About Kamuela's Mauna Kea Resort

It is rare that I would blog about Wai'ula'ula condos for sale twice in one week, but for the third time in three years we are suddenly seeing a feeding frenzy of activity at this Mauna Kea Resort complex.

To recap, on Monday I reported trying to show a Wai'ula'ula new REO (bank-owned after foreclosure) listing last weekend, to discover there were already two offers on it.

I also reported the Wai'ula'ula M201 had a price reduction to $895,000 to compete with the REO.

With the flurry of showings, that particular unit did not get an offer, but the one right next to it in the Wai'ula'ula Ridge four-plex building DID get an accepted offer. Although the REO is not yet showing as in escrow, that is typical of processing times for bank-owned properties, so we can safely assume that two Wai'ula'ula condos got snapped up this week.

Will this Wai'ula'ula condo be the next to sell? MLS 229760 offered for $935,000 after this week's price reduction.

Two more Wai'ula'ula condos had price reductions to compete, so now we have five still for sale, and all but one listed at under $1 million. Purchased by the original owners for prices over $1.5 million, it is not as steep a discount as at some other Kohala Coast resort condo communities, but still big for Mauna Kea Resort.

In 2010 during the peak of the selling season, most of the Wai'ula'ula condos, including those now taking price reductions, were listed over $1 million. In addition to one REO that the bank underpriced at $742,500 and got bid up to $770,000, two units listed over $1 million closed for $900,000 (unfurnished) and $975,000 (furnished).

That is exactly the range of pricing established during the Wai'ula'ula developer closeout in 2009!

The only thing that remains to be seen is how many buyers have been waiting in the wings, frustrated at not getting a Wai'ula'ula condo when they were for sale in 2009 or 2010 at these prices, and ready to move now that the remaining sellers have gotten realistic on pricing as well. Wai'ula'ula offers quality construction, big ocean views, a lovely pool and fitness center, and three levels of the Mauna Kea amenity program available.

A hui hou,

Beth

A new condo REO (foreclosure) at Wai'ula'ula at Mauna Kea Resort came on the market last Friday at $869,900. That is exactly the same price the last foreclosure in the luxury complex sold for in February. Perhaps it therefore should not be surprising that when I tried to show it yesterday I was told that I was welcome to, but should be aware that there were two offers already in on it!

All Wai'ula'ula at Mauna Kea Resort condos and homes have ocean view across the golf course.

Buyers who still want a bargain on a Wai'ula'ula at Mauna Kea condo should not despair, as the foreclosure pricing was almost matched by a price reduction on a unit that has been on the market for over 1000 days! There is a third choice that came on a week ago under $900,000.

The foreclosure is in the "B" building, which some people prefer as being just below the pool amenity area. The reduced listing is immmediately upstairs (these are four-plex buildings), and is priced at $895,000. The other option is in the "M" building, where three out of the four condos are now listed at under $1 million:

M 201 $895,000

M 202 $935,000

M 102 $999,000

Unlike the Wai'ula'ula foreclosure, the M building condos for sale at Wai'ula'ula are offered furnished. At the $999,000 price point, my top pick is the listing in Building N that has great privacy and furnishings. However, with three condos for sale at Wai'ula'ula at lower prices, this one has become a "good buy" but perhaps no longer a "best buy".

Mauna Kea real estate prices have not been hit to the extent of many other Kohala Coast locations, with the exception of these communities at the Uploads. Foreclosures are rare at the Mauna Kea Resort. Wai'ula'ula has seen a few but now that non-distressed properties are for sale at similar prices, there is no need to get into a bidding war!

None of these are my listings, which leaves me free to represent a buyer without compromise of agency duties.

A hui hou

As predicted in my January post, the REO (foreclosure) at the Wai'ula'ula condos at the Mauna Kea Resort went quickly into escrow...and the other unit I mentioned as the top pick, A202, is also under contract.  New to the market since then is N201, tied for the lowest priced Wai'ula'ula villa currently for sale at $999,000...and a genuine "best buy".

