First Foreclosure at Beachfront Kolea Condominiums

There are few condos on the Kohala Coast with their own private path to the beach. Most of that prime real estate is taken by luxury single family homes with multi-million dollar price tags. Kolea at the Waikoloa Beach Resort is unique in that the front row of this gated community has 17 single family home sites (about half with homes on them in the $7 million range) and beautifully constructed condominiums behind them. The best priced condos don't have views of the beach, but who needs the view when you can enjoy it all day from the beach, pool and Beach Club, and all you are going to use your condo for is to sleep at night?

The first REO hit the MLS this morning at a "best buy" price of only $663,900 for 1550 sq ft 2BR/2BA (the larger, outside two-bedroom floorplan). This unit sold two years ago for $1,195,000. In the adjacent building, the same flooplan came on the market 45 days ago for $1,450,000.

The timing of this beautiful project was such that it attracted a number of buyers who either intended to flip, or who simply over-extended and found themselves unable to carry the number of investment properties they'd acquired. That led to a large number of listings on the market - 30 active condo listings at Kolea, out of 126 total.With the homeowners association reporting a dozen owners delinquent on dues, it became clear that a significant number of these luxury condos are headed for short sale or foreclosure. Now we have an indication of price levels. With no sales since last July, the appraisers will have to use foreclosures for comps, so every resale listing will be under pressure.

A hui hou,

Beth

Beth Thoma Robinson R(S)

Specializing in the Kohala Coast and vog-free North Kohala- We Know This Market by Heart!

EMAIL OR CALL for a list of best buys at the resorts: beth@hawaiipalmproperties.com Cell: 808-443-4588 FOLLOW ME on TWitter: www.twitter.com/alohabeth