About Kamuela's Mauna Lani Resort

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.

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

Ka Milo at Mauna Lani resort took the bold step of beginning construction on their next phase, and now they are offering a furniture credit to all buyers of new construction homes.

The smallest Honua A single-level paired home floorplan comes with a $25,000 credit and the larger free standing homes gets $50,000 towards furniture.

My understanding is that they have sold at least one of the homes currently under construction, in the building closest to the entrance. Ka Milo chose an unusual framework for construction, sprinkling buildings throughout the site in their first phase, and now filling in between those buildings. The good news for buyers of the paired and single homes under construction is that they won't face the prospect of additional construction next to them, as some of the current owners do.

For a Ka Milo buyer who wants to see what they get, the model home is available for purchase as well, with a leaseback arrangement offered. While furnishings are technically not include in the $899,000 asking price, given the furniture credits offered on Ka Milo's new construction, I'd make an offer!

A hui hou

Beth