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