Wai'ula'ula Listings at Mauna Kea Resort – Value Priced Condos
There are currently six Ridge condos for sale at Wai’ula’ula in the Uplands at Mauna Kea Resort. There are also two showing contingent, one of which is actually in escrow and the other a short sale in the approval process. Between the lines of these seemingly mundane statistics, there are some hidden surprises.
Wai’ula’ula owners have their own pool and workout area, or can join the Mauna Kea Resort amenity program
Surprise #1: The new escrow was not on the least expensive listing; it was on the most expensive listing!
Surprise #2: The Wai’ula’ula REO (MLS# 247979)—bank-owned after foreclosure—has been on the market for almost 3 months…the price was reduced last week to $816,000.
Surprise #3: Three of the current Wai’ula’ula condos for sale are listed at asking prices below the actual sold prices of all four of this year’s sales!
How to make sense of all of this?
Let’s start by reviewing this year’s four sales. Two were REOs; two were turnkey furnished. You might think that the REOs sold for less than the turnkey units, but that’s not the case. The two foreclosures sold for $869,900 and $901,000; the other two sales were at $860,000 and $909,500. Perhaps timing is everything, as both REOs were listed at $869,900. One quickly got a full-price offer and the other had a bidding war!
My conclusion is that buyers currently have their pick of values at Wai’ula’ula…as long as they get their offers in before the holidays bring the main pods of whales and buyers back to the Kohala Coast.
The lowest priced unit currently on the market, L202 (MLS# 247266) offered at $795,000, is a short sale, so the buyer would be taking their chances on whether or not the lender will approve at this price. Next door to it in Building L is the REO now asking $816,000. Given that L202 has the built-in BBQ on the lanai, that would be the better choice if that’s important to you, as it is to many buyers. If you just want the certainty of a deal now, go for L201, the foreclosure.
Is E201 the best buy among condos for sale at Wai’ula’ula?
Of course short sale and foreclosures do not include furnishings. That’s a plus if you want to furnish to your own taste; it is a minus if you are a turnkey kind of buyer. My personal pick for a best buy is E201 (MLS# 245994) asking $869,000, which means they could take less. The furnishings are enough to get started, but plain enough to allow you to make the home your own. Even if you are financing, write an offer today and close before the end of the year!
A hui hou,
Beth Thoma Robinson, R(B)