The Villages at Mauna Lani has two new foreclosure (REO) listings on the market in the past few days.
Inventory had dwindled down to nothing in the the Lehua and Maile 3-bedroom floorplans at the Villages at Mauna Lani, with Villages 313 (the larger Maile) closing last week for $895,000 and Villages 609 (the smaller Lehua) closing two weeks earlier for $750,000.
Suddenly seeing nothing for sale drew out five new Villages at Mauna Lani istings in the past 15 days, of which two are bank-owned properties (REO). Three of these, including one listed as a short sale, are not particularly compelling in their pricing:
a Lehua for $895,000
a Maile SHORT SALE for $1,100,000
a detached Alii for $1,695,000.
The two REOs for sale are another story.
Today's new Villages at Mauna Lani foreclosure listing is a 2,752 sq ft Maile offered for $799,000 (that would be $100K below the recent comp). Unusually, this unit is still tenant occupied, rare at the Villages.
Villages at Mauna Lani 612 is not your average foreclosure for sale at $799,000 (MLS 246323)
The other REO at the Villages, #730, is a freestanding home with a pool, offered for $1,400,000. This one does not look like a "best buy" to me at that price. Why? Because Villages at Mauna Lani 734-the same Kahili floorplan-- sold with Peggy Chestnut furnishings in April for $1,450,000!
But perhaps the banks were timing their listings, for a moment when the lack of inventory coupled with continued strong demand for the quality of the Villages at Mauna Lani, would allow them to recoup a bit more of their losses on these foreclosure properties.