The best buy at Wai'ula'ula is currently N201 (MLS 241685) priced at only $999,000 fully furnished.

The N building is situated at the highest point of The Ridge (as the upper portion of Wai'ula'ula near the Clubhouse with all the condo buildings is called).  And within the building, this unit is upstairs on the side nearest the water feature on the golf course, with lovely ocean views over the buildings below.

The sellers purchased at the developer close out in 2009 for $950,000, furnished it nicely, and have a killer book of vacation rental reservations.  They are only selling because they love the Uplands at Mauna Kea so much they just purchased a single family home and have no use for the condo (which is plenty big enough for most of us as a second or vacation home with 2111 sq ft, 3 beds/3 baths and a huge lanai!

An easy walk from this unit to the amenity area, and a quick drive to use the facilities at the Mauna Kea or Hapuna Prince hotels.  There are three levels of membership in the Mauna Kea Resort program for owners of real estate within the resort. I'd be happy to send details to prospective buyers!

A bit lower within Wai'ula'ula, another one of the paired homes is now for sale at $1,649,000 asking price (the villas sold for $2.4 million when purchased).  I prefer these floorplans to the freestanding homes, truth be told, and for buyers at this price point the two available are worth a look.

A hui hou

Beth

Last year's short sale and foreclosures for sale at Wai'ula'ula luxury condos at the Uplands at Mauna Kea Resort were very competitive, with bidding wars and multiple offers. The first REO (bank-owned) Wai'ula'ula condo offered for sale sold as predicted in "O days on market". Of course it helped that the pricing was aggressive. Offered at $742,500, the lucky winner paid $770,000. Comparable units sold for $900,000 and $975,000 last year, and although the higest priced one sold turnkey furnished (to my business partner Pam Deery's buyer), not every buyer cares to pay a premium for location and furniture!

View from Wai'ula'ula H102, bank-owned property just listed for $869,900. The "road" is internal to the complex and homes will be built on the other side of it, with no impairment to the ocean view!

Wai'ula'ula is a mixed community of condos, paired homes and freestanding residences--which gives these condos distinction over other condo-only communities. They have 3 large bedrooms, superb finishes, and pocket doors rolling back to open up the interiors to spacious lanai with built-in grill. This is a groundfloor unit, which is preferable for the rental market as the upper units are reached by stairs.

Although the listing price seems like a big jump over the previous REO sale, the asset manager evidently is betting that with the rest of the units for sale at $1 million or more, this will still be the next Wai'ula'ula to sell in a market where inventory has suddenly become tight in this price point.

For the discerning buyer who prefers a unit with the best location, all the upgrades, and turnkey furnishings, my pick is the former model home A202, offered at $1,250,000 (MLS 232148)

A hui hou,

Beth

Over the weekend I was juggling four incoming offers on three different listings, a buyer client in town and multiple showings on other listings in both my North Kohala real estate and Kohala Coast condo markets. Oddly enough, we had three "lowball" offers come in (two on the same property) because the prospective buyers believed the press that this is a "dead" market and a "dead" season of the year!

The two sweet spots seem to be the entry-level residence in the Hawi - Kapaau area, and the price point under $1 million in the condo market.

As I was working on counteroffers, I pulled the following statistics:

• There are currently 34 condos showing as "contingent" in the Mauna Lani and Waikoloa Beach resorts.
• Of those, two are REOs and 20 are short sales. That leaves 12 properties - over a third of those with offers - that are not distress sales or foreclosures.
• Although there are no condos in escrow at the Mauna Kea Resort, a bank-owned condo at Wai'ula'ula just came on the market. At $742,900 when the next lowest available competing listing is over $1 million, this is likely to have multiple offers.

This Wai'ula'ula condo REO is likely to be the next sale at Mauna Kea Resort

One of the reasons I am working so hard is that while there are still "deals" to be had, it takes more diligence to sort through the available inventory with my clients--and to counteroffer those unrealistic "bottom fishers". That's just not where the Big Island real estate market is at, at least in my territory.

A hui hou

Beth