Prices Soar for Mauna Lani Resort Condos
When I wrote in March about the lack of real estate inventory on the Kohala Coast, there were 13 active condo listings at Mauna Lani Resort. Prices then ranged from $790,000 for a Fairways at Mauna Lani to $3,100,000 for the last remaining developer sale at the Residence at Laulea.
Six months later, there are 11 active condo listings. While the inventory on the surface appears to be relatively stable, it masks real and “ambitious” appreciation in asking prices on similar listings.
Strong 2021 YTD Condo Sales at Mauna Lani Resort
In 2020, 85 condos sold at the Mauna Lani Resort. Prices ranged from $540,000 for a 2 bedroom at Palm Villas to $3,820,00 at the Residences at Laulea, with a median of only $790,000 and a mean price just under $1 million.
In nine months of 2021, 81 condos have sold and 9 more are in escrow. However, the real news is the prices, with a median of $1.2 million and an average price of over $1.3 million.
The least expensive listing is currently $1,050,000 for a Kulalani 2-bedroom; the most expensive is a 3 bedroom at Mauna Lani Point asking $4.5 million.
If you are a buyer, honestly the 2020 and before comps donʻt matter. Let alone the sales history of an individual listing. Right now your best bet is to look for relative value as this demand is not going away.
If you are a seller, definitely be in touch as this might be the moment to get a record high price.
Current Mauna Lani Listing Inventory Dominated by Golf Villas
The current condo listings at Mauna Lani Resort break down in an unusual way. Two are at Kulalani; two are at oceanfront Mauna Lani Point; and there are seven active listings at Golf Villas at Mauna Lani Resort. Whatʻs up with that?
Back in 2007, at the height of the previous market cycle, the developer at Golf Villas broker the $900,000 mark. Prices never regained that level until this year when a 3 bedroom was listed for $1,299,000 and sold for $1,300,000 cash in 17 days. In 2020, the highest sold price for a 3 bedroom was $775,000.
Currently there are two units in escrow, a 2-bedroom offered for $995,000 and a 3-bedroom offered for $1,595,000.
Sellers took note. The currently active two bedroom listings are at $1,250,000 and $1,495,000. The currently active three bedrooms range from $1,395,000 to $1,525,000.
Remember we are now searching for relative value…so you might want to look at location and condition if you are choosing between the listings at Golf Villas…or if you are a cash buyer, the Kulalani listings seem to me to have the edge. Just remember that well-priced listings move quickly, so have your preapproval letter or proof of cash funds ready with your offer.