View from Mauna Lani Point 2-bed condo which sold last week for $2.1 million--a recent high price.
Mauna Lani Point condos for sale are holding their value. The surprise of last week was the sale of Mauna Lani Point E202--technically not on the market--for $2.1 million. This is the first time an ocean view 2-bedroom has cracked the $2 million mark in 3 years and is an indication of a gradually strengthening market. Mauna Lani Point owners simply have not given in to the effects of distress sale pricing that have hit newer oceanfront and ocean view condo communities on the Kohala Coast. Second floor two-bedrooms have not dropped lower than $1.9 million and first floor held steady at $1.8 million through the past three years.
Here is a bit more perspective. At the 2006-2007 peak, a completely renovated Point unit might have sold for $2.4 million. In that same period, direct oceanfront Halii Kai 3-bedroom condos were also selling for $2.4 million.
Today you can pick up an oceanfront Halii Kai for $1.5 million turnkey furnished, non-distress sale. Clearly the buyer whose lifestyle and preference incline them towards being walking distance from the Mauna Lani Beach Club is willing to pay the premium Mauna Lani Point and Terrace sellers demand.
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A hui hou,
Beth
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