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Kauna'oa at Mauna Kea Almost Sold Out

Halii Kai is not the only Kohala “gold coast” resort where the developer’s close out sale is the news as we head in to the high season for vacation and second home sales in Hawaii.  The developer of Kauna’oa at Mauna Kea  Resort has put three of the Halia Hale paired townhomes and one vacant lot into escrow in the past 45 days!  That leaves them also in the enviable position of set to sell out in the next few months.

Two of the three remaining townhomes are this “A” floorplan: 10A at $1,900,00 is a best buy (MLS 221622)

Developer selling at “low ball” prices

The units that are now under contract range in asking price from $2.2 million for 10B to $3.3 million for 3B (more privacy, more upgrades).  Expect to see these Kauna’oa townhomes close at much lower prices: the most recent sale, Halia Hale 1A, was also listed at $3,300,000 when it sold for $2,600,000 in May, as reported in my earlier Kauna’oa blog post.

In fact, when Pam Deery and I recently showed Kauna’oa, we learned that the developer is calling old clients that had written contracts considered “low ball” up to a year ago and accepting them now at those prices by counter offers!

What’s left in property for sale at Kauna’oa?

At this price point and level of amenities, buyers are rarely shopping for the “best buy”, but my best buy pick is still 10A which was the first Halia Hale reduced to under $2 million earlier this year.  Asking $1.9 million, do you think they’d take $1.5 million if it were cash, quick close?  7A is listed at $2.2 million and 8B (the larger floorplan) for $2.5 million.  Given the mentality of the developer, we should see several closings under $2 million.

New listing, Lot 14 Kauna’oa priced at $2,850,000 has a wide building pad and unobstructed views (MLS 251006)

Recall that Kauna’oa has only 20 of the townhomes, and the majority of the development is given over to lots.  Prospective buyers can now get a better sense of the feeling of the community with a number of houses at or near completion.  There are five active vacant lot listings at the moment, all of them at prices discounted from the 2004-2005 levels when they originally sold.

The most curious of the Kauna’oa lot listings is the most expensive.  It has been on the market for 60 days at an asking price of $3,990,000.  But wait!  This lot also appears among the four closed sales for 2011:  in April, at a price of $2,400,000.    Someone has an optimistic view of the price trend at this luxury Mauna Kea community!

A hui hou,

Beth

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