Mauna Lani Resort Low on Inventory – Sales Statistics and Update
The Mauna Lani Resort is experiencing a shortage ofÂ inventory and an increase in prices! Just a few months ago, you could take your pick from a surplus of great buys in both the condo market and the available lots for sale.
Currently, the inventory consists of only two 2 bedroom condos in the whole Mauna Lani Resort under $400,000. The first condo (MLS# 236076) is in Golf Villas, which is a second floor west-facing short sale unit with no furniture or appliances!
Also available is a condo (MLS# 243944) in Palm Villas, which I cannot recommend due to the lawsuit between the Homeowner’s Association and the developer/builder. At this time, financing is not obtainable in this project through conventional lenders.
There are eleven lots for sale in all of the Mauna Lani Resort ranging from $528,000 for a 1/2 acre (approx.) lot in Champion Ridge (MLS# 245712) to a 1.37 acre lot in Black Sands Beach (MLS# 242429) priced at $4,950,000 on the oceanfront.
Three lots have sold in the last three months with one saleÂ pending in Pauoa Beach.Â Land prices will soon be increasing with the change in availability and decrease in building costs combined with the reduction in residential inventory. Not a prediction, just common sense.
So, as my mantra has been all along, supply and demand set the course and price for inventory…not the Realtors! We have been stating the obvious for months. The inventory cannot sustain the trend in falling prices.
We are experiencing new inventory slowly coming on the market with owners who were sitting on the sidelines waiting for the distressed properties to sell and are now confident that they can get more for their property than they could just six months ago. So far, that theory appears to be proving true. Time will tell, but do you really want to wait to see?!
Living and loving the resort life!