About Waikoloa's Kolea

One of the only two remaining foreclosures in the pipeline at the luxury Kolea condos at Waikoloa Beach Resort came on market a few moments ago. The 2 bedroom groundfloor condo Kolea 15G is priced at $429,900 (MLS 251456).

Even a foreclosure at Kolea still has the pocket doors and summer kitchen on the lanai.

I don't think it is accidental that the listing agents for REO properties (bank-owned after foreclosure) release their hot listings on Friday afternoon. If history repeats itself, the lucky new owner will be either a cash buyer or one with the foresight to have a prequal letter in hand to submit an offer over the weekend.

If that's a bit too quick for you, or you prefer the 3rd floor, Kolea 16J (my listing) had a price reduction to $499,000 today. That is a short sale and also requires a buyer preapproved by a lender or with cash in hand.

Let me know if you are ready to buy the lowest priced Kolea condo on the market!

A hui hou

Beth

In 2010, there were 12 condos sold at beachfront Kolea at Waikoloa Beach Resort--seven of them distressed properties (bank-owned REOs or short sales).

As of this morning, 13 Kolea villas have closed in 2011--nine of them distressed. There are also two short sales still in escrow, and two non-short sales in escrow, one of which will close before year end.

That is an incredibly consistent level of demand for the past two years. The question is whether it can be sustained in 2012, given that as of today we have only one distressed listing at Kolea and there is a significant gap between distressed and non-distressed pricing.

All Kolea villas have the upscale finishes; Kolea 16J is now lowest priced at $525,000 (MLS 233827)

There are only two active listings which are short sales and I've been told by both seller's and buyer's agent that one of them has an accepted offer ready to present to the bank. That leaves one Kolea condo for sale at a short sale price, and it happens to be my listing.

Kolea 16J is a 2-bedroom, 2-bath unit in the twelve-plex buildings. It has a strong rental track record and future bookings the lucky buyer could take over. The price was just reduced to $525,000...the same price for which Kolea 15J, one building over, just sold. Lienholder approval should be relatively straightforward on this short sale!

The condo is rented through the coming holiday week but available to view in early January. We had 4 offers within 48 hours when 15J hit the market, so don't hesitate if your dream is to own at Kolea!

Mele kalikimaka!

Beth

With the continuing struggles of the economy not many investment properties are having any success. Of the many properties we manage at on the Big Island of Hawaii, Kolea at Waikoloa Beach Resort is the only one that seems to be on the rise.

Kolea is a luxury beachfront community offering 2 and 3 bedroom villas. While the property as a whole has seen success, the spacious "front row" three bedroom villas have seen the biggest rise in popularity, which is a bit astouding given that many would think less expensive properties would have more success.

These villas are over 2000 square feet and offer the best views Kolea has to offer. The most popular aspect of these villas is that they all are less than a three minute walk from the Kolea Beach Club, which offers direct beach access. The rates range in price from $475/night to $600/night.

Along with the popularity on the rise of these vacation rentals, the real estate interest is also on the rise. It is the only community at Waikoloa Beach Resort that has currently no extremely low short sales or foreclosures on the market. All of those were picked up over the last year and Kolea seems to now have a more balanced market.

With Kolea being where most of our business is, we look forward to the continue success of the property and look to continue to expand. View our selection of Kolea vacation rentals.

Google places was a great idea google started a few years ago, but even after a few years they are struggling to have success with it.

Since Google is giving high weight to Google places and is placing it on the front page of many of searches, many people are trying to get their information on there.

The thing I find most interesting is that after years Google is still struggling big time in making Google places a true success. Many times I try to use it to get information on how to get somewhere and find the information to be wrong.

My listing with Google Places is very screwed up. I have done everything I should to get Google the correct info and if you look below the address is the address of a vacation rental company, but not the address for Kolea, the phone number is of a different company that does not manage at Kolea, and one of the photos is not of Kolea. I have entered all the correct info in my Google Places account, uploaded a video, and added an array of pictures, but they never pick it up.

One thing I do give credit to Google for is they are trying their best to get it right. I recently got a call from Google asking about my Google Places listing and if I physically have an office there. Bringing the human factor into things gives them a better chance at success. Has anyone else gotten the call? Stay tuned and I will let you know if they get my listing correct.

Another luxury Kolea condo for sale has taken a price reduction to short sale territory. Today's price reduction on Kolea 3E from $1,395,000 to $1,250,00 comes iwth the caveat that this is now a short sale subject to bank approval...and a bargain for some lucky and patient buyer!

Pocket doors open to view from Kolea 3E (MLS 239266), now a short sale priced at $1,250,000

This is the largest of the Kolea condo villa flooplans, at 2,174 sq ft of interior space, 3 bedrooms/e.5 baths. Kolea 3E is a second floor unit that current overlooks one of the 17 lots at Kolea, this particular one vacant and not yet built. Many owners and renters prefer the quiet of this side of Kolea, farther from the Beach Club and the Marriott. Even though the view is a bit more distant, it is west-facing for the colors of sunset.

It took only 7 days for an accepted offer on an equivalent condo, Kolea 10E when it was reduced to a short sale price earlier this month. Who wants to take bets on how long it will take 3E to find a buyer? If the seller's lender approves this price, it will be the second lowest sale of this floorplan to date. And the next lowest asking price on this floorplan in a non-distressed property is $1,795,000.

I've also created a gallery of all available Kolea condo villas for sale, including short sales and turnkey furnished non-distress sale properties. There are no REO (foreclosure) properties currently on the market.

A hui hou

Beth