Mauna Lani Resort sales in the first quarter of 2010 have doubled sales for the same quarter in 2009.
Sales were slow to start at this luxury Kohala Coast resort in 2010, but are gathering momentum. The Mauna Lani Resort posted 14 sales in the first quarter of 2010, including lots, homes and condominiums, as opposed to 7 for the same period of time in 2009.
Among these were 13 condo sales ranging from $420,000 for a 2 bedroom at Golf Villas to $1.9 million for a 2 bedroom oceanfront condo at Mauna Lani Point. This was the first Point unit to sell in 15 months.
Considering that Mauna Lani Point and Mauna Lani Terraces are the only two oceanfront condominium complexes in the resort, it is logical that they have been the least affected by the recessionary price-dropping antics of investors and speculators who bought during the 2004-2006 buying frenzy. Most of these beautiful condos have been owned by the same people for decades and those that buy into the lifestyle at this price can well afford to wait out the “storm.” The first sale in over a year shows that prices have held up extremely well.
The only single family residence to close escrow this quarter was a home at 49 Black Sands Beach oceanfront community. This home had been on the market for over 3 years and finally closed escrow at $12.9 million off itâ€™s listing price of $14.995 million.
There is a new event director for the Shops at Mauna Lani and the upcoming schedule of events is being implemented to increase activities and thus draw more attention and participation to the Shops. The new Juice Bar and Restaurant is due to open this month also… I know I can’t wait. While we all miss our Starbucks… this will be a healthy alternative!
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