Aloha!
The sales pace at Kaanapali Shores hasn't changed much and continues to be impacted by distressed properties.
As of September 30th, there are 45 units available for sale and 4 pending sales, compared to 47 units for sale and 4 pending sales at the end of August, when our last bulletin was published. Three of the four currently pending units are distressed properties.
During September, there were 2 units sold-compared to 6 units sold in June-August 2010. The units sold were #642 - ocean view studio for $240,000 and #742 - ocean view studio for $302,000, both fee simple.
There were 5 distressed property listings in the month of September. Three of the 4 short sale units are currently in escrow. The one bank-owned (foreclosure) property that was listed was unit #642 which sold for $240,000.
At the current sales pace (averaging 2 sales per month), the 45 available units in inventory would take 22-23 months to sell.
As owners, we are looking forward to an interesting annual meeting in early November. We hope to see you there!
Kaanapali Shores Sales Activity - September 2010 Summary
Total number of units for sale at Kaanapali Shores (September): 54
Total number of units sold at Kaanapali Shores (September): 2
Total number of units ACTIVE for sale at end of September: 45
# of Studios for sale: 7
# of 1 Bedrooms for sale: 24
# of 2 Bedrooms for sale (including Special View units): 14
At the end of September, there were 4 pending sales. During the month of September, no listings were canceled and 3 of the listings expired. The average number of days on the market for listings during this time was 216 days.
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