Big Island

Kolea at Waikoloa: 2022 Condo Sales Report

Looking back at my 2021 real estate market report for Kolea at Waikoloa Beach Resort, I would never have predicted that 2022 would shatter the record prices achieved in 2021. Whereas at some resort communities, like nearby Haliʻi Kai, also built by Centex Destination Properties, prices have finally reached levels that make original owners whole, at Kolea and a few other complexes prices reached that level in 2021 and jumped significantly above in 2022.

The big question is whether or not the new levels will be sustained.

Kolea at Waikoloa pool at night

Evening view from Kolea pool looking towards the beach at Anaehoʻomalu Bay and Lava Lava Beach Club restaurant in the distance

Kolea Condo Prices Jump Again as Inventory Falls

While 2021 saw a total of 23 condo sales at Kolea, the year 2022 began with four January closings and three in escrow…but the year ended with only a total of 14 sales, 12 of them in the first six months. Thatʻs not many more than the historical average of 8-10 sales per year, 10-15 active listings at any given time being more than adequate to the demand. As in other Hawaiʻi real estate markets, a steaming first half slowed in the second half of 2022, due mainly to lack of inventory and lack of buyer confidence, with rising interest rates a secondary factor.

Summary – Kolea Condo Sales 2022
# Lowest Highest Average Median Mode
Listings 14 $1,550,000 $3,895,000 $2,425,992 $2,199,500 N/A
MLS Sale $ 14 $1,425,000 $3,795,000 $2,387,607 $2,199,500 N/A
DOM to sale 14 1 122 28 11 N/A
Sale/Current Price 14 91.9% 101.7% 98.2% 99.5% 100.0%
Sale/Original Price 14 86.9% 102.2% 98.0% 100.0% 100.0%
Price per Bldg SqFt 14 $1,062 $1,814 $1,387 $1,384 N/A

In last yearʻs post I traced the price history of a single unit I had sold several times, Kolea 13E. From the developer price of $2,150,000 in 2006, it sold to my client at the bottom of the market for $1,050,000. She sold after 10 years for a 40% gain. That buyer flipped after two years for an additional 30% gain, and then their buyer flipped at the start of 2022 for $2,800,000 – a stunning 48% profit in one year.

Still, as crazy as the ascent has been, look at it another way $2,150,000 in 2006 dollars, with an inflation rate of 2.35%, would be just under $3,200,000 — and thatʻs not even adding for the cost of furnishing and upgrades.

Current Active Kolea Condo Listings and 2023 Outlook

Kolea community site map

Recall that Kolea at Waikoloa Beach Resort is a beachfront community, with 17 lots (most of them now with single-family homes constructed), eleven 6-plex condominium buildings, and five 12-plex condo buildings. I will be writing later this month about why the location, and the mix of property types, adds particular value to even the smallest unit with least ocean view.

In the meantime, here is the rundown on available villas for sale at Kolea. There are no units in escrow, and seven active listings. Three are the smaller 2-bedroom interior floorplan; one is a ground floor three bedroom; three are upper level three bedrooms.

  • Kolea 9E is a second floor 2 bed/2 bath with 1,270 sq ft listed at $1,699,000. Comp: This floorplan on the 2nd floor sold for $1,825,000 in 2022.
  • Kolea 11G is a ground floor 2 bed/2 bath with 1,270 sq ft listed at $1,715,000.
  • Kolea 16J is a third floor 2 bed/2 bath with 1,270 sq ft listed at $1,799,000.
  • Kolea 12A is a ground floor 3 bed/3 bath with 1,716 sq ft listed at $2,320,000. Comp: Similar unit sold for $2,275,000 in 2022.
  • Kolea 2E is a second floor 3 bed/3.5 bath with 2,174 sq ft listed at $ 2,800,000. Comp: Kolea 13D mentioned above sold for $2,800,000.
  • Kolea 2F and Kolea 3C are third floor 3 bed/3.5 bath with 2,174 sq ft listed at $4,190,000.  Note in the 2022 statistics the highest sale of this floorplan (ever) was $3,795,000. But between the two, for the same price my pick would be 3C for view and condition.

There are currently no single-family homes or lots for sale at Kolea. However, the neighboring oceanfront community of Naupaka Place has a stunning oceanfront home listed for $22 million. More on property that to follow as it deserves a blog post of its own.

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