Since the 2008 collapse of the real estate market, a total of 16 properties have gone to foreclosure and sold at beachfront Kolea at Waikoloa Beach Resort. That includes one of the 17 lots, three single family homes built on lots, and twelve condos. Now another Kolea condo is up for sale at public auction on May 17th.
Kolea at Waikoloa Beach Resort has a walking path from its amenity area to the actual beach
Rare Foreclosure Sale at Kolea – Look for the REO
The unit that is going up for auction on May 17, 2017 is the larger 2-bedroom floorplan of 1,554 sqft in Building 16. There will be open houses this coming weekend, 11 am – 1 pm both days.
Note that most of the time the foreclosing bank takes the property back on the auction date via its credit bid, meaning the amount owed plus interest, penalties, and legal fees. Since the property sold at the height of the market in 2007 for $1,200,000 and many of these were financed with 10% down, there is a good chance no one will outbid the lender. The unit will then be listed at market price, and sold in As Is condition, as an REO (real estate owned).
Every Kolea condo has a built-in summer kitchen with grill and wet bar on the lanai
What will be the market price for this Kolea condo when it is for sale as an REO? The two most recent sales of this floorplan, in November 2016, closed for $950,000 for a second floor and $1,150,000 for a top floor. Another unit is currently in escrow with an asking price of $1,100,000. Those are the comps the bankʻs appraiser will look at.
2016-17 Market Update – Kolea at Waikoloa Beach Resort
In the course of 2016, eight Kolea condos sold, an improvement from the slow pace in 2015, when only five sold. I predicted that the pace would pick up in 2016, and it looks like 2017 will continue at the stronger pace.
In the first four months of 2017, generally the high season for resort real estate sales, four Kolea condos have closed escrow with another four sales, all of two bedroom units, currently pending. The distribution of active listings is weighted towards the larger three-bedroom units in six-plex buildings, with only two of 13 active listings under $1 million.
Ocean view from Kolea 1C, 3 bed/3 bath penthouse offered for $1,875,000 (MLS# 605080)
Feel free to contact me for information on the upcoming Kolea foreclosure, or any of the Kolea condos or single family homes currently for sale.