Condos Under 99K on Kauai - Are you serious?

Yes, when Anekona Management bought the Radisson Hotel several years ago, they renovated the place and turned all 350 rooms into Condominiums. The project now functions as the Hilton Kauai Beach Resort and is a successful east side resort. South Pacific is performed in the ballroom every Wednesday night. These units sold from $229,000 to around $500,000 for oceanfront rooms. Well, in this ever-correcting market, one seller needs to get out and they are having a sort of "blow-out" sale which will not last much longer.

Last week an oceanfront unit which was purchased for $491,900 in 2006 was put under contract. It was listed for $99,000. That's almost 80% off the original sales price. This week there are three units still for sale under $99K. The interior units start at $59,000, partial ocean view at $79,000 and two more units at $99,000. These units are NOT short sales.

At these price, it is more than likely that the units will produce a positive cash flow. Last year the oceanfront units netted (after management fees and such) almost 30K and the ocean view units netted 22K. Even with high monthly maintenance fees, with this level of rental income, the units may prove to be ones that "pencil out".

I often have tourists come into my open houses and say, "We're looking for something to pencil out!". I usually tell them, "You're on the wrong island, in fact maybe in the wrong state". Now, with the reduced prices at a couple of our condotel projects, we may finally have something for these tourists.

E-mail me if you wish a list of the units for sale at the Hilton Kauai Beach Resort or the Aston Islander on the Beach.