Honua Kai April Update

As high season winds down and in its aftermath, the remainder of sales are closing (and may slip into May as well) so more clear micro-market trends can be ascertained. And in our continuing analysis of the Honua Kai condo micro-market, we post monthly updates to better alert potential buyers and sellers of perceivable trends. As such, let us look below at activity in the month of April.

New Listings

The month of April saw only one new listing in Honua Kai. Konea 205 is premium, inner-courtyard 2 bedroom unit in the Konea tower. Priced at $1.599M, it is priced in the range at which similar units have been selling (in the $1.5M's).

Pending

Four units went under contract in April:

Hokulani 142 - spacious 1 bed + den, with a sales price of $820K, it is easy to see its absorption. One bedroom + den units continue to be among the strongest rental performers, contact us for details.

Konea 840 - At 1,350 square feet, this is a spacious 2 bedroom unit. With a sales price of $1.15M, it is well priced and may prove to be among the best value sales of 2014.

Konea 649 - The three bedroom luxury villas continue to sell well and this is no exception. Priced at $2.757M, the '49' stack continue to popular for buyers looking to be close to front row but at a significantly lower price point (with front row, '51' stacks selling in the $3.6-4M range).

Konea 401 - On the south wing of the Konea tower, this front-row two bedroom unit is quite easily one of the best 2 bedroom luxury condos, not only in Honua Kai but in all of Maui.

Ranging in price from $820K to $2.875M, it is evident that across the Honua Kai condo market, all types of units are being absorbed.

Sold

Five sales took place in the month of April at Honua Kai:

Hokulani 826 - This mountain view 1 bedroom condo reflects the entry-point for Honua Kai. Sold for $620K on 04/24.

Hokulani 518 - On the southside of the Hokulani tower, this unit offers 700 square feet of interior living space and ocean views. Sold for $767,500 on 04/07.

Hokulani 718 - Evidence that elevation has a direct impact on pricing. Directly two floors above the aforementioned 518, this unit sold for almost $30K more, closing at $796K on 04/16.

Konea 551 - Quite simply, one of the Honua Kai's best. Privacy, unobstructed views, superb quality. Sold for $3.65M on 04/09.

Konea 601 - THIS IS IT. Honua Kai's jewel. Its lucky new owner has a legacy property, unparalleled in nearly every level in the Kaanapali real estate market. It sold for $5.2M on 04/09.

With a median price of $796K, Honua Kai continues to demonstrate absorption along each niche. And the sales of Konea 551 and Konea 601 point to a market in which the world's elite continue to act with confidence. 

#honua-kai-april-sold#

Conclusion

With the developer inventory dwindling (contact us directly for information on available developer units), the re-sale market is proving to be one of the strongest of any micro-market on Maui. Units are selling across all price points and are selling close to its asking price - if priced well. Savvy owners who purchased a few years ago are now facing a dilemma: sell a very successful rental property or sell at a profit to move on to something else. 

For those fortunate few interested in making Honua Kai part of their real estate investment portolio, our deep understanding of its micro-market conditions and projected patterns will prove to be useful in your endeavors. Contact us at alex@mauirealestatesearch.com or 808.385.5034 at any time.