Scarce Deals in Kohala Coast Condos (Part 4): Hualalai and Kukio
Knowledgeable readers will blanch at my headline about Hualalai and Kukio condos. You won’t find anything that looks like a “condo” among the luxury properties at Kukio. But technically, the cottages next to the Kukio Beach Club turn up in a search for condos, so we might as well include them in our survey of the best deals among Kohala Coast condos for sale.
And of course, there are several choices in condo properties at Hualalai Resort at prices competitive with other high-end Big Island condo options such as Kauna’oa at Mauna Kea Resort or Kolea at Waikoloa Beach Resort.
Technically a condo, Kukio Cottage C1 (MLS# 250651) is actually a pod-style freestanding home
Bank-Owned Condos at Hualalai Resort – Best Buy or Not?
While we are speaking of technicalities, the only Hualalai REOs (bank-owned properties after foreclosure) for sale are the Haliipua Villas; all of these brand-new three-bedroom condos, that is.
While the most expensive unit had an asking price of $2,690,000, the sale of #2 that closed in March was for $1,900,000 cash. So don’t let asking prices of $2,300,000 (MLS# 254142) for the same 2,915 sq. ft. floorplan (in the middle of the three villas of each building) or $2,050,000 (MLS# 242222) for the slightly smaller outside unit dissuade you from negotiating a deal on price or inclusions. Model furnishings by Henderson Design?
Big ocean view from Hainoa Villa for sale at Hualalai Resort for under $1.5 million.
At $1,470,000 for 2 bedrooms and 1,778 sq. ft., Hainoa Villas 12, the least expensive current Hualalai listing (MLS# 255657), is definitely a best buy if your goal is simply to get your toes wet, so to speak. (Most sales of Hualalai homes are upward purchases by people who have already bought into the Hualalai lifestyle.)
The Hainoa Villas are the ones you see on your right as you enter Hualalai Resort, and because of their elevation offer more expansive views than some of the older condos nearer the beachfront amenities.
There are currently a total of 21 Hualalai Resort condos listed in the MLS, and surprisingly, six of them are under $2 million. Setting aside the level of dues and amenities that Hualalai members cherish, that puts the price of entry level real estate at Hualalai directly in competition with luxury condos along the entire Kohala Coast.
But it is the amenities that sell Hualalai, and at the Waiulu or Fairway Villas you will be right there for under $2 million up front. In the past twelve months there have been 25 condos sold at Hualalai, a remarkably strong market for real estate at this luxury resort!
Best Buy in Kukio Condos (Cottages)
The “C” in their numbers stands for cottage, not condo, but there is an Association of Apartment Owners (meaning monthly dues in addition to the Kukio Association dues, and the memberships to the Golf and Beach Club). There are five Kukio Cottages on the market at asking prices from $4,350,000 to $6,300,000.
On the surface, none of those looks like a particular good deal considering that Kukio Cottage C18 closed last month for $2,900,000, but not all Kukio Cottages are equal. You might find 3, 4, or even 5 bedrooms. Built 8-10 years ago, some have upgrades that appeal to current fashions in Hawaii resort property. Some include furnishings, others not, and then there is location, location, location…meaning the intimacy of the ocean view from your pool. Hence even brand new they sold at a wide range of prices.
View from Kikaua Point/Kukio Cottage 31, for sale fully furnished for $5,100,000
If mostly you care about the amenities and want an entry level price, perhaps an aggressive offer on the lowest priced Cottage C-15 (MLS# 222250) would be your best buy. On the other hand, Cottage C-31 (MLS# 255506) with 4 bedrooms is listed at $5,100,000 and that’s below what it originally sold for in 2005, let alone what current owners paid in 2007, and furnishings are included. Or let’s just go see all five and you decide!
A hui hou,
Beth Thoma Robinson, R(B)