Kamuela, HI

The Villages at Mauna Lani has two new foreclosure (REO) listings on the market in the past few days.

Inventory had dwindled down to nothing in the the Lehua and Maile 3-bedroom floorplans at the Villages at Mauna Lani, with Villages 313 (the larger Maile) closing last week for $895,000 and Villages 609 (the smaller Lehua) closing two weeks earlier for $750,000.

Suddenly seeing nothing for sale drew out five new Villages at Mauna Lani istings in the past 15 days, of which two are bank-owned properties (REO). Three of these, including one listed as a short sale, are not particularly compelling in their pricing:

• a Lehua for $895,000
• a Maile SHORT SALE for $1,100,000
• a detached Alii for $1,695,000.

Friday's broker caravan at the tiny beachfront community of Puako ran the gamut of properties for sale, from tiny classic beach shacks on the mauka side of the street, to large estate-size homes on the oceanfront side of the street.

This cottage for sale across the street from the beach is the least expensive home for sale in Puako at $799,000 (MLS 241165)

There is just one small street running through Puako, and because the ocean side tends to have large homes on small lots, very few of the houses on the opposite side of the street have any ocean view at all. In compensation, it is never more than a few steps to the beach from either side of the street, since the public has access to all beaches in Hawai'i.

Three homes are for sale on the mauka side of the street. The least expensive is a classic cottage, reminscent of beach shacks from Cape Cod to Kealakekua Bay, 880 sq ft sold in "as is" condition for $799,000. The grounds of this property are wonderful, with the entrance screened by a Royal Poinciana that just happens to be in bloom right now, and a brackish fish pond.

The second Puako property for sale has two stories, each rented separately, and is offered for $875,000 (MLS 239363). The upstairs is a vacation rental and the downstairs is a long term rental...Puako being a popular choice for both.

At the end of Puako closest to the little store is a brand-new version of the beach cottage, with a huge lanai for entertaining (MLS 240224), offered at $1,000,000. Whereas the other Puako properties for sale on this side of the street would require some updating for most buyer's (and perhaps even to qualify for a mortgage), this cute property already has tiny but modern kitchen (and same for the bath). It is built on the front half of the lot, so it could also become the guest house for a larger home.

Tomorrow I'll review the Puako oceanfront estates currently for sale. It was exciting to have an opportunity to see them back-to-back, and "which is the best value?" was the hotly discussed topic as brokers greeted one another on the street.

A hui hou,

A new listing released today at Mauna Lani Terrace looks priced to sell at $1,695,000. I say it is "priced to sell" because (1) it is a coveted third floor "penthouse", as were all three of the Mauna Lani Terrace condos sold so far in 2011, and (2) it is priced very close to where the two bedroom units actually sold...and (3) the list price is $100,000 below the asking price of the other 3rd floor Mauna Lani Terrace condo in the "D' Building, which is also for sale.

Ocean view from Mauna Lani Terrace D Building (MLS 244065 and MLS 245433)

At first I was puzzled because there are no photos shown of the interior, although the description says it is "immaculate", "never rented and minimally used." The listing does not indicate whether furniture is available, but it is generally assumed that resort condos are sold turnkey furnished unless a short sale or REO.

Then I realized the photos of the view looked awfully familiar...sure enough, the listing agent used the photos from D302, which has been on the market about 6 weeks, to show the view from D301. No worries, as the view from both would be similar, looking across Mauna Lani Terrace's oceanfront pool area towards the ocean.

I'll be calling tomorrow to arrange a preview, so watch this space for one woman's opinion of which of the two oceanview penthouse listings at Mauna Lani Terrace is truly priced to sell!

A hui hou

Beth

Our only Big Island movie theaters are in the "big cities" of Kailua Kona and Hilo, but the Kohala Coast resorts have the distinction of hosting the annual Big Island Film Festival, which comes to a close this evening. In its earlier years it took place at the Waikoloa Beach Resort hotels and Queens Market Place; the past two years it has moved to the Mauna Lani Resort.

If you only catch one event of the Big Island Film Festival, choose the night it closes. The Best of the Fest begins with a Silent Auction to benefit the Wounded Warrior Project; continues with a concert featuring a popular Hawai'ian music artist; and ends with the Audience Choice films. Throughout the festival the audience gets to vote on their favorite short and feature films.

This year's Audience Choice feature is called GET A JOB, filmed in Hawai'i and obviously a favorite with local audiences. See you at the Fairmont Orchid this evening for the close of the Big Island Film Festival!

A hui hou,

Beth

Thank goodness for a new listing at Villages at Mauna Lani! When I saw the new listing, I felt like saying "and baby makes three!" Until Wednesday of this week, the only two choices were not ones that would work for most Villages buyers, and certainly not for the buyer I was scheduling appointments for today.

New Villages at Mauna Lani condo for sale (MLS 244710) shows luxury finishes valued by buyers

The REO (bank -owned post-foreclosure) that has been on the market since January did not sell at auction, and stayed on the market at a reduced price of $625,000. It is highly unusual for an REO to linger for 4 months especially at a highly regarded resort condo community like the Villages at Mauna Lani. This is a "runt of the litter" situation. The problem, as I've written before, is location (right next to the shops at Mauna Lani). However, at over $100,000 below recently closed sales of the Lehua floorplan, it seems to have found a buyer.

There is a buyer for every listing, at some price. As of yesterday, that Villages at Mauna Lani foreclosure has an accepted offer (although it is not yet contingent in the MLS). Oops, that means we're back to only two available Villages condos for sale!

At the other end of the spectrum, Villages 425 which has been on the market over 600 days, finally had a price reduction to $1,399,000, This home is in the coveted west-facing 400 row, with its own pool, but is smaller than the two that have sold this year in that price point, which were the Kahili floorplans. The seller paid $1,950,000 and will "look at offers", so this one too will find its buyer.

In short, Mauna Lani real estate continue to be "hot" well into May which is usually a slower month for us after the winter visitor season. At the Villages alone, there have been five completed sales this year, and three villas are in escrow (not counting the REO with its accepted offer).

The two Villages at Mauna Lani listings on the market appear to be priced to sell, especially the Maile floorplan offered at $929,000 with Tommy Bahama furnishings included.

A hui hou