Yesterday brought the latest release of brand new condos for sale at Kulalani, one of two projects sharing a large-scale amenity area at Mauna Lani Resort.
It has been a little over two years since the announcement that Stanford Carr would resume development at Kulalani with the buildings in Phase II. Their disciplined approach has been to sell the condos in a couple of buildings at a time, pre-construction, following the rising market trend with increased pricing for comparable units in each release.
Looking back at condos from one of two pools in the amenity area shared by Kulalani and Ka Milo
Kulalani Condo Sales in 2014
There were no closings of new Kulalani units in 2013, but in 2014 owners took possession of condos in Buildings 18 (a six-plex building) and 17 (a four-plex). There were also six resales last year, for a total of 16 sales. The resale listings sold quickly in this popular complex, with a median of only 34 days on market.
The MLS currently shows 16 sales pending at Kulalani, of which 15 are developer and one is a resale. Due to the length of construction (and a little hiccup with condominium report filings), the 2014 recorded developer sales went into escrow in 2013. Similarly, most of the currently pending sales for 2015 had contracts written in 2014. That tells me the market is essentially absorbing 16 Kulalani units a year.
Newly Released Pre-Construction Condos
Kulalani has two styles of building. Most are 6-plexes containing a smaller two-bedroom, a larger two-bedroom, and a three-bedroom floorplan, each repeated twice. There are also a few 4-plex buildings consisting of two larger two-bedroom floorplans (like the sales office, if you have dropped by).
Yesterday’s release was of a six-plex building on the golf course. Pricing has a bit of a premium for units on the golf course side rather than the pool side of the complex. If you don’t really mind which side (or are buying primarily for vacation rental), you could, for example, get the two-bedroom 1604 for $605,000 (MLS# 279323) rather than the same unit in Building 10 for $624,000 (MLS# 281002).
All Kulalani condos share this style of kitchen and the built-in lanai BBQ shown
Of course, if you don’t want to wait a year to close, we just took a price reduction on the Kulalani listing my partner Pam blogged about last month as a value purchase. Same floor plan as the developer examples above priced at $605,000 and $624,000, the resale is asking $584,000 including furnishings and window coverings (MLS# 280372).
Two-bedroom Kulalani 2304 comes fully furnished with newly renovated kitchen and upgraded flooring
The other resale listing is a three-bedroom unit on the golf course, asking $779,000 (MLS# 281200). Developer listings of this floorplan are $680,000 in Building 16 (MLS# 279324) and $723,000 in Building 10 (MLS# 281000).
If you need more information on developer versus resale options (or a site plan to make sense of locations), let me know.
A hui hou,
Beth Thoma Robinson, R(B)