Big Island developer
switches to fee simple

Mauna Kea Resort is selling home lots
for $1.25 million and up

By Jerry Tune

Mauna Kea Resort developers are offering fee-simple lots for the first time.

The lots, starting at $1.25 million and located between the Mauna Kea Beach and the Hapuna Beach hotels, came on the market Nov. 19.

"We've already sold one lot," said Tom Stifler, principal broker at Mauna Kea Realty, the sales agent for developer, Mauna Kea Properties Inc. "This area has been in the original (1965) development plans by (former owner) Laurance Rockefeller." Seibu Hawaii Inc. now owns the resort and land.

The decision to go fee simple marks a major change for the Mauna Kea Resort, which previously sold only leasehold lots. Stifler said there are 105 leasehold homes and villas in the Fairways North and South project. "We see the window of opportunity as good right now," Stifler said. "The stock market is at an all-time high."

There are 10 oceanfront lots at the Ocean Bluffs at Mauna Kea, and 10 off-the-water homesites on high ground separated by a grassy, hillside common area. The Mauna Kea golf course is mauka of the lots.

Oceanfront lots range from $2.5 million to $3.5 million while prices for the off-the-water lots range from $1.25 million to $2.75 million. Lot sizes at Ocean Bluffs range from three-fourths of an acre to 1.25 acres. Home construction must be approved by a design review committee.

At the same time, Mauna Kea is offering two townhomes completed in 1991 and 1992, and used for models. They were listed at $4.5 million for the furnished unit and $4.0 million for the unfurnished unit. These townhomes, among the priciest in Hawaii, have 4,000 square feet of living area.

The area between the two hotels had been planned for town- homes but there has been a shift in what buyers want, said Bill Mielke, president of Mauna Kea Properties. "People want their own design program for family needs," he said.

Five miles north of the Mauna Kea Resort, another oceanfront project will be coming on the market early next year but final prices have not been set, said Steve Hurwitz, president of C&H Properties Inc., the listing broker.

Kohala Waterfront will have 49 lots, including 14 fronting on the ocean. Hurwitz expects the prices to be in the $1 million and up range. Developer is Kohala Waterfront Joint Venture, with the principals being Goodfellow Bros. of Maui, Bob Cole and Alvin Amaral.

This project is near the Kohala by the Sea and Kohala Ranch subdivisions.

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