Maui Real Estate Blog
Lanai Luxury Real Estate Auction
We wanted to share an interesting luxury opportunity with our faithful blog readers. This opportunity happens to be on the neighboring island of Lanai. If you aren’t familiar with Lanai, it is one of the three inhabited islands that make up the county of Maui. It was at one time a major pineapple plantation for Dole. Since pineapple production shut down, Lanai has shifted its economy towards tourism. The bulk of the tourism is focused on the two Four Seasons Resorts on the island.
The Four Seasons Manele Bay is situated adjacent to the golden sands of Hulopoe Beach and the beautiful waters of the Manele Bay Marine Preserve. The beach is one of the prettiest in Hawaii and the bay is renowned for its frequent visits by Spinner Dolphins. The Jack Nicklaus designed Challenge at Manele Bay is a big draw for golfers. The aptly named course is set along the cliffs above Manele Bay. The cliffs and other natural terrain features require golfers to be at the top of their game.
The Four Seasons Koele Lodge is unique among luxury resorts in Hawaii. This five star resort is set up above Lanai City in the cool Upcountry of Lanai. The resort blends English Countryside Manor, a feel of old Hawaii and Asian Influences into a cozy and luxurious package. Like the Manele Resort, the Koele Lodge also has access to world class golf. The Experience at Koele is a Greg Norman designed course with dramatic views, wooded ravines and numerous water features.
In addition to the hotels, both resorts offer opportunity for residential ownership with condominiums and single family residences available for purchase. Up around Koele, there are single family residences at Puulani Ridge. There are also detached single family condominiums available at the Pines at Koele. The Manele Bay area offers even more options for residential purchases. There are two condominium complexes in the Terraces at Manele and the Palms at Manele. There are three subdivisions with single family homes or lots for single family homes. Palawai Ridge, Pu’upehe Estates and Kaluako’i Estates offer beautiful ocean and golf course views. Access to resort amenities, a beautiful natural environment, peace and quiet and world class golf make for some very desirable luxury properties on the island of Lanai.
That being said, Lanai has not been immune to the real estate downturn. Sales volume has been low over the last couple of years in the Lanai Luxury Real Estate Market. This is why luxury buyers may find opportunity. To help entice buyers, Castle and Cooke will be holding an auction of 14 properties on January 16th. The properties to be auctioned include six units at the Pines at Koele, three lots at Pu’upehe Estates, one unit at the Terraces at Manele and four units at the Palms at Manele. Opening bids for the Pines units start from $435,000. Opening bids for the Pu’upehe Lots start at $550,000. The opening bid for the unit at the Terraces starts at $695,000. Buyers interested in the Palms at Manele will find opening bids start at $845,000. These opening bid prices are all well below previous asking prices. The Maui Real Estate Team may represent interested parties as buyer’s agents. Contact the Maui Real Estate Team for additional details on the properties being auctioned.