Mauna Lani Point Ocean View
Mauna Lani Point and Mauna Lani Terrace are two of my favorite examples of spots where the seeker of foreclosures and short sale opportunities will be disappointed. The most recent sale at the Mauna Lani Point on the Kohala Coast was over a year ago, in December 2008, when a 1502 sq ft, 2BR/2.5BA condo sold for $1,820,000. There are eight units on the market, an unusually high number because the usual sale of 4 or 5 a year ground to a halt as sellers held prices steady and buyers trolled for “screaming deals.” But today, a 2BR/2.5 bath condo listed at $2.2 million shows as being in escrow!
The condo in escrow had the highest asking price of any on the market, a prime 2nd floor unit overlooking the signature 15th hole of the Mauna Lani golf course. The condo has 1504 sq ft, a spacious lanai, and a renovated kitchen, which is important since the project was built in 1986.
The views, and the location near the Mauna Lani Beach Club will always create a demand for Mauna Lani Point. The disadvantages compared with newer projects? Carports rather than garages. The lanai is large, but you can’t barbecue at your own home…owners can take their coolers to community grills and eat on tables there or haul the cooked food home. The big question is whether the sale price will be close to asking price or reflect a discount similar to what other Kohala Coast condominium projects are experiencing, where prices have fallen by 30-50% from the market peak, driven by short sales and foreclosures.
Halii Kai Ocean View
Meanwhile, a few miles south as the crow flies, there was a price reduction on a Halii Kai 3BR/3BA overlooking the signature 12th hole of the golf course with a lanai off the dining room and another off the master bedroom, garage–and having been built in 2006, the expected stainless steel appliances, granite counters and African mahogany cabinets. Originally purchased for over $ 2 million and until recently listed at $1,895,000, it is now a short sale price at $999,000. Remember that in a short sale the price will be subject to lender approval and there is no guarantee that approval will be given. However, with an oceanfront 3BR/2BA short sale having recently sold at an astonishing $875,000, the price seems to be supported by the comps.
Whether you are looking for long-term appreciation or simply to enjoy the best of the Kohala Coast resort lifestyle, these are the two choices with that special golf and intimate ocean view. One way or another, the current price gap looks like an anomaly that the market will work to eliminate. Which means either Mauna Lani Point prices have a big drop ahead, or Halii Kai prices will have a big gain in years to come. Watch this space!
A hui hou,
Beth Thoma Robinson R(S)
Direct: 808.443.4588 Email: beth@hawaiilife.com
