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        <title>Hawaii Real Estate Blog</title>
        <link>https://www.hawaiirealestatesearch.com/blog/2015-04/</link>
        <description>Read our Hawaii Real Estate Blog - covering all real estate-related data for Maui, Oahu, Kauai, and Big Island. Local news, and information, from local Realtor experts.</description>
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    <guid>https://www.hawaiirealestatesearch.com/blog/honua-kai-last-10-sales.html</guid>
    <link>https://www.hawaiirealestatesearch.com/blog/honua-kai-last-10-sales.html</link>
        <author>alex@mauirealestatesearch.com (Alex Cortez)</author>
        <title>Honua Kai Most Recent Sales</title>
    <description> <![CDATA[ 
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 is more art than science and requires an expert-level of micro-market knowledge. Below is a chart detailing the price per square foot of the last 10 sales for Studios, 1 Bedroom units, and 2 Bedroom units - the 3 bedroom villas were purposefully left out as the different between being front row ($3.5-6M) and being on a middle stack (2-2.3M) can be quite substantial and skews perspective.





As can be noted above, over the past 10 sales - which span different time periods - sales have been consistent and in some cases, such as the 2 bedroom niche, values have increase. Looking at automate valuation models? A lot of that data is so skewed (either up or down) that it is arguably negligent to put out so inaccurate information and pass on as 'estimate'.


Contact


Thinking of purchasing or selling at Honua Kai? We know this micro-market exceedingly well, have a deep understanding of micro-market trends, and a strong understanding of the overall Maui luxury condo market. Call 808.385.5034 or fill out the form below.



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    <pubDate>Wed, 29 Apr 2015 23:51:00 -1000</pubDate>
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    <guid>https://www.hawaiirealestatesearch.com/blog/honua-kai-1-bedroom-den-values.html</guid>
    <link>https://www.hawaiirealestatesearch.com/blog/honua-kai-1-bedroom-den-values.html</link>
        <author>alex@mauirealestatesearch.com (Alex Cortez)</author>
        <title>Honua Kai 1 Bedroom + Den Values</title>
    <description> <![CDATA[ 
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 look ONLY at 1 bedroom + den units, we see the average over the last year at approximately $870 per square foot. However, to provide some context, the overall Honua Kai market has seen a significant, sustainable shift in values upwards - which is reflected in the last sale within this niche: Hokulani 242 sold for $921 per square foot last month and that was considered a good value for the buyer. 


Below is a chart detailing every sale of 1 bedroom + den units on the property since its introduction - totaling 42 sales. 





Contact


For those interested in purchasing or selling a Honua Kai condo, contact us. We know the micro-market exceedingly well and have established relationships that may prove to be critical in reaching your objectives (whether you are searching for a hard-to-find unit at Honua Kai and we know of an owner open to selling or whether you are looking to sell and we can tap into our vast database of Honua Kai buyers). Fill out the form below or call us at 808.385.5034



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    <pubDate>Mon, 27 Apr 2015 16:39:00 -1000</pubDate>
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    <guid>https://www.hawaiirealestatesearch.com/blog/wailea-construction-update.html</guid>
    <link>https://www.hawaiirealestatesearch.com/blog/wailea-construction-update.html</link>
        <author>alex@mauirealestatesearch.com (Alex Cortez)</author>
        <title>Wailea Construction Update</title>
    <description> <![CDATA[ 
Today's question comes from a client interested in Wailea real estate.


Question: On this last visit, we noticed a lot more construction in Wailea than in years past, can you give us a breakdown of what is going and where? Will there be new options for us?


Answer: You are absolutely correct. The past year has brought on a significant amount of new construction. As this is well within our sphere of expertise, we are well acquainted with the status of new projects and would be happy to answer any questions from interested parties. Below is a brief breakdown of the most significant projects that will redefine available inventory within their respective niches and a map is below with highlights.





Keala O Wailea - Interest in this property has been VERY strong. Originally 'The Bluffs' were to have been developed on this property (if my recollection serves me right, the sign is still up - but I'm getting old and my memory fails me more often than I'd like to admit) but the new project will better serve the Wailea community. A total of 70 units across 7 buildings, evenly spread. The lower two levels of each building would have 4 units per floor and the third level presumably will have two 3 bedroom units. It has been described as an 'affordable Wailea offering'. Overlooking the golf course, most units will have impressive ocean view corridors and enjoy the community center with pool, fitness center, free-form rock pool Developed by Alexander &amp; Baldwin and Armstrong Builders. The resort living experience is enhanced by Keala o Wailea's location - directly next to the Wailea Gateway Center (home to one of the most popular restaurants in Wailea: Monkeypod Kitchen), up the road from The Shops at Wailea, world-class beaches, and everything that Wailea has to offer. Keala O Wailea.


Makalii at Wailea - For as long as I've been involved in the Wailea real estate market, one of the first questions I am asked by prospective buyers is 'What is going to go on across from the Fairmont Kea Lani?' and now there is a clear answer: a few months ago the Maui Planning Commission issued a Special Management Area Use Permit. Although there is not definitive time for construction and sales, the developer is finalizing designs, which are said to reminiscent of 'California in the 50's' with added use of glass to maximize light and view corridors and a generous use of native plants. The topography is terraced, which will enhance each unit's view corridors while PV's will make the property as a whole energy efficient.


A total of 17 clusters will be strategically located throughout the 9.3 acre property, with each structure consisting of 4 individual units. Each unit will have two levels, with the entrance on the main level where the bulk of the square footage will be (kitchen, living area, bedroom, etc.) and the master suite on the lower level. Of the 68 units, 66 are proposed to be three-bedrooms units, and the remaining 2 being two-bedroom units - THIS IS YET TO BE CONFIRMED - and some units would have a 'Casita'/Ohana element.  Short-term rentals would NOT be allowed and the build-out is estimated at approximately 36 months. Makali'i at Wailea.


Hoku O Wailea - Kai Malu proved to be a very strong value proposition in Wailea filling a big void in demand and now the land adjacent to it (west) is set to be developed. The proposed project will bring in a total of 75 units, evenly distributed on 15 three-story buildings - although not confirmed, it is speculated that the first two levels will have 2 bedroom units while the penthouse level will have larger units. Each Hoku O Wailea unit will have its own garage for convenience and with its sloping terrain, most units should have fantastic, virtually unobstructed view corridors. Short-term rentals will NOT be allowed. Construction is believe to start after Keala O Wailea is completed, but that is speculation. Water meters have been installed. Hoku O Wailea.


Wailea Golf Estates - Driving on Wailea Alanui, it's hard to miss the construction currently underway at the Wailea Golf Estates. It is to add 16 more single-family parcels of 14,000 square feet each, on average. Site work started on May of last year and is expected to be completed in the foreseeable future. Keep in mind, these will be sold as vacant parcels and the build out of new residences will be dependent on when each lot is sold and, subsequently, when the new owner is able/willing to build - it would not be surprising if there are incentives for those who start construction first.  Partial ocean views from most homes, with 15 of the 16 bordering the golf course. Water is via a massive 3 inch water meter, which is then to be sub-metered to individual owners based on usage.


Piilani Suites Hotel  (also referred to as Residences Inn Marriott) - Built atop 6 acres adjacent to the Wailea Town Center, the Pi'ilani Suites Hotel will be part of the Marriott family of hotels. It is a 3 to 4 story structure featuring 200 suites, said to be more affordable than other hotels in the Wailea resort.  Daily rates are expected to be in the range of $200-400 per night, attracting more inter-island travelers, families, and those seeking more wallet-friendly accommodations in Wailea. The land is owned by Alexander &amp; Baldwin, while the hotel is being built and will be owned by R.D. Olson - who also built the Courtyard by Marriott in 2012 near the Kahului airport. For anyone who has driven down Wailea Ike Drive can attest, construction is on-going and drivers are advised to be cautious while driving in this area. Directly next to the soon-to-be hotel, there are two lots slated for future development: one is for 9 single-family residences and the other for 36 condos - no further information available at this time nor any reasonable speculation based on reliable info.


Wailea Blue Course - For those who have been visiting Maui for decades, it will be a bit nostalgic to have the clubhouse at its original location. Nicknamed the 'Grand Lady of Wailea', the Blue course is the epitome of golf at a time when &quot;character defined the golf course&quot;. The new clubhouse and pro-shop are commonly referred to as the Shops on the Green. Moving the clubhouse at the end of 2014 also required the change in course layout - with the previous 6th hole becoming the 1st, and the previous 15th becoming the 10th. Construction is on-going as of the time of this writing, but golfers can access the clubhouse - afterwards, stop by Manoli's for a cold beverage and something to eat. More retail space is being added in phases, which may take 3-5 years to complete, as well as the parking lot being expanded. Landscaping is being implemented to safeguard view corridors and noise exposure from the parking lot to its Wailea Ekolu neighbor. The driving range is still in the plans, but no timeline as to execution. The Shops on the Green.


The Shops at Wailea - A big project that will have a significant impact on the quality of life/services in the Wailea area is the introduction of the first supermarket in the resort. Although there are convenience stores (Whalers General Store, ABC Store), the addition of a gourmet supermarket, complete with the a varied selection expected of a high-end market, will be a great value add to visitors and residents. Located on the Northeast corner of the property, it will be conveniently located for clients of Island Sotheby's Int. Realty. Keep in mind that the recent proposal of changing to paid parking will impact customers - although it has been said that the paid parking element will start in mid May 2015, there are petitions to change this. 


