Condominium prices on Kauai still have a long way to go to break the record median set in 2007, but a new top price was recently set for a unit on the Garden Isle.
The developer of the Koloa Landing at Poipu Beach condo project announced Tuesday that it sold a 3,675-square-foot penthouse unit for $3.3 million on Dec. 28. The price topped a prior record of $3.2 million for a penthouse at the same project in 2010.
The buyer in the recent sale was The Luxus Group, a partnership that buys vacation property for its members and as rentals. Luxus owns one other condo at Koloa Landing it bought in 2011 for $1.1 million.
Within the broad market for Hawaii condos, other projects have fetched significantly higher unit prices, such as Honua Kai on Maui and Hokua on Oahu, where penthouses have sold for $5 million. At Trump International Hotel Waikiki Beach Walk, a condominium-hotel, one unit sold for $10 million, property records show.
The recent sale at Koloa Landing could be seen as a bit of extra confirmation that Hawaii home prices have rebounded. But the median price for condos on Kauai is still far from a record.
The median, which is a point at which half the sales were for more and half for less, rose last year for the first time in five years for Kauai condos, jumping 28 percent to $289,500 from $226,000 the year before. The peak was $565,000 in 2007.
Koloa Landing had been caught in the real estate downturn, but is recovering with the broader market.
The $285 million project on 25 acres was announced in May 2007, and later that year buyers committed to purchase 51 units for a total $76 million.
An initial phase of the 323-unit project was built with 85 units in five buildings along with two pools, a lobby area, fitness center and an upscale sundry shop.
But during construction and the real estate market meltdown, most prospective sales fell through, and many unsold units were instead rented as visitor accommodations by Wyndham Hotels and Resorts, which manages the property. Some units also are being positioned for sale as fractional ownership condos, a form of time share. To date, there have been 22 Koloa Landing condo sales for a combined $35 million.
In late 2011, the developer began building more of the project, a new building with 13 more condo units. Construction on the building is due to be finished in March.
Another 225 units would complete Koloa Landing along with other amenities including a restaurant and a main pool.