High season is here in full force and sales activity has been high since late December - anecdotally, speaking, as some of the sales from 'high season' activity will not consummate until later in the year. How has the recent influx in visitors affected the Honua Kai condo micro-market? First, read our Honua Kai 2014 Review and then put it into context with January's activity.

New Listings

Five new listings hit the market in January:

Hokulani 730 - The lowest priced 1 bedroom unit at time of listing, with an asking price of $765K. The large 765 square foot unit is on the outside perimeter of the Hokulani tower, facing the mountains. 

Konea 110 - On the ground-level, south-facing perimeter of the Konea tower, Konea 110 is priced at $859K. A

Being in the midst of high season and anecdotally seeing a significant amount of activity, it can cloud judgment of actual market conditions. In an effort to provide our clients with transparency on micro-market positioning and shifts in one of the most sought-after properties on Maui, we present our Honua Kai Real Estate 2014 Sales Report.

Overview

With an increase of roughly 10% in sales volume, from 2013's $90.3M to 2014's $99.4M, demand is clearly keeping up through the upswing in values. The number of sales decreased slightly, from 76 the previous year to 73 in 2014 - one could argue that the slight decrease is due to less inventory - in 2013, 51 units were listed for sale, compared to 45 in 2014. Furthermore, the Median sales price rose

Micro-market all across the island experience significantly different conditions, as such we post our monthly updates on the Honua Kai market. Without further ado, here is our synopsis for the month of October.

New Listings

Hokulani 240 - A premium 1 bedroom / 1 bathroom condo with 700 square feet of interior living space featuring fantastic ocean and mountain views. On the northern perimeter of Hokulani, it is in arguably the most desirable locations among 1 bedroom units. 

Konea 206 - For investors, the 1 bedroom + den floorplan is very sought after due to its high rentability and comparably lower overhead in ownership (when compared to 2 bedrooms). Well located unit with ocean views, priced well at $976,500.

Konea 301 - Want to be front

In the past few years, Honua Kai has become one of the most sought-after properties in Hawaii, with its 650 sales thus far amassing an impressive $776M in total sales volume. With the nearing high season, expectations are high that the pent-up demand, coupled with diminishing developer inventory will result in upwards pressure on prices, with specific niches seeing higher-than-average demand. One of the inventory-hungry micro markets are premium one bedroom units. 

As such, we are pleased to announce the introduction of Hokulani 240. In arguably one of the best locations for one bedroom units, this units offers 700 square feet of immaculately maintained interior living space with an additional 145 square feet of outdoor space seamlessly integrated

With developer inventory dwindling, there are specific property types that are in high demand due to the lack of available options. One niche within the Honua Kai micro-market that continues to be highly sought after is the 1 bedroom + den. Due to its size, it is considered to be the strongest performer among vacation rental properties in Honua Kai, which as a whole is considered to be in a league of its own - few properties in the Maui condo market can post similar numbers to those in Kaanapali's newest addition, Honua Kai.

Now offered for sale by Powerplay Destination Properties Hawaii, Konea 206 is the only 1 bedroom + den currently available for purchase at Honua Kai. Featuring 945 square feet of interior living space, seamless integration of

Delivering a superior guest experience has resulted in Honua Kai gaining a reputation as one of the most sought-after destination resorts on Maui. As such, Intrawest Honua Kai Hospitality Management continues to spouse a leadership culture where the guests are the first and foremost priority. And now, the responsibility of spearheading Honua Kai's drive to excellence falls on the newly appointed manager, Claudio Andrade. 

With hotel/resort experience spanning the past 25 years across multiple continents, Mr. Andrade was promoted from Assistant GM to now being at the helm as General Manager. His past work in Hong Kong, Miami, Puerto Rico, and the Hawaiian Islands translates into a well-rounded professional qualified for the lofty position.

For more

In a micro-market such as Honua Kai, there are 'specialty' properties which stand as very unique properties - such as being one of the outer perimeter ground-floor 3 bedroom villas (i.e. Konea 151 and 150, Hokulani 101 and 102) or being one of 7 inner courtyard one bedroom units (such as Hokulani 213). Such a distinction also falls on Konea 301, which a special property on its own right.

Honua Kai Redefines Maui Luxury Living

Konea 301 is now offered for sale with an asking price of $2.995M (presented by Maui Resort Realty), offering 1,620 square feet of interior living space and an additional 415 square feet of outdoor entertainment space. What makes Konea 301 so unique is the fact that in all of Honua Kai, only the '01' stack in Konea offers a

The consensus among Maui real estate professionals is that the market is significantly busier than it has been in several years for this time year - which is typically the lull before high season commences in mid December. And in keeping a watchful eye in the Honua Kai condo micro-market, here is our market report for the month of September:

New Listings

In the month of September, 4 units were listed for sale:

Hokulani 223 - Studio with an asking price of $725K. For many potential buyers the 'common' lanai is a concern due to the perceived lack of privacy.

Hokulani 533 - Studio with an asking price of $789K. It came on the market on 09/29 and was immediately put under contract. Studios in upper floors are a much sought-after commodity due to

In diligently studying the Honua Kai condo sales micro-market, we are often asked which are the 'best' units. Although there is a significant amount of subjectivity and personal preferences as to what makes a particular condo the 'best' in its class, there are some that beyond doubt standouts in their own niche.

As such, we would like to feature Hokulani 213 as one of the best one bedroom units in Honua Kai. As noted on the map below, the '13' stack of the Hokulani tower is the ONLY inner-courtyard stack for one bedroom units in all of Honua Kai. Being one of only 7 inner courtyard one bedroom condos makes this unit a particularly strong and unique value proposition.

Offering 700 square feet of interior living space and seamless integration

Honua Kai Studios

With diverse offerings, from studios to luxury 3 bedroom villas, the Honua Kai condos micro-market is among the most interesting to observe. And as many of our clients diligently watch for specific unit types (i.e. partial ocean view one-bedroom), more in-depth analysis on specific unit types are useful - so with that, let us explore Honua Kai studios.

Studio Floor Plans

There are three different floor plans of studio units available at Honua Kai:

A1a is a studio unit consisting of 595 square feet of interior living space, with an additional 100 square feet of lanai. Units with this floor plan are as follows: Hokulani and Konea 215, 237, 315, 337, 415, 437, 515, 537, 615, 637, 715, 737, 815, and 837.

 At 615 square