The high-profile auction of a beachfront home and a penthouse condo at Kolea on the Big Island in March left market watchers feeling a little like they had just watched the final episode of this season’s hot Hawaii-filmed television series. In a cliff-hanger finish, the condo was withdrawn from the market and the home went into a long escrow with the coconut wireless chattering that the highest bid required the seller’s lender approve it as a short sale.
The new season of Kolea homes for sale has begun: the oceanfront residence on Kolea Lot 7 closed last week for $3,850,000 (that does not include the fee paid to the auction house and any cash contribution required of the seller for lender approval was also not disclosed).
I still believe the distressed properties at Kolea, whether homes or condos, represent “best buys” in an increasingly tight Kohala Coast resort market, given their unique beachfront location. The single family homes at Kolea that are bank-owned after foreclosure will now sell based upon this most recent comp, which is well below the 2009 market sale of the home on Lot 10 for $6,500,000.
Best Buy—bank-owned oceanfront home at Kolea on the Big Island’s Kohala Coast (MLS# 241676)
Here’s the line up:
- Nearest to the Beach Club, the home on Lot 4 is listed for only $3.4 million (MLS# 242410). Walk through your own gate to the private path to the white sand beach at Anaehoomalu Bay. The downside for some buyers would be the same as its attraction for others…nearest the Beach Club amenities.
- The Kolea home for sale farthest from the Beach Club, on Lot 16 (MLS# 226945), offers the most privacy and the least view, and is offered at $3,750,000. This is a smaller home, so at that price, probably not the best buy among the options.
- My favorite, however, has the best of both worlds. The REO (foreclosure) on Lot 13 (MLS# 241676) has a killer location with plenty of privacy and is still an easy walk to the beach. Because this is a corner lot, the floor plan this same architect used on Lot 4 was tweaked, and the result is a much more interesting and lifestyle-friendly layout with two guest suites flanking the pool on the opposite side of the main house. Priced at $3,950,000 furnished, the bank has turned down a number of lower offers, but with a new hard comp, the next reasonable offer should be a winner.
If your preference is for a 2,000 sq. ft. Kolea condo with pocket doors opening to a huge lanai to enjoy the ocean views, there are two short sale offerings of this floor plan. Both are second floor, and as short sales, these prices are subject to lender approval.
- Kolea 3E has the bonus for an investor of a series of excellent rentals in place through 2012 and is now reduced to an asking price of only $945,000 (MLS# 239266).
- Kolea 10E (MLS# 241405) is asking $1,375,000, which is exactly what the mirror-image unit sold for as a short sale.
- If you don’t want the uncertainty of a short sale and do want the convenience of a furnished, ready-to-go vacation home, you’ll have to pay up. Kolea 6E (MLS# 236030) is asking $1,795,000.
Here are more great articles on Kolea real estate: