The Mauna Lani Beach Club
Since the beginning of summer there have been 19 sales at the Mauna Lani Resort with another 14 properties currently under contract. The Islands at Mauna Lani, which have not seen a sale in over 2 years, have their first 3 bedroom condo under contract—my buyer expects to close escrow in December.
The Mauna Lani Terraces, one of the two ocean oceanfront condominium complexes in the Mauna Lani—and also one of the upper price ranges for the resort—has just closed its first sale in over a year: a small one bedroom at $815,000, originally listed for $895,000.
The Mauna Lani Point reports only one sale in the year, a 2 bedroom listed at $2.2M and sold for $1.9M in March of 2010.
Kulalani and the Fairways are seeing lots of action with their new lower prices, and will most likely have a solid year end (16 sales year to date). My 2 bedroom listing—currently under contract—is struggling to meet the appraised value to enable the buyers to obtain financing. Sales are up, but prices down! Once the distressed inventory is absorbed, expectations are that value priced units will increase in price first.
The coconut wireless tells me Kulalani only has one 2 bedroom condo remaining in their inventory (MLS# 236847) which they are anxious to sell, and move on to the second half of their construction ASAP. They also have only two developer “paired home†condos remaining in their inventory; (MLS# 235991 & MLS# 235085). I was happy to have put a short sale condo at a lower price point under contract this past weekend to assist them in selling out their inventory!
A hui hou…Living and Loving the Resort life!
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