Update on Waikoloa Colony Villas at Waikoloa Beach Resort

Waikoloa Colony Villas counted its 15^th sale of the year with unit #501 (2/2), which sold last week (8/4/11) for $275,000; this sale was a bank owned property. 5 other REOs have sold in this particular neighborhood this year. 5 short sales got scooped up as well as 4 straight sales. Selling price ranged from $230,000 to $409,000.

When I wrote my last blog about Waikoloa Colony Villas, about 4 months ago, there were only 2 active listings to choose from. Those 2 are still available, #1902 (MLS# 238877) and #402 (MLS# 235650). They are the only 3 bedroom town homes available in the complex. They have not sold yet, even if they could be a draw for some buyers because they have 3 bedrooms and they are both straight sales. It is either because the asking price is too high, or it is not easy to show (unit #1902 is a busy vacation rental unit).

Today, we finally see a wider selection of listings with 6 active, some are offered turn-key, 2 are short sale listings, and 4 are straight sales. However, the asking price is no longer in the $200K range. There are 5 listings in the $300K range from $330,000 (MLS# 230661) to $399,000 (MLS# 238877), and one listed now at $425,000 (MLS# 235650) (the asking price dropped $25,000 a few days ago). If we look back, the average of days on the market this year was about 54 days (except for 2 short sales with DOM of 233 and 1588), which leaves unit #2001 (MLS# 246588) to be the next candidate to be sold!

Waikoloa Colony Villas has been the predominant market of the Waikoloa Beach Resort condo market on the Big Island this year. 61 condos have sold so far and over 40% were Waikoloa Colony Villas. Will this stay that way? “Faites vos jeux!” (place your bets), like we say back home.