Kolea at Waikoloa Beach Resort Market Update
The first quarter of 2010 looks very promising for Kolea at Waikoloa Beach Resort. With vacation rental occupancies up and sales increasing, many believe that the effects of the economy on Kolea are coming to an end.
With twelve vacation rentals in our program, we have one of the largest selections of vacation rentals at Kolea. They have enjoyed an average occupancy of 75% this first quarter. The “front row” of Kolea has really become the most desirable location on the entire coast. Our front row villas had an average occupancy of 90%. Along with these great numbers, we were able to book multiple reservations into other villas at Kolea due to all of ours being occupied. In early April we helped host a wedding party staying at Kolea. Not only did they book all of our villas, but also six others at Kolea.
Going forward, there are almost ten times as many future reservations confirmed this year in comparison to last year. A lot of this is in part to a large convention at the Hilton this summer, which has booked several of our villas, and a family reunion this Christmas, which booked all of our available villas. We also have several repeat guests that have rebooked for next year.
Kolea has led the Waikoloa Beach Resort in sales over the course of the last six months. There have been a total of eight sales and four are currently in escrow. Most of the sales have been on the smaller villas at prices much lower than the purchase price. Currently there are not any villas on the market that are foreclosures and there do not appear to be any short sales at very low prices. The recent sale of 7F for $2.55 million has brought hope that better days are to come for the real estate market at Kolea. If you are interested in discussing real estate at Kolea, contact your real estate agent or one of our recommended agents, Johnny McElree and Beth Robinson. Johnny McElree can be reached at (808) 443-6288 and Beth Robinson can be reached at (808) 443-4588.
We are looking to add more three bedroom/three bath villas to our vacation rental program and would like to discuss our services with you at your convenience. You can reach us at (808) 987-4519 or firstname.lastname@example.org.