Mauna Lani Point vs. The Terraces – The Difference for Buyers
The Point and the Terraces at Mauna Lani are both beautiful oceanfront condominium complexes with golf course frontage and spectacular views. They are the only oceanfront condo complexes within the Mauna Lani Resort. They are both concrete block construction built in 1984-1986. They both have covered parking (carport type with lock-off owner closets at the back) and open stair entries to upper floor units.
The Terraces is just to the South of the Mauna Lani Bay Hotel, while the Point is a bit further South, across the golf course just past the Beach Club and the Cape residential neighborhood. The views from the Point are across the signature hold of the South Golf Course to the ocean and Maui whereas the views from the Terraces are ocean and the Mauna Lani Fish Ponds.
Buyers Take Note
The Point complex does qualify for financing with less of a down payment than the Terraces due to a number of factors.
A condo-tel is a term that describes some hotel-like amenities; a front desk for checking in and out, an activities or concierge desk, and daily or weekly maid service. A complex that offers these hotel-like services or has less than a 30% owner-occupancy ratio would be considered a condo-tel.
The Terraces have a “front desk” and property manager on the premises along with maid service, which constitutes the classification of the complex to be a condo-tel. The Point condos at Mauna Lani also have a check in desk for those guests using classic resort services only (also the residential property management company). However, as their check in office is not combined with the property manager’s office, nor is it on the premises of the complex, it is not categorized as a condo-tel, and a buyer interested in purchasing a condo in the complex is able to acquire a higher loan to value ratio so long as the buyer personally qualifies as well.
From my preferred group of local lenders, the average down payment on a Point complex is 25% of value, whereas most will not lend on the Terraces.
A hui hou!