Condo sales at Kolea, Waikoloa Beach Resortʻs beachfront resort community, were just slightly up in 2019, with eleven sales versus ten in 2018. However, I honestly believe that reflects a lack of inventory rather than a lack of demand, which is a major shift from recent years. There were three closings in January — all of which would have gone into escrow late in 2018, bring a truer picture of sales to 13 for the year…and we are left with only seven active listings.
Demand Shifts Back to Smaller Kolea Condos in 2019
Whereas in 2018, the big news was the number of sales of the larger villas in the six-plex Kolea condo buildings, as reflected in a median price point of $1,462,500, the median in 2019 dropped back in the $1 million range more typical of previous years.
There were only two of the largest floor plan 3 bed/3.5 bath Kolea units sold in 2019. My second floor listing sold for $1,475,000, and a third floor listing traded at $1,648,000. Two ground floor six-plex condominiums sold, for $1,200,000 and $1,275,000. That leaves seven smaller condos in the 12-plex buildings.
There has already been a sale in January 2020 of a premium penthouse, sold before list, at $2,575,000, and two of the smaller condos at around the $700,000 price point…leaving not a single of the smaller two-bedroom units on the market!
Limited Inventory But Prices Still Attractive at Kolea
Except for the smallest floor plan, the seven active Kolea condo listings run the spectrum, from the larger outside 2-bedrooms (I like Kolea 9L for its peek of ocean view), to the ground floor three-bedrooms (I like Kolea 2D for its furnishings and rental track record), to the best of penthouses (newly listed 7F). Each of my picks is priced appropriately, given recent comps.
And donʻt forget if you are in the market for an oceanfront single family home with the resort zoning that allows for short term vacation rentals, I am positively amazed that no one has seen the value in the only currently listed home at Kolea.