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.