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What’s Left in the Mauna Lani Under $1 Million?

I am asked the same question frequently, “What is the best buy for sale in the Mauna Lani Resort?” The question alone indicates the market’s change, shifting from a buyer’s market to a seller’s market. The buyers that are shopping for the values of last summer will be a bit disappointed as the prices have definitely leveled and even risen in some areas and price ranges.

We are seeing more accepted offers (pending sales) and closings than new listings. Sellers who “had to sell” have likely done so already and those that have weathered the storm are holding closer to their prices than last year with no real sense of urgency.

My choice picks currently available in the “popular priced range” are as follows:

Villages

A REO (bank owned) Maile floor plan priced at $719,000 – this unit was listed a year ago by another company and is showing as a new listing due to the change. The original list price was $769,000 in June of 2011. The difficulty at the time was the restriction to showing appointments due to the tenant.

Having shown this unit (MLS# 250751) a number of times and having written an offer on it once already, I feel this will be a bargain purchase for someone soon in the $700,000 or slightly less range. It is unfurnished, but has several nice upgrades. The seller/bank owner has rejected all offers less than $700K, however, thus far.

Golf Villas

There are two of the larger floor plan 3 bedroom/3 bath units on the makai (ocean) side of the complex with great sunset and golf course views; one is furnished and priced at $669,000 (MLS# 242629) and the other unfurnished, but the same floor plan priced at $569,000 (MLS# 205506).

The Golf Villas has proven to be a favorite this year with six sales and only three available listings. The location and big views, due to the fact that they are surrounded by the golf course, combined with a short walk to the Mauna Lani Beach Club have pushed these units to the top of the list for several smart buyers.

Fairway Villas

The Fairway Villas has has seven sales since June of 2011, two currently under contract/pending sales and only four available properties.

The pick here is obvious for location and view (MLS# 250166); priced at $518,000, this large two bedroom floor plan (1,646 sq. ft.) backs on to the 12th fairway of the North Course. It is in a very quiet back corner location of the development with great sunset views. 

I feel the price achieved would have to be lower compared to the pending sale of the same floor plan…happy to discuss this with you as it will close soon and become public knowledge, and a bargaining chip.

Kulalani

The Kulalani dev. has only one listing! It is way too easy to pick here 🙂

The unit is one of the preferred four plex double master suite units with one suite upstairs and the other just below. The floor plan is an end unit which is open, light, spacious and includes a large two car garage with additional off street parking, which is invaluable in resort living. The rec center and pools are one of the best on the island. The price is $745,000 (MLS# 251984).

Ka Milo

Ka Milo has been on a roll! The construction is in full swing and the sales are good. There are currently five homes available with four of those not yet built! The difference between the resale units, which were built in 2005-2007 pre-“recession”, is the earlier built have nicer finishes. The new construction is “value engineered” – a term we all hate in real estate.

My pick is a floor plan that is no longer offered, a Honua B which is a four bedroom with two identical master suites (MLS# 246447). This is a great option for a partnership or vacation rental as no one has to draw straws for the master. The unit is beautifully furnished and comes turn key for  $995,000. No value engineering here!

The Islands

Last, and surely not least of my favorites, is The Islands! Sales have been slow at the Islands over the past few years with only one sale recorded since June of 2011. However, with a recent price reduction of over $50k, this spacious two-story, two-bedroom unit with a two car garage (MLS# 246683) is sure to be the next sale.

It is not a short or distressed sale and comes with good rental history, and a book of future bookings. Priced a bit high (in my humble opinion) at $649,000  this unit would need a bit of remodeling to bring it up to date.

While there are of course several other developments within the Mauna Lani Resort, the units above are in the less than $1M price range and would be considered the better buys!

A hui hou!

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Beth Thoma Robinson R(B)

April 6, 2012

Pam, love your summary. My other favorite at Fairways for the 3-bedroom shopper is #1102 in the building next to the 2-bedroom you highlight above. Aside from the Villages REO, it is clear that prices are trending upward as this next group of sellers are not distressed and are asking higher prices than last year’s sales.

Beth Thoma Robinson R(B)

April 6, 2012

Pam, love your summary. My other favorite at Fairways for the 3-bedroom shopper is #1102 in the building next to the 2-bedroom you highlight above. Aside from the Villages REO, it is clear that prices are trending upward as this next group of sellers are not distressed and are asking higher prices than last year’s sales.

Pam Deery, R(B)

April 6, 2012

Beth; I like that choice also! However, at the time of writing the article it WAS under contract…how things change in the real estate world; daily!

Pam Deery, R(B)

April 6, 2012

Beth; I like that choice also! However, at the time of writing the article it WAS under contract…how things change in the real estate world; daily!

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