There were 62 recorded sales of condominiums for Mauna Lani Resort in 2013. The majority of those sales were between $600-850k, and another 13 coming in at sales prices of over $1M.
To put this into perspective, there were 47 condos sold in 2012 and there are currently 52 active listings of condominiums on the market throughout Mauna Lani Resort at this time with 30 pending or under contract sales. Of the pending sales, 18 were sold as pre-built in Kulalani and Ka Milo, the only two developments currently under construction at this time in the resort.
What Does That Mean for 2014 Sales?
With most of the pending sales in Kulalani and Ka Milo due to complete construction in the first quarter of 2014, over half of the “average” number of sales for the year are already under contract.
The inventory is lower than last year, but the prices have “edged” upward in the more popularly priced range. The higher the price range, the slower the increase over the past 2 years. The lowest priced condo for sale in the resort at this time is a 2 bed/2 bath at the Fairway Villas priced at $509k.
68-1125 Kaniku Dr. #1401, Mauna Lani Resort (MLS# 269042)
Palm Villas Arbitration
As I was previewing condos earlier this week for a client, I learned that the Palm Villas have again entered into arbitration between the homeowner’s association and the developer.
The issue is somewhat of a recurrence as the repairs that were “completed” as the result of a previous settlement between the developer and homeowner’s assoc. were found to be substandard or “unacceptable” in “some but not all” of the nine buildings.
Although the developer sub-contracted out the repairs, he is still responsible and in the middle as the HOA attempts to force the sub-contractor to remedy the defaults. I don’t expect this to take too long, but it could have an affect on the winter sales for that community.
As a result of this new mediation, buyers cannot obtain conventional financing on this development until settlement is reached. This does not preclude cash buyers willing to take the risk that the resolve will be forthcoming in the not too distant future.
As not all of the buildings were affected by this sub-standard workmanship, it would behoove anyone considering a purchase in the complex to use a knowledgeable realtor with the resort and complex in particular (did I mention I live in the Mauna Lani…).
Contact a Mauna Lani Resort Specialist
For an overview of the Mauna Lani Resort condominiums, and what each has to offer, it may be helpful to review a recent post to answer any questions; or just give me a call.
A hui hou; loving and loving my resort life.
Sean
January 7, 2014
Thanks Pam for the update. Along with Mauna Lani – it appears the entire Kohala coast is poised for a great 2014. I follow Waikoloa Beach more closely and note the old guards – Vista Waikoloa and the Shores are firming. Vista listings are often very DOM and recently a standard sized 2 bedroom closed in the $480,000 range. The Shores should see a significant revitalization in 2014 with Puna taking over grounds Sept.2013. Already you see a standard 2 bedroom contingent @ $475,000 and a new standard 2 bedroom listed at $520,000- although overpriced – trend in place now. The Shores Golf Villa – often the most private with golf and ocean views are seeing action in the $670,000 range – one closing in 2013. Kolea finally – a 2 bedroom contingent in lower $800,000 may set those off too. Mahalo !
Pam Deery
January 8, 2014
Hi Sean; The Shores and Vistas were overdue for price increases! Halii Kai and Waikoloa Colony have garages though; and that is often important to second home owners as well as full time residents and can be bought for $500k too:)
Aloha, Pam
Sean
January 7, 2014
Thanks Pam for the update. Along with Mauna Lani – it appears the entire Kohala coast is poised for a great 2014. I follow Waikoloa Beach more closely and note the old guards – Vista Waikoloa and the Shores are firming. Vista listings are often very DOM and recently a standard sized 2 bedroom closed in the $480,000 range. The Shores should see a significant revitalization in 2014 with Puna taking over grounds Sept.2013. Already you see a standard 2 bedroom contingent @ $475,000 and a new standard 2 bedroom listed at $520,000- although overpriced – trend in place now. The Shores Golf Villa – often the most private with golf and ocean views are seeing action in the $670,000 range – one closing in 2013. Kolea finally – a 2 bedroom contingent in lower $800,000 may set those off too. Mahalo !
Pam Deery
January 8, 2014
Hi Sean; The Shores and Vistas were overdue for price increases! Halii Kai and Waikoloa Colony have garages though; and that is often important to second home owners as well as full time residents and can be bought for $500k too:)
Aloha, Pam
Kelly
January 7, 2014
Thanks for the write-up. With a few rental properties on Maui – where along the Kohala coast do recommend a condo knowing I would be looking for the highest occupancy/ ROI? Assuming the resorts there is a variance between Resorts. Cheers!
Pam Deery
January 8, 2014
Hi Kelly; depends on the price range. Waikoloa Beach Resort is good and has lots of shopping, restaurants etc. Mauna Lani does not allow time shares and therefore is lower density with a smaller shopping center and the popular Beach Club with white sandy beaches that rarely (outside of holidays) is crowded.
In the $350-500k price range in Waikoloa Beach Resort; Waikoloa Colony, Halii Kai & Fairways.
Same range is no longer available at either Mauna Lani or Mauna Kea.
$500-800k range I suggest Golf Villas, Kulalani or Ka MIlo. These are newer and have nice amenities with good access to the beach club.
Let me know if I can be of assistance! aloha, Pam
Kelly
January 7, 2014
Thanks for the write-up. With a few rental properties on Maui – where along the Kohala coast do recommend a condo knowing I would be looking for the highest occupancy/ ROI? Assuming the resorts there is a variance between Resorts. Cheers!
Pam Deery
January 8, 2014
Hi Kelly; depends on the price range. Waikoloa Beach Resort is good and has lots of shopping, restaurants etc. Mauna Lani does not allow time shares and therefore is lower density with a smaller shopping center and the popular Beach Club with white sandy beaches that rarely (outside of holidays) is crowded.
In the $350-500k price range in Waikoloa Beach Resort; Waikoloa Colony, Halii Kai & Fairways.
Same range is no longer available at either Mauna Lani or Mauna Kea.
$500-800k range I suggest Golf Villas, Kulalani or Ka MIlo. These are newer and have nice amenities with good access to the beach club.
Let me know if I can be of assistance! aloha, Pam