In the past two weeks there have been four closings of condos in escrow at Mauna Lani Resort. Two are notable for being my sales (grin emoji inserted). But all kidding aside, it seemed a good moment to review where we stand in the Mauna Lani condo market at the end of what would typically be high season.
Celebrating closing escrow on your new Mauna Lani home? Enjoy sunset at the CanoeHouse at the Mauna Lani – Auberge Resorts Collection.
2023 Mauna Lani Condo Sales Prices Continue Strong But Opportunity for Buyers
The Kohala Coast resort condominium market in general continues to be constrained by lack of inventory. For example, my listing at the Islands at Mauna Lani had a long escrow, and I continued to get calls and interest throughout the first four months of this year. The condo sold for slightly over asking price, slightly above the previous sale, and the buyer allowed the sellers to remain in residence for the winter season before closing. Some prospective buyers scoffed when the next similar unit came on at a 40% higher list price, but it went into escrow in 3 weeks. A new Islands at Mauna listing confirms the new price level.
Islands at Mauna Lani townhouse condos have sweet entrance courtyards that can be landscaped – in this case with fruiting bananas!
So far this year there have been 23 closed Mauna Lani condo sales, with another 10 condos in escrow, and only 11 active condo listings at Mauna Lani Resort. As would be expected, sale prices continue to be close to asking:
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On the other hand, there are situations where a buyer can still score a condo below list price. My buyers for Ka Milo 430 were very familiar with the complex, having stayed multiple times. This unit fell out of escrow and came back on market with a price reduction. They made a clean offer with a quick, all-cash closing and agreed at 97% of asking price…which was 95% of the original list price. Sellers went above and beyond the requested repairs and both sides felt good about the transaction.
Current Active Condo Listings at Mauna Lani Resort
Ka Milo and Kulalani share an oversized amenity area with two pools, gathering pavilion, and an exercise room.
While there were predictions that the rise in mortgage interest rates would dampen the Hawaiʻi resort real estate market, it would appear to have had minimal effect. So far this year only 4 out of 23 sales(17%) were financed compared with 13 out of 31 sales (42%) during the same time frame in 2022. The buyers who felt they could not pass up 3-4% interest rates even if they could have paid all-cash seem to be reverting to cash. What I hear from buyers is that real estate prices seem more stable than financial markets at the moment.
Notably, the other two sales in the past two weeks were at Kulalani, and one of those was financed. That marks the first bank-financed sale in Kulalani since 2021, as lenders pushed the pause button due to a lawsuit. Kulalani 1904, a spacious 1,868 sq ft 2-bedroom in a four-plex building, is available for $1,595,000 with strong vacation rental history.
Of the four active listings at Ka Milo, the best value seems to be Ka Milo 120, a single-story 3-bedroom offered for $1,850,000.
If you are looking for something specific that is not on the market, like a Mauna Lani Point or Villages at Mauna Lani condo, be sure to have an agent familiar with the market keeping an eye out for that next listing to come online. We often see them in preview status before they hit your real estate website of choice.
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