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Scarce “Deals” in Kohala Coast Resort Condos: Part 2 Mauna Lani

It is a sad thing when a blog post about “deals” doesn’t get published because each day I don’t get it out, another one (deal) bites the dust! That’s been the case with the best buys at Mauna Lani Resort and elsewhere so far this month as our summer season has been hot…at least when it comes to resort real estate for sale!

Although I still get calls from buyers asking specifically for short sale or foreclosure properties, there are few of those left at the resorts. And – perhaps surprisingly – distress sales aren’t necessarily always the best buys.

This Fairways at Mauna Lani condo (MLS# 255882) is my pick for best buy in the under-$500,000 range

Best Buy in Mauna Lani Resort Under $500,000 – Fairways 1701

Three of the least expensive real estate listings at Mauna Lani Resort (of only six under $500,000) are the smaller two-bedroom floorplan at the Fairways at Mauna Lani. The end units in each building are this floorplan and they have one of the bedrooms on the first floor making them popular with vacation renters.

Between the REO (bank-owned after foreclosure) listed at $429,900 (MLS# 255392) and the condo across the street listed at $439,900 (MLS# 255882)…I’d take the second, hand’s down! For an additional $10,000 you get a turnkey furnished unit that is already in a rental program – that’s even if you were to pay full asking price. Only a week on the market, this is one you could buy sight-unseen and have no bad surprises.

Two of the listings in this price point are at the Palm Villas. It seems everyone who stays at Palm Villas falls in love with the location, which along with Mauna Lani Point, and Mauna Lani Terrace is what most people consider walking distance from the Beach Club. A lawsuit over construction defects has hampered sales in here, limiting the market to cash buyers.  

The good news is that has now been resolved and buyers can get a mortgage for their purchase. The most recent sales were all the very small (under 1,200 sq. ft.) 3 bedroom floorplan…and last year you could have snapped one up (a foreclosure) for under $300,000! Unfortunately, those comps sales may make it hard to finance even the least expensive condo for sale at Palm Villas (MLS# 243944), given that those are the sales an appraiser would have to use.

This Mauna Lani Terrace condo is the lowest price for ocean view at Mauna Lani: asking $670,000

Best Buys at Mauna Lani Resort – $500,000 – $1 Million

The one short sale at Mauna Lani is the Golf Villas unit my teammate Pam Deery just recommended as a deal (MLS# 205506) now reduced to $550,000. Pam has also covered the scene at Ka Milo, where the developer has had a strong year so far, but a buyer should also look closely at the resales.

We liked the $769,000 condo listing at Villages at Mauna Lani that had fallen out of escrow, but it has a new offer. However, here’s a HOT TIP: a new short sale of the same Lehua floorplan is ready to go active. Not our listing, but we have advance warning, and trust me, you’ll like this one. CALL if you want details; once it is listed you might expect to see multiple offers in a very short time frame.

The most expensive listing at Palm Villas is the large 3 bedroom asking $729,000 (MLS# 254408). But at this price point, if you want the location and don’t need the space, I like the new one-bedroom ocean view listing at Mauna Lani Terrace for $670,000 (MLS# 225661). Two of these one bedroom units have sold so far this year at prices in the low $600,000’s.

Best buy at $1,590,000 is a Mauna Lani Point penthouse with this view…

Over $1 million – Terrace or Point Ocean View…Versus Single Family?

Once a buyer gets to the $1.0 – $2.0 million price point, the choice is between a true ocean view 2-bedroom at Mauna Lani Point or Mauna Lani Terrace…or go for a peek-a-boo ocean view on the golf course from a single family home at the condo communities Mauna Lani Villages or Ka Milo.

This year buyers have opted for the latter. Four sales in the $1.3-$1.4 million range at Ka Milo plus one at the Villages…versus no sales over $1 million at Mauna Lani Point and only two at Mauna Lani Terrace.

The effect of this competitive scenario has been to put downward pressure on listing prices at the Point and the Terrace. You have Mauna Lani Point F201 on the market for $1,850,000 (MLS# 247491) with the ocean view to die for but a tired interior.  

My best buy pick is the new Mauna Lani Point condo listing of F205 at $1,590,000 (MLS# 256078). This renovated two-bedroom unit would easily have sold for $2 million just a few years back.

A hui hou,

Beth Thoma Robinson, R(B)
Direct: 808.443.4588
Email: beth@hawaiilife.com

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Pam Deery, R(B)

July 24, 2012

Great coverage as always Beth. I did get in an offer on the “not yet released” Lehua at Villages but am already competing.. apparently the “secret” is out! Anything in the Villages in the $700k price range will likely be seeing multiple offers at this point.

Pam Deery, R(B)

July 24, 2012

Great coverage as always Beth. I did get in an offer on the “not yet released” Lehua at Villages but am already competing.. apparently the “secret” is out! Anything in the Villages in the $700k price range will likely be seeing multiple offers at this point.

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