I released the listing on the Islands at Mauna Lani #E4 on Tuesday, had multiple showings by end of day Wednesday, and the sellers signed multiple simultaneous counter offers this weekend. So much for the story that this is a buyerʻs market.
But there is a bit more to the story, as the unit directly across the street was in and out of escrow and went back into escrow the same day I released my listing, at 100 days on market.
What Drives Multiple Offers on a Mauna Lani Condo in Todayʻs Market?
- Broad Appeal – Some buyers are looking for an established vacation rental with a track record and future bookings. Other buyers are looking for a second home — or do not really care whether the unit was rented in the past as long as it can obtain a short-term vacation rental license going forward. In this case, we have a townhome that has not been rented by the current owners, but would make a successful vacation rental, so we appealed to both sets of buyers.
- Location, Location, Location – Possibly the biggest distinction between this listing and the one across the street was location. The other one is next to the amenity center. Islands E4 is across the street, so good proximity without the noise. It is also an end unit so it has that feeling of being a private single family home.
- Condition – While not completely updated (this unit has two master suites — the bathroom in one has been renovated, the other is original), Islands E4 does not show the wear and tear typical of a vacation rental. Sellers also listened to my recommendation to repaint the front door and interior walls that needed to be freshened up.
- Presentation – In the HGTV era, buyers are used to seeing homes free of clutter, artfully staged. I prefer to work with what the client already has in the way of furniture and artwork, mostly simplifying and adding color and interest for the photo shoot. Islands E4 was easy as there were quality furnishings and excellent colorful artwork and decorative items from which to choose.
Of course there is always one more factor: Price. My advice to my sellers in this somewhat unsettled market is to price right in line or a little modestly compared with sales earlier this year, counting on the market to bid the price up if we underprice. And thatʻs what happened here.
If you are considering selling your Kohala Coast resort property, I would love the opportunity to put this strategy and Hawaii Lifeʻs marketing engine to work for you.