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Mauna Kea Resort Real Estate Deals – 2nd Quarter Update

Mauna Kea Real Estate Statistics

View Mauna Kea Resort Real Estate.

A lot of house for the money, this Mauna Kea Resort home (MLS# 235358) is back on the market

In my last Mauna Kea market report at the end of the first quarter Wailulaula had a number of distressed properties listed. Unfortunately, none of those properties has yet closed escrow. The only sale at Waiulaula was a Ridge 3 bedroom unit which was listed at $1,199,000 and sold at $975,000 furnished (my buyer client).

I also had offers on two other Ridge units which were; a short sale listing and a bank owned (REO) property. The short sale went to foreclosure and the bank owned property is apparently being held by the bank due to a title problem.

Mauna Kea Development/Holding Co. has just put the remaining 6 Kumulani condos (MLS# 230118) on the market at less than they originally sold for in 2001! Priced at $550,000 – $795,000 for a very nice spacious (1,541 sq. ft.) two bedroom with killer ocean views and golf course fronting. These units are the bargains Waiulaula was at the beginning of the year when the developer sold his remaining few units off at “popular prices”.

Mauna Kea Dev. also just put their remaining High Bluffs lot inventory on the market at approximately 70% of their original cost with prices for 31,000 + sq ft lots priced from $792,000 – $891,000. Compared to other lots up and down the resort coastline, these are value priced and aren’t expected to last.

The 6 bedroom 6 bath pacific rim two story house on Lanikeha Pl. (MLS# 235358) is also back on the market at a newly reduced price of only $3,950,000. That is a lot of house for the price, but does need a remodel, in my opinion.

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Katie Minkus, R(B)

June 23, 2010

Aloha Pam – I agree with you the house on Lanikeha street needs a remodel – a very large one, in fact. We had some buyers with serious interest in this home about 18 months ago. They brought in some local luxury builders for an estimated cost to renovate, and the bids all came in around the $1.5 – 2M range. That being said, this is a great opportunity for a smart buyer to obtain an incredible property (the location is hard to beat) and put their own “designer influence” on a classic Mauna Kea estate. Thanks for the market update!!!

Katie Minkus, R(B)

June 23, 2010

Aloha Pam – I agree with you the house on Lanikeha street needs a remodel – a very large one, in fact. We had some buyers with serious interest in this home about 18 months ago. They brought in some local luxury builders for an estimated cost to renovate, and the bids all came in around the $1.5 – 2M range. That being said, this is a great opportunity for a smart buyer to obtain an incredible property (the location is hard to beat) and put their own “designer influence” on a classic Mauna Kea estate. Thanks for the market update!!!

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