Mauna Kea Market Update

2009 definitely brought some declining prices for Mauna Kea real estate and the developer inventory at both Kumulani and Wai’ula’ula condo complexes mauka of the highway, seem to have taken the biggest hit. Due to the economic downturn, the remaining Wai’ula’ula units prices were slashed and inventory was sold off over the summer months at nearly 50% of their original list prices to a few very lucky – and savvy – buyers.

The market has since stabilized although inventory is still plentiful with Kumulani condos priced from $800,000 to $1.195 (a beautifully furnished golf course front with ocean view unit with single car garage); and Wai’ula’ula ranging from $849,000 for a 3 bedroom 3 bath highly upgraded ground floor condo with single car garage in the Ridge to a beautifully furnished and upgraded Villa (paired) home with two car garage listed at $1.799ml.

The single family residential market has a wide range depending on whether you are in the Uplands ($1.495 on Aho Place) to $14,500,000 for an exquisite 8200+ sq. ft. home in the Bluffs adjacent to the Mauna Kea Hotel.

Lot sales have been slow the past couple of years, but again with recent price changes, remaining inventory ranges from $792k for a 33,484 sq. ft lot in the Bluffs to 1.28 acre parcel in Mauna Kea Fairways North listed at $3.0 ml.   The best valued lots with great ocean views actually are developer inventory originally priced at over $2.5 ml just recently reduced to $925,000 to $975,000 for one acre in Kauna’oa, which is a makai gated community wrapped by the Mauna Kea golf course and just east of the Mauna Kea Hotel.

I have just put two condominiums under contract in the past week at Wai’ula’ula; and I can testify the reason they chose Mauna Kea Resort was for the slow paced lifestyle and feeling of privilege! One of my clients described it perfectly today when he said “where else can you buy in the United States that is tropical, exclusive, has world class beaches on site, and you can remain anonymous and still feel special at the same time?”