Just when we thought Ka Milo and Kulalani were sold out of their built inventory, we have two competitively priced short sales at these Mauna Lani condos!
Because the initial sales at both complexes took place at the peak of the market, the developers had to reduce their prices over the past few years in order to sell out their current phase. With strong demand and the last few developer units having just sold, it is not surprising to see resales trickle onto the market. But owners who bought early are in the uncomfortable position of taking a loss or facing a short sale on their condo.
Price reduction on Ka Milo golf course condo short sale
The most desirable units at Ka Milo are on the Mauna Lani North Golf Course. One purchased in 2008 for over $1.6 million had been on the market for $1,250,000 since 2009. Just last week the price was reduced to $700,000!
I don't expect it to sell quite that low. Based upon the most recent developer sale at $780,000 and the short sale my buyer snapped up for $730,000 (neither of which was on the golf course), the lender's appraisal will probably come in over $800,000 and a buyer should be prepared to pay that much.
The listing agent's strategy is to generate excitement and multiple offers. The best one will be presented to the lender for approval. Don't hesitate if you want a Ka Milo condo on the golf course, as the developer pre-construction pricing begins at $1,020,00 for this Mahina floorplan!
Only two condos for sale at Kulalani
Both of the resale condos at Kulalani are two-bedroom units. The larger 1,631 sq ft floorplan priced at $599,000 is not a short sale, so is sold turnkey furnished. I sold an unfurnished developer unit for $485,000 this year so this one may need to come down in price.
In contrast, a new short sale of the smaller 1331 sq ft end unit came on the market yesterday for only $385,500. The most recent sale was at $465,000 furnished so again the hopeful buyer should plan to see a counteroffer from the bank on this Kulalani short sale. But to get a Mauna Lani condo for under $400,000 with this quality of construction puts it in the best buy category.
Mauna Lani Condos share amenities: Ka Milo is to the left and Kulalani to the right looking across the family pool towards the pavilion.
To place an offer on one of these Mauna Lani condo short sales, prospective buyers must supply either proof of funds for an all-cash offer, or a pre-qual letter if financing. Mortgage financing for resort condos is limited and there are special requirements for second home purchasers. The in-house lender for Kulalani also happened to finance my recent Ka Milo sale and I'd be happy to make the introduction if you are interested.
A hui hou