Honua Kai Weekly Sales Update

Posted by Alex Cortez on Wednesday, September 11th, 2013 at 11:00pm.

As the Maui real estate market moves into the 'slow season', it can produce great opportunities for savvy buyers to find equally motivated sellers. Thus, it is important to have a strong sense of micro-market conditions and with a special emphasis on Honua Kai and its surrounding Kaanapali real estate market, we diligently watch sales activity to resonate the latest trends. 

So with that said, let us take a look at the week ending on September 13th.

New Listings

Since our last weekly Honua Kai update, one new listing came on the MLS: Honua Kai Hokulani 150. One of the prized, front-row 3 bedroom units, it is being sold furnished (rarely are the 3 bedroom condos offered furnished). It has undergone some landscaping to make it more private and offers a great lifestyle value proposition: being able to enjoy the pools, beach, and come directly to your luxury Honua Kai unit without having to go through elevators or hallways. Priced at $3.25M, it offers a strong ROI - contact us for details.

Pending

Hokulani 937 went under contract on September 10th. One of the premium 2 bedroom units, offering 1,290 square feet of well-appointed interior living space and panoramic ocean views, it is priced at $1.325M and offers a VERY strong value proposition to its potential buyer.

honua kai hokulani condo

Sold

Hokulani 349 - On the second stack from the front of the northern edge of Hokulani, this unit offers sweeping ocean views overlooking the South Pool. The 2 bedroom / 2 bathroom condo was a developer sale and closed on September 9 for $1.325M. As a developer sale, it included 2 years of prepaid HOA's.

Hokulani 611 - At 1,100 square feet, this unit is the same size as Hokulani 349 but is tucked further in, on the 4th stack from the front on the southern part of Hokulani's courtyard. It sold on September 3 for $1.345M. Sold to a current owner of another Honua Kai unit, the sale included 2.5 years of prepaid HOA's.

Konea 604 - A large 2 bedroom unit featuring 1,250 square feet, facing south towards Hokulani, it sold on 09/13 for $1.349M.  It included 2 years of prepaid HOA's. Conventional sale. 

Konea 503 - One of the premium 2 bedroom units that were still offered by the developer, the sale of this unit confirms the shift away from mostly entry-level sales to a more balanced absorption, including some of the premium units. It sold on 09/13 for $1.575M and was sold through conventional financing.

Honua Kai Observations

Walking through the grounds of Honua Kai earlier today, the new pool furniture and chairs are a nice enhancement to lush, tropical resort setting. As one may recall, earlier in this year the HOA fees were raised to $1.33 per square foot of interior living space (10% increase) to accommodate the rising costs of utilities and to furnish the pool area with new umbrellas and chairs - a total of over 600 pool lounges and over 100 high-back chairs. The Honua Kai HOA continues to be in a very strong fiscal position and no special assessments are foreseen.

As the market continues to absorb some of the premium 2 bedroom units being reflected in closed sales and more of the premium 3 bedroom units are going under contract, the overall Honua Kai micro market is seeing increased activity and is well poised for the upcoming high season's rush. There is only one 3 bedroom unit left being offered with 5 years of pre-paid HOA's and offers a strong ROI - particularly more so given that it would accrue equity while maintaining lower overhead during the first 5 years without HOA dues. 

Thinking about purchasing or selling a Honua Kai condo? Contact us - let our expertise and passion for this property be to your advantage.

Specializing in Makena and Wailea real estate, Alex Cortez is fully dedicated to representing his clients ethically and diligently. Contact him at 808.385.5034 or Alex@MauiRealEstateSearch.com for more information.

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