Real Estate Market Update – Wai'ula'ula at Mauna Kea Resort

At the beginning of May, a new REO (bank-owned property post-foreclosure) was listed for sale at Wai’ula’ula at the Mauna Kea Resort. Once this condo came on the market at $869,900, it kicked off the third Wai’ula’ula condo feeding frenzy in three years! Two non-distressed units took price reductions to compete, bringing all but one of the Ridge condos under the critical $1 million mark.

A listing that’s priced competitively, Wai’ula’ula M202, was on the market only 17 days before getting an offer, and closed this week for $909,500, fully furnished. REOs take longer to close than regular sales, so bank-owned B101 is still in escrow, but given the multiple offers, it should close at or above the $869,900 list price.

Notice the narrowing of pricing between distress sales (sold unfurnished and in “as is” condition) and regular sales (typically sold turnkey furnished). In 2010, an REO at Wai’ula’ula sold for $770,000 (bid up after being under priced by the bank); two similar condos sold for $900,000 unfurnished and $975,000 turnkey.

Quality finishes, pocket doors, ocean views—Wai’ula’ula at Mauna Kea E201 (MLS# 245994)

The Wai’ula’ula Ridge condos are in 4-plex buildings, two on the first floor, and two on the second floor. Of the six condos for sale at the moment, my top two choices are both on the second floor:

• N201 (MLS# 245853) offered for $879,000 (which I’d previously blogged as a best buy in Mauna Kea real estate) for its private location
• E201 (MLS# 245994) for its upgrades, listed for $930,000

In 2007, these were selling for $1.3—$1.5 million! For that price today, the savvy buyer has a choice of two of the 2,517 sq. ft. paired homes with private pools, which at 2007 prices, were sold for $2.3—$2.5 million. Anyone ready to trade up?