I mentioned a few articles back that in a real estate market with limited choices, the best selection of Mauna Lani resort condos are the listings at Mauna Lani Point. Since then one has accepted an offer, but there are still four 2-bedroom choices available.
Sales Strong at Mauna Lani Point; Options Differ by View Premium
Since Hawaiʻi reopened to visitors late in 2020, we have seen the velocity of resort real estate sales increase dramatically after a near-halt a year ago. Two Mauna Lani Point condominiums have already sold this year, a 1- bedroom for $1,200,000 which was a steal given its location in the “A” building with direct ocean and Maui view, and a 2-bedroom for $1,550,000. Three more Mauna Lani Point condos are in escrow.
The range of asking prices for the four active listings, from $1,295,000 to $1,995,000, seems wide. But like the Halii Kai community at Waikoloa which I will write about next, you have a range of views, and the more expensive units carry a location premium for the degree ocean and sunset view.
Drain Pipe Project at Mauna Lani Point
For the past two years, the ownerʻs association at Mauna Lani Point has been dealing with an issue that first surfaced at nearby Mauna Lani Terrace: leaks appearing in the cast iron sewer pipes that were standard in construction at the time these first Mauna Lani condominiums were built. The Association is going to proactively replace all the piping at no out-of-pocket cost to owners.
Units that have active leaks will be addressed immediately. Any Mauna Lani Point owner who is remodeling their condo can have the work scheduled during their renovation. While all four active listings have been renovated from their original finishes, each of the three with ocean view is probably due for an update, which means as a new owner you can minimize disruption by letting the Association do the pipework while you remodel.
If you were to buy a condo and did not fall into one of the priority categories, you should expect remedial work of approximately 3 to 4 weeks at some time during the next 3 to 5 years. Note that this information has been disclosed to all recent Mauna Lani Point purchasers, so the “news” has already been taken into account by the market in prices of comparable sales.
Feel free to reach out for more information about the project or available units!