Manele Resort Auction Signals Awakening High-End Market

March 3, 2011, 12:11 PM HST · Updated March 3, 12:11 PM
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File photo by Wendy Osher.

By Sonia Isotov

A one-day $6 million sale of residences at Manele Resort may be demonstrating an awakening of the once still high-end, second home market in Hawaii.

On January 16, Accelerated Marketing Partners brought buyers off the sidelines at a sealed-bid auction which generated nearly $6 million in sales for five condominium residences at Castle & Cooke Hawaii’s Manele Resort. The highest price paid for a single property was $1.55 million.

In a written statement today, Sue Murray, VP of sales and marketing for Island of Lana’i Properties, Manele Resort’s principal broker, said, “Despite current challenges of the resort market in Hawaii and a consumer hesitancy to buy right now, the auction was a wonderful success.”

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She continued to say that, “Throughout the accelerated marketing program, we received over 7,500 unique visitors to our auction website and the selling prices we achieved were about 80% of the most recent sale we had in the Palms at Manele development last year. While buyers were able to get a great deal for premier, island real estate, Castle & Cooke was also able to recoup a significant part of their capital.”

Bruce Barrett, executive vice president for Castle & Cooke also commented in the statement saying that the auction results spoke for themselves, and that “there hasn’t been much liquidity over the past two years, which has made second-home purchases extremely difficult, even for financially fit individuals. This sale freed up some financing, allowing things to start moving again.”

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