Wainani at Poipu - Dec 28, 2010 Auction results

The results of the Wainani at Poipu auction held yesterday, December 28, 2010 by the Kennedy Wilson Auction Group are posted below:

Auction #2 – 3004 Kiahuna Plantation Drive
3 Bedrooms / 3.5 Baths (1-Level Home)
Nohea-A  Model

Starting Bid:       $550,000

Asking Price:  $1,325,000
Winning Bid:      $845,000

Auction #4 – 2889 Kolepa Street
3 Bedrooms / 3.5 Baths / Pool (1-Level Home)
Hau’oli-B Model

Starting Bid:      $595,000

Asking Price: $1,395,000
Winning Bid:     $900,000
  

Auction #3 – 2998 Kiahuna Plantation Drive
3 Bedrooms / 3 Baths (1-Level Home)
Hoku-E  Model
Starting Bid:      $550,000
Asking Price: $1,325,000
Winning Bid:     $930,000

Auction #1 – 2995 Kiahuna Plantation Drive
3 Bedrooms / 3.5 Baths / Pool (2-Level Home)
Alakai-C  Model
Starting Bid:       $650,000
Asking Price:  $1,495,000
Winning Bid:      $950,000

Auction #6 – 5385 Kolepa Place
3 Bedrooms / 3 Baths (1-Level Home)
Hoku-E  Model
Starting Bid:     $450,000
Asking Price: $1,075,000
Winning Bid:     $780,000

Auction #5 – 2897 Kolepa Street
3 Bedrooms / 3.5 Baths (2-Level Home)
Hanohano-D  Model
Starting Bid:      $595,000
Asking Price: $1,325,000
Winning Bid:     $900,000

Every auction received at least 9 bids and not more than 18 bids.

Per the terms and condition of the auction registration form, Kennedy Wilson reserves the "right to accept, counter-offer or reject the offer during the auction, in the contract room and/or within five (5) calendar days following the auction. Offers not accepted by the seller within five (5) calendar days following the auction are automatically null and void, unless time is extended by the seller in writing, at its discretion."

My hope is that Kennedy Wilson accept all of the winning bids awarded yesterday!  HOWEVER, my opinion is that these bids did not meet Kennedy Wilson’s reserve prices.   It will be interesting to see if they make good on “some” of these bids, just because it is in their best interest to do so.  For example, the last single family home sold in Poipu went for $769,000 two weeks ago.  It was a 2bd/2ba home within the VDA built in 1988.  The question is, “How do you let go of a brand new 3bd/3ba home on the golf course for $780,000 and still best represent the Seller?”

We’ll know in 4 days…stay tuned!