Last year's short sale and foreclosures for sale at Wai'ula'ula luxury condos at the Uplands at Mauna Kea Resort were very competitive, with bidding wars and multiple offers. The first REO (bank-owned) Wai'ula'ula condo offered for sale sold as predicted in "O days on market". Of course it helped that the pricing was aggressive. Offered at $742,500, the lucky winner paid $770,000. Comparable units sold for $900,000 and $975,000 last year, and although the higest priced one sold turnkey furnished (to my business partner Pam Deery's buyer), not every buyer cares to pay a premium for location and furniture!
View from Wai'ula'ula H102, bank-owned property just listed for $869,900. The "road" is internal to the complex and homes will be built on the other side of it, with no impairment to the ocean view!
Wai'ula'ula is a mixed community of condos, paired homes and freestanding residences--which gives these condos distinction over other condo-only communities. They have 3 large bedrooms, superb finishes, and pocket doors rolling back to open up the interiors to spacious lanai with built-in grill. This is a groundfloor unit, which is preferable for the rental market as the upper units are reached by stairs.
Although the listing price seems like a big jump over the previous REO sale, the asset manager evidently is betting that with the rest of the units for sale at $1 million or more, this will still be the next Wai'ula'ula to sell in a market where inventory has suddenly become tight in this price point.
For the discerning buyer who prefers a unit with the best location, all the upgrades, and turnkey furnishings, my pick is the former model home A202, offered at $1,250,000 (MLS 232148)
A hui hou,
Beth
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