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Condos

Mauna Lani Resort – Condo Sales Report

It has been a busy sales season at Mauna Lani Resort for me personally this year…but how are condo sales overall? I already blogged about 2019 activity at Ka Milo and Mauna Lani Point. This post will review sales and prices at neighboring condo and home communities Villages at Mauna Lani, Fairways at Mauna Lani, and Kulalani (for Ka Milo) and Mauna Lani Terrace (for the Point).

Favorite sunset spot: Holoholokai Beach Park near the Fairmont Orchid is an easy walk, bike ride or drive from Mauna Lani condos

Kulalani – Sales Despite Lack of Available Lender Financing

My listing at Kulalani — for my clients trading up from a Kulalani condo to a paired home at Ka Milo — closed escrow this month. This was the third sale at Kulalani this year, and there is one more condo sale pending. Surprisingly, the same number sold as closed in the first half of 2018, despite the current lack of lender financing, which will not resume until resolution of a lawsuit filed by the homeowners association against the former developer.

The larger of two pools at the amenity area shared by Ka Milo and Kulalani at Mauna Lani Resort.

Eight of the 14 Kulalani condo sales last year were cash sales, so the 8 active listings, including five listed by the new developer who took over after the original developer’s foreclosure, stand a good chance of selling even before lending resumes at the project. The Kulalani resales are all offered furnished, and some have vacation rental bookings in place (MLS 623754), so overall could be better buys unless you just have to have brand new. I also quite like the former model home for that reason (MLS 621677) although the MLS photos do not do it justice.

 

Summary – 2018 Kulalani Condo Sales
# Lowest Highest Average Median Mode
Listings 14 $599,000 $889,000 $721,929 $694,000 $639,000
MLS Sale $ 14 $570,000 $850,000 $699,357 $677,000 $625,000
DOM to sale 14 3 645 135 87 N/A
Sale/Current Price 14 92.9% 100.0% 96.9% 96.4% 100.0%

Fairways at Mauna Lani – Strong Sales Year to Date

Essentially the same floor plans as the six-plex units at Kulalani but with a different exterior style, Fairways at Mauna Lani condos are popular as vacation rentals, second homes, and even a few full time residences. There have been 9 sales so far this year and one sale pending, with an average of only 39 days on market. There were only 10 total sales last year, so 2019 has started off strong at the Fairways, with buyers appreciating the $600,000 average price point as entry level for Mauna Lani Resort:

Summary – 2018 Fairways at Mauna Lani Sales
# Lowest Highest Average Median Mode
Listings 10 $555,000 $775,000 $628,995 $629,000 N/A
MLS Sale $ 10 $547,500 $762,500 $613,150 $600,000 N/A
DOM to sale 10 0 445 163 129 N/A
Sale/Current Price 10 93.9% 100.2% 97.5% 98.3% 98.4%

Fairways at Mauna Lani has a generously sized pool and exercise area in the center of the complex.

Four out of the six active listings are the largest, 3-bedroom floor plan. The best price is on a unit currently a long-term rental that is not allowing showings (MLS 628618).

Villages at Mauna Lani – Ample Inventory for Buyers

Much like Ka Milo across the street, the Villages at Mauna Lani consists of a mix of paired homes and freestanding single family homes, some of the latter with private pools. That means a much wider range of sales prices than at all-condo communities. This year’s first half sales include both of the paired home floor plans, as well as two different freestanding homes with pools.

Prices on the smaller paired home, still a generous 2,174 sq ft 3-bedroom, begin around $900,000. The larger 2,752 sq ft paired home is currently selling right around $1 million. The single family homes were right under $1.6 million. The pace and prices are very similar to 2018 sales:

 

Summary – 2018 Villages at Mauna Lani Sales
# Lowest Highest Average Median Mode
Listings 10 $899,000 $1,799,000 $1,339,900 $1,385,000 N/A
MLS Sale $ 10 $880,000 $1,750,000 $1,275,400 $1,305,000 N/A
DOM to sale 10 3 971 258 123 N/A
Sale/Current Price 10 91.7% 98.4% 95.5% 96.2% 97.3%

With fewer sales typically taking place in the second half of the year, there is ample inventory at the Villages, and a buyer should have some leverage in negotiations. The eleven active listings cover the full range of options.

Mauna Lani Villages 435 pool

I am partial to an unusual listing, which is the Lehua floorplan (normally an interior paired home), but with a private pool, and a request to leaseback to the sellers for one year (MLS 622228).

Mauna Lani Terrace – The Other Oceanfront Mauna Lani Condos

Mauna Lani Terrace has a prime location waterfront location adjacent to the historic Fish Pond Preserve.

Back in 2015, one of the key differences between Mauna Lani Point and Mauna Lani Terrace was the availability of financing (or not at the Terraces). However, that has changed, and two of this year’s three sales were financed. Also of note: both of those were three-bedroom condos, which is actually another distinction between the Point and the Terrace, with 6 out of 16 sales since 2016 being these larger units.

Last year only one sale recorded at Mauna Lani Terrace, a two-bedroom for $1,550,000. This year’s two-bedroom sale was only $1,300,000, a “sold before print” surprise sale to in-the-know buyers. The three-bedroom sales were for $2,750,000 and $3,279,000 to buyers willing to pay premium prices for the location, despite the lack of garages.

There are other condominium and single family home communities at Mauna Lani resort. Let me know if you’d like to hear about real estate sales activity at those locations.

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