Fairways & Mauna Lani Resort Overview
Fairways: The Fairways at Mauna Lani saw its first closings of 2015 in April. The three units that closed are #604, #1405 and #1605 (see the Market Dashboard for list and sale prices). At this time last year, The Fairways tallied eight sales with a median sale price of $537,000. One major difference between 2014 and 2015 is the lack of lower priced inventory. 2014 sales saw three of the smallest two bedroom units and a short sale sell in the first four months. By contrast, 2015’s inventory has been light on the smaller, less expensive units and the three sales have been (1) larger two bedroom unit and (2) three bedroom units (with a third three bedroom in contingent status). These three sales, along with raising property values, have increased the 2015 median sale price nearly $90,000 to $625,000.
One new listing was added in April to bring the total active listings in The Fairways to five. Unit #1401, listed at $569,000, is one of the smaller two bedroom, two bath units with 1,289 square feet.
Mauna Lani: Although the official numbers show sales down by about 16% for Mauna Lani Resort 2015 vs 2014, there’s more to it. Much of that sales difference is due to the availability of discounted bank owned or short sale properties in 2014 that simply aren’t here this year in a strong and strengthening market. When looking at the median sales price for the first four months of 2014 ($725,000) vs 2015 ($997,500), the numbers show a truer picture of the overall market.
