The Villages at Mauna Lani just recorded another sale on Friday the 14th, which may be one of the last (?) short sales for quite some time. I represented the buyer on Villages #608, which is a nicely positioned Maile, 2,752 sq. ft. plan with reverse living area for optimal views of the ocean (horizon), sunsets, and the golf course. The sale recorded at $725,000!! The buyers are ecstatic after following the market for nearly four years; their patience and timing paid off.
The current available inventory of only five properties ranges from $739,900 on a bank owned Maile (MLS# 246323) to $1,695,000 for a single family Alii plan with a pool overlooking the golf course (MLS# 245887).
As the inventory has shrunk to an all time low, those owners who were waiting on the side lines having weathered the storm, will doubtlessly be listing their properties for higher prices in the coming fall/winter months with little competition from the foreclosure market with the passing of Hawaii’s Act 48, which went into effect on October 1st. (Read about Act 48 here.)
I have personally spoken to 18 Village homeowners who are considering listing their properties “as soon as the distressed sales are gone.” Well…there are only 2 left as of this writing—and one is actually under contract.
Having previously offered on the available REO (or bank owned) Maile listing and receiving a higher counter offer than my buyer client was willing to pay, my buyer chose a short sale over the bank owned property (which is still available) for personal reasons and color choices. This property is a very nice unit and is in good condition, and best of all…available.
I am pretty sure I can tell you where the appraisal will come in on this one now! As always, I am happy to share my insider’s information with my buyer clients. 🙂
Living and loving the resort life!