 Contact


Our objective is (and will continue to be) to provide our clients with the most updated, accurate information on which they can make informed decisions. For those interested in various opportunities in the Wailea and Makena real estate market, please don't hesitate to contact us - fill out the form below or call 808.385.5034





Disclaimer - The information above is for information/illustrative purposes only. Although every effort has been made to ensure the accuracy of the information contained in this site, complete accuracy cannot be guaranteed and independent verification must be conducted. The developments above are exclusively represented by various real estate brokerages The data on this site is provided only for informational purposes and are not intended to imply any authority or relationship with these properties, the developers, listing brokerages, or any other company associated with any of these developments.
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    <pubDate>Sun, 26 Apr 2015 15:28:00 -1000</pubDate>
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    <guid>https://www.hawaiirealestatesearch.com/blog/maui-honored-best-island-in-the-united-states.html</guid>
    <link>https://www.hawaiirealestatesearch.com/blog/maui-honored-best-island-in-the-united-states.html</link>
        <author>alex@mauirealestatesearch.com (Alex Cortez)</author>
        <title>Maui Honored as Best Island in the United States</title>
    <description> <![CDATA[ 



According to Tripadvisors 2015 Traveler's Choice award, Maui is the best island in the United States and second best in the world. With average temperature of 75 degrees, an array of the best beaches in the world, luxury Maui real estate, and arguably the most beautiful tropical settings in the world, it is easy to why Maui is truly No Ka Oi


Although many think of Maui as a beach paradise, it offers a plethora of micro-environments reflecting the rich diversity and cultural heritage inherent of Maui and its people. For example, Makawao boasts a rich paniolo (cowboy) tradition and the Maui Cattle Company has quietly grown into one of the best producers anywhere in North America. In addition, Haiku offers so many micro-climates within its boundaries that being makai and mauka can have a significant difference requiring intimate knowledge of the area to appreciate - as quick plug, our team includes experts who are well versed in the unique intricacies of the Haiku real estate market and whose insights can present valuable representation to our clients. 


With a very well-planned growth strategy and a continued commitment to preserve the aina (land) for future generations to enjoy, Maui will continue to be a haven of paradise in the middle of Pacific.
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    <pubDate>Tue, 21 Apr 2015 16:30:00 -1000</pubDate>
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    <guid>https://www.hawaiirealestatesearch.com/blog/significant-sales-keawakapu-and-wailea-beach-villas.html</guid>
    <link>https://www.hawaiirealestatesearch.com/blog/significant-sales-keawakapu-and-wailea-beach-villas.html</link>
        <author>alex@mauirealestatesearch.com (Alex Cortez)</author>
        <title>Significant Sales: Keawakapu and Wailea Beach Villas</title>
    <description> <![CDATA[ 



On April 14th, two significant sales recorded worthy of note for anyone following the Maui luxury real estate market. The first is a beachfront home on Maui's famed Keawakapu Beach. The 2 bedroom / 2 bathroom cottage at 3214 South Kihei Road is in fair condition, but the $7.7M sales price is reflective of the location on one of the most sought-after locations in Hawaii. The last sale in this neighborhood was a month ago for $14.5M at 3070 South Kihei Road and was based on the larger square footage.


The other sale that recorded today that raised some eyebrows is the sale of Wailea Beach Villas G-302. Sales at the Wailea Beach Villas have been stagnant, with only 3 sales recording in the past 15 months - and with 8 units currently on the market, one could argue that the market is saturated with inventory. The sales of G-302 recorded for $6.1M, with a price per square foot of nearly $2,100.


Overall, the high end of the market has been very timid when compared to last year:  2014 YTD had recorded 11 sales over $5M, spread evenly throughout the island (5 in South Maui, 2 on the North Shore, 3 on West Maui, and 1 on Lanai). 2015 YTD merely has 3 sales over $5M, with all of those sales taking place in South Maui.  Although it is widely speculated that the steep drop in high-end absorption is due to the weak Canadian Dollar, further research must be done to conclusively establish that as a theory.


For a deeper interpretation of current market conditions, please contact us below or call 808-385-5034.



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    <pubDate>Tue, 14 Apr 2015 17:11:00 -1000</pubDate>
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    <guid>https://www.hawaiirealestatesearch.com/blog/honua-kai-march-2015-sales-update.html</guid>
    <link>https://www.hawaiirealestatesearch.com/blog/honua-kai-march-2015-sales-update.html</link>
        <author>alex@mauirealestatesearch.com (Alex Cortez)</author>
        <title>Honua Kai March 2015 Sales Update</title>
    <description> <![CDATA[ 



It's that time again - with all sales of March having recorded and been reported, we can publish our March 2015 Honua Kai condo sales update.


