Honua Kai March 2015 Sales Update

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 "entry level" 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