When I wrote about sales activity at the beachfront community Kolea at Waikoloa Beach Resort earlier this month, I neglected to discuss the “front row” of 17 homes and lots. And one of the most significant pieces of news since I last blogged about Kolea was a price reduction of $795,000 on Lot 3, now listed for $5,200,000 (MLS 607446).
This is currently the only single family home for sale at Kolea, as the other home for sale, on lot 10, was withdrawn from the market at the end of May.
Resort Home for Sale: Oceanfront or Beachfront?
While everyone beachfront home is also oceanfront, not every oceanfront home on Hawaiʻi Island has a beach and access to the water. For example, oceanfront homes in on the North shore of Kohala typically have cliff or “pali” frontage. Oceanfront homes in Puako or along Alii Drive in Kona, may have a rocky shoreline without a good place to get in the water.
You donʻt walk right out your door onto sand from the homes and remaining vacant lots at Kolea at Waikoloa Beach Resort..but along with the condominiums in the complex, and they share a private walking path to form the amenity area to the beach at Anaehoʻomalu Bay. The plus in this would be that you can enjoy your view of the water with a lot more privacy and than if you were directly on a public beach.
Kolea Home for Sale With Strong Vacation Rental History
With the Big Islandʻs new vacation rental law in effect, many larger Kohala Coast homes outside the resorts will no longer be eligible to rent when the owner is not in residence. This Kolea home has a strong vacation rental history and is sold fully furnished with rentals in place.
Although not my listing, I was selling for the developer at the time this home purchased by its current owner who has enjoyed it since 2006 and I have been a fan of these Kolea homes from the beginning. I think there is a scarcity value to a beachfront home with an easy walk, bike, or drive to the Waikoloa Beach Resort amenities. The house sold at that time — the top of the market — for $7,500,000, which is 53% above the current list price.
The most recent sale of a Kolea home facing Anaehoʻomalu Bay was in 2016, for $4,825,000…but that was 3 bed/3 bath and only 3,677 sq ft. The home on Lot 3 is 5 bed/5 bath and 4,570 sq ft. With this price drop to $5,200,000, Iʻm thinking the price is right.
And if Kolea is not your cup of tea, there are new options since my March post on oceanfront options at Puako, or we can discuss what the $5 million price point buys at Mauna Lani Resort or Mauna Kea Resort…or even Kohanaiki. Just give me a call!