Despite the State of Hawaii essentially shutting down to visitors and short term vacation rentals for half of 2020, sales at Kolea at Waikoloa Beach Resort were almost the same as in the previous two years. Nine condominiums sold in 2020, compared with eleven in 2019 and ten in 2018. Now that the Big Island has reopened to tourism, Kolea condo sales are off to a strong start in 2021, with prices beginning to climb.
Kolea Condo Sales Spread Across Floor Plans in 2020
Kolea at Waikoloa Beach Resort has 17 lots for single-family homes; eleven six-plex, three-story buildings; and five 12-plex, three-story buildings, meaning a wide range of sizes and price points within one resort community.
In the six-plex buildings, all the villas have three bedrooms. However, the ground floor units are smaller (1,716 sq ft) than the upper floors (2,147 sq ft) because they have an attached garage, whereas the second and third floors are built over their garage. In the twelve-plex buildings, the eight corner condos are 1,554 sq ft, and the interior units are 1,270 sq ft. All but the ground floor corners are two bedrooms.
In both buildings, the higher the floor, generally the better the ocean view. The lowest price sale in 2020 at $685,000 was to my buyer of a two-bedroom — in retrospect, a great deal with the price trend over the past year. The highest price of $2,575,000 was a top floor, front row that was sold before MLS release (a trend we see in 2021 as well). Note that the highest priced sale was at 86% of what the original owner paid in 2005, but given that it was sold furnished, the sellers probably got 80% of their money back (ignoring holding costs).
With sales distributed pretty evenly between the larger and smaller floor plans and building locations, the median price increased to $930,000 compared with $850,000 in 2019.
The Kolea beachfront home sale price was only $4,800,000…or $1,050/sq ft. A single-family home in nearby oceanfront community Naupaka Place is on the market at $6,500,000 or $1,270/sq ft. It does have eight bedrooms and is more than a decade newer, if not as close to the beach. But to put it in perspective, an oceanfront lot at Naupaka is listed for the same $6,500,000 price tag. I have been a fan of Naupaka Place since selling a couple of lots there in 2013, so let me know if you want more information.
Strong Start to Kolea 2021 Sales
The year at Kolea has started off much as 2020 did, with a premium penthouse villa selling before print for a premium price of $2,500,000 – very near last yearʻs top sale. There are an additional six Kolea condos in escrow, ranging from a smaller two-bedroom listed at $949,000 to another top floor front row listed at $2,688,000.
My favorite picks among the Kolea condos for sale? I like the choice between a top floor two-bedroom and a ground floor three-bedroom…but this post is long enough already, so letʻs talk if you want details.