Low inventory and a recent flurry of competing offers for short sales in the Mauna Kea Resort‘s Wai’ula’ula condos are finally pushing up values… at least in this little pocket of one of the Big Island’s most renowned luxury resorts.
Gorgeous living room with ocean views from condo in Wai’ula’ula community
Short sales in Wai’ula’ula are attracting competitive buyers! Last month I wrote five offers for one client buyer before receiving an accepted offer; my clients submitted an offer on a short sale listing only to be bumped three times on the same unit byÂ competing buyers. They then moved on to another unit where the same thing happened. They ultimately decided to submit an offer on a listing at what they considered to be market price, although the sellers were asking much more.
Last summer the developer sold off of existing “stagnant inventory” in Wai’ula’ula’s Ridge community (a two story, high end fourplex), the lowest Â for $750k. There were four short sales priced from $785-950k (still pending). A recent sale recorded at $900k on the golf course and the latest (my clients’ unit) sold today at $975k, also on the golf course overlooking the Kawaihae Harbor and out toward Maui.
As more and more buyers find out about limited openings at the Mauna Kea Resort, they are willing to pay fair market price for these sought after properties.