During the past two years, the sales have been slow in the Fairways at Mauna Lani.Â There was a â€œsnagâ€ in financing due to the homeownerâ€™s association suit against the developer and builder, which prevented anyone buying with the requirement of financing. Lenders would not finance with the lis pendens/suit on record. Therefore, the only sales that could record were cash transactions.
This situation, along with the slowing sales over the recent two years, has caused the values to drop along with the sales. Additionally, the appraisers are no longer giving any premium adjustments to the golf course fronting units.
There were premium values charged of $50,000+ when the project first released and sold in 2004 for the outside, or perimeter homes, which faced the golf course (buildings 1-12) over the interior homes where the lanais faced the gardens and pool area.
I am glad to report the suit is settledâ€¦for the most part.Â There is still a hold back with the slope/run off of the upstairs lanais which prevent runoff during a rainstorm(?!!)Â The attorney for the homeownerâ€™s association has confirmed this is a relatively minor issue with resolution expected within the next few months. I currently have an escrow which does have a loan approval by a local lender expected to record this month before Christmas based on a report I was able to obtain from the president of the HOA.
As the Fairways are actually some of the better value purchases in theÂ Mauna Lani Resort, some savvy buyers that have taken the leap of faith in the upcoming resolution will likely find their confidence rewarded.
I currently have a new listing on the golf course in one of the best view buildings in the Fairways at the back of the development (MLS# 240814).Â This beautiful two bedroom, two and a half bathroom town home with attached garage overlooks the 12th fairway and is very quiet while enjoying fabulous sunset views, and just a short walk to the Fairmont Orchid Hotel, Petroglyph Park, and the Shops at Mauna Lani.
Living and loving the resort life