aina nalu news
Presented by Aloha Potts
Issue 35, Q2—2014
Aloha from your resident experts!
In the first quarter there were 2 units sold – one 1 bd unit, which sold for $300,000, and one 2/1 downstairs unit, which sold for $379,000. We were told that the 2/1 unit sale was actually the purchase of the remaining interest in a fractionalized property, which makes it unique for aina nalu.
The slower sales pace at aina nalu continues to surprise us.
After the quarter’s end, one of the 2/2 upstairs units that had been reduced to an asking price of $377,500 sold for $360,000 cash. This sale price is lower than the last two sales for 2/2 units and the last sale for the 2/1 unit mentioned above.
Our inventory for 2 bd units has stabilized at 8 for now, with all but one being 2/2 units. Six of the 2/2 units are upstairs, so there is now only one downstairs 2/2 listing. There are no 1 bedroom units listed at this time. The active listings are priced between $379,00 for a downstairs 2/1 and $449,000 for an upstairs 2/2 facing the small pool.
The occupancy levels continue to appear strong. It’s still challenging to show the active listings, so we frequently need to show them between check in/check out, before they are clean.
At current inventory levels and sales pace, we have almost 12 months’ of inventory for 2 bedroom listings. As we mentioned last quarter, the one bedroom units have sold more quickly, and of course we have fewer 1 bedroom units in the development, so their occupancy rates are generally quite good and they seem more attractive as investments.
So what’s in store for this 3rd quarter? We think that sales prices have stabilized, so it may be a while still before we see a closing price over $400,000.
From Apr 1 to Jun 30, there were 12 listings (one was the sale of a remaining interest in a fractional 2/1 property). There was one cancelled listing at the end of the quarter. As of July 14, there are no 1 bedroom listings and 8 active 2 bedroom listings. The 2/2 upstairs unit that was pending at the end of the quarter recently closed for $360,000.
For further information on properties at aina nalu or anywhere on Maui, contact Lee or Barbara at email@example.com or firstname.lastname@example.org, or call 808.276.8776. You can visit our website at www.aloharealtygroup.com for real estate information and surf all of the listings on Maui anytime you like.
Aloha a hui hou!
Barbara S. Potts R(B)