New Listings


Although 6 new listings are reported, one of those was for statistical purposes as it was sold prior to being listed. Here are the 5 new listings:


Konea 614 - Located on the outside perimeter of the Konea tower, the views are restricted to ocean views due to the tower's orientation and the '12' stack protruding. Listed for $739K, it is a viable option for those seeking a 1 bedroom but for whom the ocean view premium is not feasible.


Konea 224  - Although the '24' on the Konea tower CAN have ocean views on the higher levels, on the 2nd floor this unit's view corridors are restricted to the West Maui mountains. Offered for $850K, it will be interesting to see if it can be absorbed near its asking price. It's worth noting that it is a large 1 bedroom unit, with 750 square feet.


Hokulani 510 - A 2 bedroom unit on the outside southern perimeter of Hokulani tower priced for $1.399M. Given the construction on the adjoining parcel, is this a fair price? Contact us and we can discuss in greater detail.


Konea 225  - Inner courtyard condos in the '25' are typically popular 3 bedroom units with sweeping view corridors. However, this unit is a rarity as a 2 bedroom unit, while still offering a large floor plan (1,235 square feet), spacious lanai (475 square feet) and great views of the resort and ocean. Priced at $1.6M, it is one of the better values in the 2 bedroom micro-market.


Konea 629 - Inner courtyard 3 bedroom units are becoming a rarity to come up as resales and Konea 629 offers the elevation to be among the best ones. Priced at $2.195M, it was one of the better values in this price range, leading it to go under contract yesterday, April 4th.


Under Contract


Three units went into escrow in the month of March:


Hokulani 140 - Priced at $815K, it offers the quiet environment of being on the north perimeter of Hokulani while still being conveniently located to all the pools. Under contract as of March 6th.


Konea 342 - A large 2 bedroom in a peaceful setting on the northern perimeter of Konea. Ocean views. Large floor plan. Immaculate condition. A good buy near the asking price of $1.295M


Hokulani 404 - One of the special 3 bedroom villas at Honua Kai, Hokulani 404 offers an enviable location near to the front row while the 4th level elevation provides outstanding view corridors. Listed for $2.227M.


Sold


March was a busy month at Honua Kai with 9 sales being recorded, across virtually every niche available. Let's take a look:


Hokulani 216 - Southern outside perimeter of Hokulani with mountain views, sold for $770K. Interesting absorption given the view corridors and exposure to the construction in the adjacent parcel.


Hokulani 242 - Wow. The buyer procured a 1 bedroom + den unit (950 square feet) with outstanding view corridors and convenient access to the garage and ground level for $875K. This buyer got one of the best values in Honua Kai in recent memory.


Hokulani 836 - Corner unit at a high elevation, with great view corridors and a particularly large lanai (over 500 square feet). Selling for $1.425M, it's a reflection of how much the market has turn in a couple of years.


Hokulani 315 - Interior courtyard 2 bedroom condo selling for $1.45M - fair price in today's market.


Konea 543 - Arguably the southern interior of Konea is more desirable than its northern counterpart due to the orientation, which is translated in Konea 543's sale at $1.485M. A very large floor plan at over 1,300 square feet, there is value for its new owner.


Hokulani 649 - The 1,100 square foot unit sold for $1.675M. There is a slightly different lifestyle proposition between Hokulani and Konea, which can be seen between this unit and Konea 745 (more on that below).


Konea 745 - Large 1,315 square foot 2 bedroom condo on Konea's interior sold for $1.72M. Comparing Hokulani 649 ($1,522 per square foot) to Konea 745 ($1,307 per square foot) showcases the differences between the two towers and its reflection on prices.


Konea 925 - High elevation. Great ocean views. Privacy. Arguably, well worth its sales price of $2.25M


Konea 402 - Large front row unit at Konea with enough elevation to give it ocean views overlooking the pools, rec area, and Duke's. Front row units have been selling in the $3.5M+ range, hence the $3.59M is well in line with fair market value range.


Summary


The &quot;entry level&quot; is sorely lacking in inventory, with premium studio units being non-existent and ocean-view 1 bedroom units pushing values upwards. Premium 2 bedroom units continue to be absorbed rapidly, while their 3 bedroom villa counterparts continue to sell but at a slightly slower pace. The southern perimeter of Hokulani is subject to speculation due to the construction on the lot next door by the Westin. While some units will retain their view corridors virtually unchanged, for most owners/guests the noise will be a hinderance/distraction during the build out (conservative estimates put it as a 2 year project) - will this affect values in the short-term? Will it affect rentability?


Contact Us


We are well acquainted with intricacies of the Honua Kai real estate market, available inventory, overall West Maui trends and would be happy to discuss in greater detail whether the sale/purchase of a Honua Kai unit would best meet your objectives. Call 808.385.5034 or fill out the form below



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    <pubDate>Sun, 05 Apr 2015 16:35:00 -1000</pubDate>
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