Hawaii Luxurious Condominiums Sold Like Pancakes Kicking Whole Market

March 02, 2011 / Russell Legato, Residential Property Analyst

A real estate developer based in Hawaii has recently made $6 million for selling several luxurious condominiums in Lanai — which were left unsold after the housing crisis. Castle & Cooke, Hawaii’s Manele Resort developer auctioned of five condominiums with the help of Accelerated Marketing Partners, an auction firm, in January, which generated about $6 million sales.

Hawaii Luxurious Condominiums Sold Like Pancakes Kicking Whole Market

In another U.S state, luxurious condominium apartments were also auctioned off recently in New York City — 30 percent lesser than the original asking price. The residential properties were located at Washington Heights, and was auctioned off by Sheldon Good and Co.

One of the five condominiums sold for about $1.55 million, which demonstrated that there is still a market for luxurious second homes in the area.

According to a recent report, the auction’s marketing campaign generated about 100 site visits, and renewed the public’s interest in the condominiums and the development, and sold half the properties on its inventory list.

Manele Resort’s principal broker — Island of Lana’i Properties’ VP of sales, Sue Murray said that despite existing challenges of Hawaii’s resort market and the consumers hesitancy to buy new homes, the auction for the condominiums in January was a success for both the developer and the new homeowners.

Opening bids for the condominiums at the auction started at $435,000 to $845,000, significantly lesser compared to similar units that were auctioned off two or three years ago.

And, because of the success of its January auction, Island of Lana’i Properties launched a post-auction conventional sale for several residential luxury properties. Bids start at $489,000.

All the sold condominiums were located overlooking a golf course designed by Jack Nicklaus, a professional golfer.

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