Sales in Q2 2011 improved—they couldn’t have gotten worse, from zero in Q1 to 6 units sold! Sales prices for sold units were well below asking prices in general. Interestingly, none of the sales were distressed properties – only serious sellers.
The average number of days on market for active listings at quarter end was 317 days. That’s a little over one month shy of a full year.
There have still been no sales of the standard fee simple 2 bedroom units; that doesn’t include the Aloha Suites or the short stack. That might be because the highest selling price for a 2 bedroom unit in 2010 was $594,900 and the current median asking price for a 2 bedroom unit is $740,000.
Only one fee simple 1 bedroom sold during the quarter. It was a partial ocean view that sold for $330,000. The median asking price for one bedroom units today is $454,975.
Of the 46 active and pending listings as of July 17, only 3 were potential short sales and none were bank owned, although we know of at least 2 REO’s that will be coming to market. There was one pending sale, a short sale that has been in escrow for over a year.
So why are these condos sitting on the market for so long? At Kaanapali Shores “asking” prices are actually trending up. However, selling prices island-wide, including K. Shores are still trending down.
And there is competition from near by complexes like Honua Kai, with prices on some of its units recently been significantly reduced. That will continue to create pricing pressure on Kaanapali Shores units.
Total number of units for sale at Kaanapali Shores (2010): 58
Total number of units sold at Kaanapali Shores (2010): 6
Total number of units ACTIVE for sale at end of 2010: 45
# of Studios for sale: 8
# of 1 Bedrooms for sale: 23
# of 2 Bedrooms for sale (including Special View units): 14
At the end of June 2011, there were 2 pending sales. During Q2 2011, 3 listings were canceled and 2 of the listings expired. The average number of days on the market for listings during this time was 317 days.
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