Honua Kai January 2015 Update

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 water feature directly outside of the unit serves as a nice buffer from privacy and defines the space.

Konea 426 - One of the larger floor plans of 2 bedroom units at Honua Kai, Konea 426 offer 1,285 square feet of interior living space. Priced at $1.375M - contact us for an opinion on valuation.

Hokulani 649 - Interior courtyard in Hokulani coupled with high elevation and being one of the closest stacks to the front is reflected in the asking price of $1.699M. A very nice unit with big ocean view corridors.

Hokulani 451 - Front row 3 bedroom residence at Hokulani. Perhaps the most appealing aspect of this property is that in addition to the BIG ocean views, it is balanced well by having the pools and restaurant within the view corridor. Priced at $4.199M, it is reflective of its uniqueness within the Honua Kai micro-market - but contact us for more information on valuation.

Featured

Hokulani 240 - At the time of this writing, Hokulani 240 is arguably THE best value among the 1 bedroom units. Priced at $859K, the new owner and guests will enjoy a peaceful 2nd floor location, with easy access to the main level (either via elevator or stairs) and to the garage. Partial ocean views from its well-sized lanai and peaceful resort setting make this unit a particular standout among 1 bedroom units at Honua Kai. Very tastefully decorated and ergonomically designed, it is a turn-key vacation rental property with a very successful track record. Have questions about its rental income? Contact us for details.

Pending

Four units went into 'Pending' status (in escrow) on the MLS - but please keep in mind that the developer does not list all of their inventory on the MLS until sales close, hence this number could be substantially skewed.

Hokulani 216 - One bedroom on the southern outside perimeter of Hokulani. Priced at $795K - it will be interesting to note its final sales price as it would be a good comparable for partial ocean view 1 bedroom units, particularly those NOT on the southern perimeter of Hokulani or the northern one of Konea.

Hokulani 745 - Nice unit in interior courtyard of Hokulani with big elevation and outstanding ocean view corridors. Priced at $1.595M, it will be a good comp for Hokulani 649 listed above as a new listing.

Hokulani 730 - Mountain view unit priced at $765K, at time of listing the lowest priced one bedroom.

Hokulani 836 - Large 2 bedroom floor plan with an incredible 500+ square foot lanai. Priced at $1.479M.

Sold

Only 2 sales recorded in the month of January, but this may change in the next few days if the developer reports any more sales (if so, this will be edited to reflect such).

Konea 710 - A 730 square foot 1 bedroom unit with mountain and ocean views, it sold on 01/07 for $850K.

Konea 450 - Big ocean views from this large 3 bedroom, front-row residence. Being on the northern edge of Konea tower, it enjoys a more quiet setting than those closer to the pools. Sold for $3.699M, the new owner enjoys 3 years of pre-paid HOA's.

Developer Inventory

The list of developer inventory is ever-changing - and as most of their inventory is NOT listed on the MLS, it makes it for a bit of difficulty for buyers to be informed of the latest and greatest. Below is a list updated as of 02/01/2015 - we maintain our own list, updated frequently. 

Summary

The Honua Kai micro-market continues to over-perform the rest of Maui condo market, arguably due to its high value proposition: new construction, high quality build, modern design and amenities, tremendous reputation as a vacation destination, and a higher ROI than virtually every other vacation rental property on Maui. For those thinking of selling or purchasing a Honua Kai condo for sale, contact us - we are well acquainted with the property, its micro-market conditions and trends.