Mauna Lani Terrace is situated on the resort's famous fish ponds...this photo taken from the path to the Beach Club
There are discerning buyers who tell me they consider Mauna Lani Terrace the most desirable condominium property on the Kohala Coast. It was the first condominium complex built at the Mauna Lani Resort, and therefore grabbed the best location, walking distance from the Mauna Lani Beach Club and hotel. With many of the current owners having purchased long before the recent real estate boom, the short sales and REOs that plague newer projects have not affected prices at Mauna Lani Terrace or nearby Mauna Lani Point.
While some owners may have refinanced at the peak, that is just one more reason for sellers to hold firm on their asking prices. Consequently, there is never much inventory for sale, and prices have held pretty firm compared with other properties where distress sales have driven prices to as little as 40-60% of the peak.
Last week a nicely furnished 1481 sq ft 2-bedroom, Mauna Lani Terrace H302, closed escrow for $1,600,000. A similar (but not so nicely done) 2-bedroom sold for $1,375,000 in 2009, which was a big step down from 2008's sale at $1,775,000.
There have also been two 1-bedroom condos sold at Mauna Lani Terrace in the four months! Newer complexes are all built with 2 or more bedrooms, but at 1,058 sq ft these one-bedrooms are almost as large as the smaller two bedrooms at ocean view Halii Kai, for instance. E302 just closed for only $610,000...but last October a beautifully remodeled unit sold for $815,000--about the cost of the remodeling.
That leaves only four units on the market at Mauna Lani Terrace: one 1-bed, one 2-bed and two 3-bedroom units, one of which made my "best buy list" for the $2 -2.5 million range.
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