 Vista Waikoloa Condominium Complex - an entire community in distress?Thursday, December 29, 2011 - Article by: Lance Owens -
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 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 - $1.282.00Owner Occupancy: 6% - Big red flag One last red flag - all sales reported on the MLS for 2011 were Cash Sales Only. |
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