Honua Kai October 2014 Update
Posted by Alex Cortez on Tuesday, November 11th, 2014 at 12:23am.
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 row at Honua Kai but do not want the square footage of the 3 bedroom villas? Then this 2 bedroom / 2.5 bathroom unit in the Konea tower is a rare find. Priced at $2.995M, it will appeal to the 'right' buyer who is willing to pay the premium but understands the value for being front row.
Pending
No units came under contract during the month of October on the MLS. Developer inventory is not posted online regularly, but view our Developer update below.
Sold
Seven sales recorded in October, marking one of the busiest months of the year - in what is historically a 'lull' in the Maui real estate market.
Hokulani 238 - A premium 1 bedroom / 1 bathroom unit with a spectacular resort setting and ocean views. Ideal location. Sold for $795K
Konea 812 - A 2 bedroom / 2 bathroom unit in the Konea tower with what some deem to be an 'interesting' floor plan. Sold for $999K.
Konea 643 - Premium 2 bedroom unit with ocean views - nice location with enough elevation to have outstanding ocean views overlooking the resort. Sold for $1.51M
Konea 707 - Within the niche of premium 2 bedroom units, the '07' and '05' stacks in the Konea tower are among the most desirable. And with a 7th floor purview, it's easy to justify its price at $1.7M
Konea 325 - One of the best values among recent sales of 3 bedroom villas, this 1,600 square foot luxury unit sold for $1.87M making for a lucky buyer.
Konea 829 and 825 - Among the center 3 bedroom villas, these tandem is among the most desirable due to its height. Each sold for $2,187,450 to the same purchaser.
Developer Inventory
The developer does NOT list all of their inventory on the MLS - most of their available units are NOT listed online. As such, below please find the latest/most updated listed as of the date of posting (11/12). For questions about a specific unit, contact us.
| Tower | Unit | Price | Bedrooms | Sq. Ft. | Status |
| Hokulani | 404 | $ 2,227,450 | 3 | 1,940 | Available |
| Hokulani | 504 | $ 2,289,950 | 3 | 1,940 | Pending |
| Hokulani | 1025 | $ 3,049,950 | 3 | 2,170 | Available |
| Hokulani | 1037 | $ 2,875,000 | 3 | 2,380 | Available |
| Konea | 102 | $ 3,574,900 | 3 | 2,230 | Available |
| Konea | 139 | $ 1,512,450 | 2 | 1,325 | Available |
| Konea | 148 | $ 850,000 | 1 | 780 | Available |
| Konea | 149 | $ 2,267,450 | 3 | 1,930 | Available |
| Konea | 202 | $ 3,469,900 | 3 | 2,230 | Available |
| Konea | 203 | $ 1,525,000 | 2 | 1,315 | Available |
| Konea | 250 | $ 3,379,900 | 3 | 2,230 | Available |
| Konea | 304 | $ 1,109,000 | 2 | 1,250 | Pending |
| Konea | 313 | $ 1,660,000 | 2 | 1,325 | Available |
| Konea | 325 | $ 1,970,000 | 3 | 1,610 | Pending |
| Konea | 343 | $ 1,465,000 | 2 | 1,315 | Available |
| Konea | 349 | $ 2,349,900 | 3 | 1,930 | Available |
| Konea | 350 | $ 3,499,900 | 3 | 2,230 | Available |
| Konea | 402 | $ 3,913,900 | 3 | 2,230 | Available |
| Konea | 403 | $ 1,565,000 | 2 | 1,315 | Pending |
| Konea | 407 | $ 1,525,000 | 2 | 1,315 | Available |
| Konea | 409 | $ 1,505,000 | 2 | 1,315 | Available |
| Konea | 449 | $ 2,402,450 | 3 | 1,930 | Pending |
| Konea | 543 | $ 1,485,000 | 2 | 1,315 | Pending |
| Konea | 550 | $ 3,789,900 | 3 | 2,230 | Available |
| Konea | 639 | $ 1,762,000 | 2 | 1,325 | Pending |
| Konea | 643 | $ 1,510,000 | 2 | 1,315 | Pending |
| Konea | 707 | $ 1,700,000 | 2 | 1,315 | Pending |
| Konea | 743 | $ 1,600,000 | 2 | 1,315 | Available |
| Konea | 745 | $ 1,720,000 | 2 | 1,315 | Available |
| Konea | 749 | $ 2,702,450 | 3 | 1,930 | Available |
| Konea | 825 | $ 2,187,450 | 3 | 1,610 | Pending |
| Konea | 829 | $ 2,187,450 | 3 | 1,610 | Pending |
| Konea | 839 | $ 1,872,450 | 2 | 1,325 | Pending |
| Konea | 925 | $ 2,249,950 | 3 | 1,610 | Pending |
| Konea | 929 | $ 2,249,950 | 3 | 1,610 | Pending |
| Konea | 1029 | $ 3,197,450 | 3 | 2,170 |
Available |
Conclusion
We are asked often whether the Honua Kai micro-market is flattening and/or losing its euphoric-like appeal to buyers. At this point, it hasn't nor is there any reason to believe that it will. In the lull of the cycle we saw values increasing and it would be reasonable to believe that the onslaught that high season brings will further push values upward. For anyone thinking of purchasing, doing so before high season settles in may prove to be a smart move. For sellers, listing now before occupancy climbs and makes it difficult to show prospective buyers and before more inventory is loaded on can prove to be of significance - not to mention that if HARPTA or FIRPTA are applicable, a sale recording before the end of the year can be beneficial by not having to wait over a year to receive the reimbursement.
Contact
Thinking about selling or purchasing a luxury Honua Kai condo for sale? Contact us - we maintain a diligent look at the most updated micro-market conditions at Honua Kai so you don't have to and our insights on the property have proven to be of significant value to our clients. Contact us by filling out the form below or call Alex at 808.385.5034
Specializing in Makena and Wailea real estate, Alex Cortez is fully dedicated to representing his clients ethically and diligently. Contact him at 808.385.5034 or Alex@MauiRealEstateSearch.com for more information.