A Mauna Lani Terrace unitÂ has finally goneÂ into escrow after 523 days on market! AÂ 1 bed /2 bath ground floor unit of 1150 sq. ft. which was listed for $895,000 has become the first to break the streak.
Prior to this new contingent sale, the last Terrace unit to sell was in February ofÂ 2009; a 2 bed / 2 bath 2nd floor unit which had been on the market 391 days and eventually sold for $1,375.
Most of the ownersÂ ofÂ The Terraces at Mauna Lani have owned since they were built in the mid 1980’s and are not under financial pressure to sell during our current distressed selling market. Therefore,Â they have maintained their values better than anything else along the coastal front.
You must know by now my feelings about the timelessness and quality of the Terraces and the Point at Mauna Lani. They hold their value not only because they are theÂ only oceanfrontÂ condos in Mauna Lani, but also because they just feel good.
My choice for the next “best buy” in the Mauna Lani Resort would have to be two bedroom listed atÂ $1,795,000 (MLS# 235538) .
A hui hou!