As 2015 comes to a mid-point, our visitors and clients continue to request (and rightfully deserve) the most updated information on the Honua Kai real estate market. So let's start by recapping activity on the month of June, in lieu of our typical monthly report. 

June 2015

June proved to be a slow month statistically, but one that could result in significant activity down the line. Only one sale recorded, the sale of Konea 110 for $825K. This unit is perfect example of the direction of values for 1 bedroom units. A large (730 sq. ft.) floor plan with a spacious lanai facing the resort area between the two towers. At $825K, the price per square foot of $1,130 is consistent with fair market value for specialty 1 bedroom units. There was only one new

With much anticipation and some lively debate among tenants, guests, and the local community, on June 12th The Shops of Wailea introduced paid parking to all those who enter the premises - much to the chagrin of many. The purpose of this post is to share relevant information regarding the new parking system and process, NOT to debate the pros/cons of paid parking at The Shops of Wailea.

Overview

There are two main entrance and exit stations, both on Wailea Alanui Dr which are the same points of ingress/egress as has been in the past, and there will be an exit-only gate on the northern edge of the property (the ramp leading towards the Marriott). To facilitate payment and assistance, there will be five pay stations, located along each of the two main

One of the most common questions we hear from clients are variations of "Is now the time to buy" or "Is now the time to sell". In general, there are a plethora of variables to take into account in order to gauge the viability of a potential sale and its benefits to the seller(s), as each case is as different as the principals conducting them. However, taking most factors into account without going into specific circumstances, for foreign nationals who are seeking to liquidate their Maui real estate, now presents a particularly strong opportunity to sell while currency exchange is favoring the USD. 

Canadians

Due to the (relative) proximity, safety, unique culture and its incredible tropical beauty, Canadians gravitate to Maui - and their

Today's question comes from a client who has been exploring the Wailea real estate market for some time:

Question: It seems like the Wailea condo market is really down from last year, are values going down keep up with this decrease?

Answer: Although to some the market may seem to have slowed down, year over year all the metrics that we use to measure market activity across are reflective of a micro-market. Below is a chart comparing the Jan-May timeframe of 2014 to that of the current year - the average sales price slipped slightly from $1.564M to $1.47M, while the median sales price saw a slight increase from $1.01M to $1.07M. However, a key metric worth pointing out is that sales increased by a whooping 30.2% from 43 sales to 56. Total sales

This month's Honua Kai monthly update comes a bit early - unless new sales are recorded (or reported) over the weekend, then the below form the basis on which to report current micro-market conditions. Any necessary updates will be posted immediately below and check regularly for Honua Kai condos for sale.

New Listings

NO NEW LISTINGS IN THE MONTH OF MAY!!! Only one new listing was inputted in the month of May, but it was for statistical purposes only (the sale of an unlisted property, which will be detailed below). The lack of new listings can be VERY alarming for buyers as pent up demand is NOT being met with new inventory. For sellers, this can prove to be a prime opportunity to come on the market for a fast absorption. More on this at the

The new real property tax rates for Maui County have been released, which will be in effect from July 1st, 2015 to June 30th, 2016. As we had speculated for some time, the increasing assessed values would result in slight decreases in the tax rates. The chart below compares the current fiscal year's tax rate to the upcoming year's. Remember, the amount below is per $1K of assessed value.

Arguably the ones that will have the biggest impact are Hotel / Resort, Residential, and Apartment. And yes, for homeowner occupants who claim the homeowner exemption, Maui continues to be one of the lowest property tax rates in the United States (as a percentage of home value).

For those with any questions regarding property tax rates on Maui and/or how that

Now that we are in May, the last drove of sales from high season is trickling in as recorded sales. As such, it provides a better purview on which to measure the state of the market. So with that, let's discuss our Honua Kai market.

New Listings

Hokulani 530 - The floor plan of this unit is popular due to its size, with approximately 765 square feet of interior living space. Mountain view unit, priced at $789K.

Hokulani 412 - This 1,100 square foot unit offers ocean views, which are unlikely to be affected by the construction on the parcel to its south - but we cannot attest/guarantee this. Priced at $1.1M, it is a strong value in a market in which 2 bedroom units have been selling well above 1K per square foot.

Konea 526 - The sale of

The 2 bedroom niche at Honua Kai has been particularly active in the past year due to developer inventory dwindling down and the rental market for Honua Kai proving to one of the strongest anywhere in Hawaii. With nine 2 bedroom condos currently for sale, we are often asked which in our opinion is a particular stand-out within this niche. In the past month, the answer has been unequivocally clear: Konea 225.

Although it is the highest-priced 2 bedroom currently listed on the MLS (keep in mind, the developer does NOT list everything on the MLS), what makes Konea 225 such a strong value proposition is its unique location. 

As can be noted, the '25' stack is located on the center of the inner courtyard, providing dead-on straight ocean views - no

Today I had a question from a prospective purchaser at Honua Kai, which I thought would be worth posting as it may address the concern of other potential buyers.

Question:  It seems like values at Honua Kai are dropping off and now it may be the time to buy as sellers will have to come to grips with a softening market. What do you think?

Answer: To address your statement of 'now it may be the time to buy...' the answer would be yes, but for a different reason than in your comment. Now is a good time for potential purchasers as the market continues upward and standing on the sidelines may mean being priced out of the market. There is a lot of information out there regarding values and how to reach a 'fair market value', but ultimately, proper pricing

Today's question comes from our of clients looking interested in Honua Kai condos for sale.

Question:  I see on a lot of your charts you have sales broken down by number of bedrooms, but I was wondering how the 1+Den units do?

Answer: Thank you for your submission. Yes, our Honua Kai sales history (which needs to be updated to reflect 2014 numbers - sorry!) and our latest Honua Kai 2014 Sales Update are broken down by number of bedrooms, with no distinction given to the 1 bedroom + den units, which is one of the most sought-after niches within the Honua Kai market. Typically, these larger units sell for considerably less than the one bedroom units. In 2014, the overall 1 bedroom market saw sales average nearly $1,100 per square foot, whereas if we