My Halii Kai condo sales update in October 2017 described a “surprisingly” strong market. That continued through the fourth quarter. But the 2018 winter season, normally the most robust for sales, has surprised in the other direction with only four closings year-to-date.
View from oceanfront condo Halii Kai 15C (MLS 615690), with the Ocean Club exercise hale visible to the left.
Only Four Halii Kai at Waikoloa Condos Sold in 2018 YTD
There is a bit of a disconnect between the usual reporting of market and sales statistics on a calendar year basis, when our high season for resort condo sales typically runs from Thanksgiving through Easter/spring break. But year-on-year comparisons are still valid.
For whatever reasons, Halii Kai had an exceptionally strong year in 2017, with a total of 18 sold, almost double the 10 condos sold the previous year.
The sales pace was strong throughout the year, although 10 sales were closed by mid-May, compared with the four we have seen in 2018.
And…of those four sales this year, two of them involved the same parties, as one of our Halii Kai owners decided to trade up to a larger unit, with beautiful ocean views down the golf course, and sold their “starter” unit.
Halii Kai 10B (MLS 296639) has this view, in the same building our other clients traded up to!
With multiple listings at Haliʻi Kai, I can affirm that we have robust interest in terms of requests for showing. We also had very high occupancy in vacation rentals this winter, and found it difficult to accommodate many of the requests. Perhaps that accounts in part for the smaller number of closings.
Strong Selection of Halii Kai Condos for Sale
All Halii Kai condos have beautiful kitchens with African mahogany cabinets and granite counters. Only the oceanfront have the upgraded Subzero, Wolf, Fisher&Paykel appliances.
Recall that at Haliʻi Kai, there are 24 buildings identical other than location and view. Current condos for sale range from a 3 bed/2 bath ground floor unit in the Coconut Grove (garden view) asking $649,000 (MLS 610542) to a 2 bed/2-bath ground floor unit directly oceanfront asking $1,200,000 (MLS 615690) to a pair of 3 bed/3 bath penthouses with golf/ocean views near the Ocean Club listed just under $1,300,000.
Where are we in the cycle? The oceanfront unit is listed 24% below what the owners paid in 2007, and that is comparing a furnished unit with rental track record to an unfurnished developer sale. But the Coconut Grove was finished and sold after the real estate market crashed, so the asking price of 19H is 30% over what that owner paid in 2009.
Golf course and ocean view from Halii Kai 12F, penthouse 3 bedroom (MLS 617263)
The other way in which the strong rental market at Halii Kai factors into sales is that many sellers are content to wait for “their price” and collect the rental income. Let me know if youʻd like to see some rental history on any of the Halii Kai units for sale.