Kulalani at Mauna Lani is an Excellent Value After Getting Fannie Mae Approval
Although Kulalani at Mauna Lani has one of the nicest and largest rec/work out centers and pools in the resorts; the fact that they are shared amenities added to the slow down of construction, and due to the economy caused the project to lose their Fannie Mae backing for loans within the development.
The lagoon pool at Kulalani was worth the wait
Needless to say, this caused fewer town homes/condos to sell as buyers requiring financing were forced to seek portfolio lenders who require 30% down (compared to the standard 10-20%) at a higher interest rate than a conventional loan by approx 1%.
After nearly ten months of applying for project approval, Kulalani finally received their approval last Friday (6/18/10). Which means they no longer have to hope for the cash only buyers to sell their remaining inventory (5 condos) and get their second half started, which I understand is expected to be this fall.
Kulalani is a golf course fronting project
If you have considered this wonderful golf course fronting project with award winning style town homes, this is the perfect time with the prices and interest rates at 20 year lows! I can assure you the long awaited second half of the development will not see these below cost prices.
My buyer clients who will close escrow on their brand new three bedroom golf course fronting townhouse (MLS# 207025) this coming week were tickled pink at the value and quality! Ah, patience is a virtue. As I live and work in the resort community full-time, I always have the inside scoop.