Vista Waikoloa Condominium Complex - An entire community in distress?

Vista Waikoloa Condominium Complex, has a surprising amount of Foreclosures and Short Sales. In fact, the Association Of Apartment Owners (AOAO) has foreclosed on 7 units alone, now operating 6 of them as rental units. (according to public records - AOAO owned units - A103, A204, B105, B106, D103, E203) F201 was also recently owned by the AOAO, but foreclosed upon by the bank.

In fact if you look at the public records, Hawaii MLS reports, that out of the last 9 sales - 4 were distressed properties, either a short sale, pre foreclosure, or foreclosure - thats nearly 50% of all sales - worse yet, if you add the 7 - AOAO foreclosures, on top of the "distressed property" sales - you have a 2 to 1 ratio - over non distressed sales.

On an up-note, with most of the sales averaging in the low to mid 300's you can still get a good deal out there.

Buyers - just make sure you do you "Do Diligence"

Check on Lawsuits - concerned with AOAO foreclosing on so many units,

Check on Deliquncies - DCCA Biennial Report (June 2011) shows over $324,000.00 in Delinquent maintenance fees - that's HUGE

Check on any upcoming special assessment's, that $324,000.00 has to be recovered somehow - maybe turning the complex into an actual "apartment complex" can resolve the delinquencies? (note - public records show no upcoming assesments - but the 324k is concerning)

Maintenance fees: $567.00 - $1.282.00

Owner Occupancy: 6% - another red flag.