I have been working with buyer clients on finding a lot to build on here in the Mauna Lani Resort for the past few weeks. Lots have been slow to sell until just recently, as most buyers were finding it has been less costly to buy and remodel to suit their needs, than to build.
However, with the luxury home inventory steadily plugging along, and builders actually looking for work rather than turning it away, or inflating to unrealistic prices as they had in recent years, it has recently become more attractive to purchase and build once again.
The price for lots here in the Mauna Lani Resort had dropped dramatically. One lot in Kei Kailani which was over $2.5M originally in 2008, just resold for $750,000 cash this past month, and another is listed at $850,000 (MLS# 205437).
Two lots just went into escrow in Pauoa Beach (oceanfront gated community between Fairmont Orchid and Mauna Lani Bay Hotels) this past week. There are currently two lots available with nice ocean views, and of course, their own private trail directly to the beach in front of the development, as well as the gorgeous amenity center with infinity pool and oceanfront workout center, complete with sauna, steam bath, and private outdoor massage compound.
These two Pauoa Beach lots are $1.795M for 33,000 sq. ft. (MLS# 201031) and $1.790M for 29,000 sq. ft. (MLS# 194806) on the golf course just steps from the water at the end of the lower level cul-de-sac.
There are also two estates lots and one cape lot available as well as one water front lot in 49 Black Sands Beach (MLS# 242429) and 4 inside lots in the “popular priced” range of just over $1M.
As always, I would be happy to share my knowledge and specific details if you care to contact me directly.
Living and loving the resort life!
Katie Minkus, R(BIC)
May 9, 2011
Pam – what’s going on with KeKalani now? Are they out of bankruptcy?
Katie Minkus, R(BIC)
May 9, 2011
Pam – what’s going on with KeKalani now? Are they out of bankruptcy?
Pam Deery R(B) Big Island
May 10, 2011
Actually Katie, it is very interesting; the developer who filed for bankruptcy was allowed time (with payment for delays and penalties) to work a deal with a purported potential investor (Sumitomo Bank) which was prepared to invest 47.5 million into the project but withdrew after the Tsunami and earthquake that struct Japan last month.
The developer has since filed for a reorganization plan which is subject to bankruptcy court approval and other conditions.
If this plan is approved, the estimated time for completion would be four years and would include selling the remaining lots and condos of course.
Stay tuned!
Pam Deery R(B) Big Island
May 10, 2011
Actually Katie, it is very interesting; the developer who filed for bankruptcy was allowed time (with payment for delays and penalties) to work a deal with a purported potential investor (Sumitomo Bank) which was prepared to invest 47.5 million into the project but withdrew after the Tsunami and earthquake that struct Japan last month.
The developer has since filed for a reorganization plan which is subject to bankruptcy court approval and other conditions.
If this plan is approved, the estimated time for completion would be four years and would include selling the remaining lots and condos of course.
Stay tuned!
Katie Minkus, R(BIC)
May 14, 2011
@Pam – here’s an article from the Star Advertiser with an update on KeKailani: http://www.staradvertiser.com/business/20110514_Luxury_homes_again_up_for_auction.html
Katie Minkus, R(BIC)
May 14, 2011
@Pam – here’s an article from the Star Advertiser with an update on KeKailani: http://www.staradvertiser.com/business/20110514_Luxury_homes_again_up_for_auction.html