wrote two blog posts that taken together pretty much explain the real estate market for Haliʻi Kai at Waikoloa Beach Resort during 2022. One was the overall 2022 report for Waikoloa Beach resort condo sales. The second was this analysis of the history of Haliʻi Kai condo prices from initial developer sales in 2007 to the current time.

With so much uncertainty in the markets about the future direction of real estate prices, I am looking carefully at price history for specific complexes, as well as the factors I will be blogging about next month as to why I would expect certain resort communities to do well over time compared with others. Haliʻi Kai continues to be a resort condo complex I can recommend without hesitation. Especially if you can afford oceanfront or ocean/golf view. 

Read on for why.

Halii Kai oceanfront pool

Location, location, location. Haliʻi Kai is an oceanfront condominium complex in Waikoloa Beach Resort on the Kohala Coast.

Summary of Haliʻi Kai 2022 Condominium Sales

Ten Haliʻi Kai condominiums sold in 2022, at prices from $1,205,000 for Haliʻi Kai 6C, the smaller 2 bedroom with a bit of ocean view to $2,249,100 for Haliʻi Kai 14D, the oceanfront larger 2 bedroom featured in the history blog post. The conclusion in that post was that the original owner of 14D was just finally getting about what they paid in 2007 (although they did get strong vacation rental income through that 15 year period).

Summary – Haliʻi Kai Condo Sales 2022
# Lowest Highest Average Median Mode
Listings 10 $1,195,000 $2,249,000 $1,453,750 $1,392,500 $1,395,000
MLS Sale $ 10 $1,205,000 $2,249,100 $1,462,360 $1,392,500 $1,300,000
DOM to sale 10 0 47 13 7 N/A
Sale/Current Price 10 96.4% 107.2% 100.6% 100.0% 100.0%
Sale/Original Price 10 90.0% 107.2% 99.3% 100.0% 100.0%
Price per Bldg SqFt 10 $760 $1,708 $1,090 $1,042 N/A

I worked for the developer of Haliʻi Kai when we were selling pre-construction. The project was built in phases starting at the oceanfront and working back to the gate. Whether by foresight or by luck that meant the developer sold the most expensive real estate (direct oceanfront and oceanview) during the 2005-2007 market peak. They were then able to reduce pricing during the down market that started in 2009.

Haliʻi Kai 6C is an interesting case in point. I had buyers for it in 2007, but they upgraded to 9C for more view. The developer held and finally sold for only $575,000 in 2010. (The unit next door, 6B, is still in the hands of original owners, who paid $729,000.) Haliʻi Kai 6C sold in 2016 and 2019 in the mid-$600,000s (stable market) and shot up to $1.2 million in 2022. The developer priced building 6 at a little over $600 a square foot in 2007. That finally rose to almost $800/sq ft when I listed and sold 6F in 2021. And the average was $1090/sq ft in 2022.

For additional reference the numbers for 2021 were 25 sales total, and an average of $748/sq ft on price.

Remember that at Haliʻi Kai, the same floorplan will be priced differently depending on the location and view.

Why I Still Believe in Haliʻi Kai for Investors, Second Home, or Primary Home Buyers

There is currently only one Haliʻi Kai condo for sale, Haliʻi Kai 7c listed for $1,195,000. That listing price is exactly in line with what 6C sold for last year, so will be a good reference point for the state of the resort condo market when it sells.

I can make an argument that although the condo market overall might have more downside than upside the next few years, among available choices Haliʻi Kai 7C is still a low-risk buy over the longer-term with its updates, ocean view, and strong vacation rental history.

Halii Kai Ocean Club Bar and Grill

Haliʻi Kaiʻs amenities include a bar and grill open only to residents and their guests (including vacation rental guests).

The reasons Haliʻi Kai still makes sense for buyers whether looking for a resort retirement lifestyle or vacation rental investment:

  • The Ocean Club amenity. This is the only Kohala Coast community with its own full service bar and grill, next to the oceanfront pool and workout area.
  • Low density complex.
  • Quality steel frame construction, with exterior materials that were chosen to stand up to the salt in the air.
  • A mix of full-time residents, second home owners who never rent, and vacation rentals. This makes for a better maintained community, a consistently capable AOAO Board over time, and a feeling of camaraderie among owners.

There are currently only 30 active condo listings on the entire Kohala Coast. At this complex alone, there were 10 sales last year (inventory constrained) and 25 sales the year before. I have already made the case for why buyers will still want Haliʻi Kai. If you are an owner thinking of selling, 2023 is so far looking like a great time to do so.

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