Honua Kai September Update

The consensus among Maui real estate professionals is that the market is significantly busier than it has been in several years for this time year - which is typically the lull before high season commences in mid December. And in keeping a watchful eye in the Honua Kai condo micro-market, here is our market report for the month of September:

New Listings

In the month of September, 4 units were listed for sale:

Hokulani 223 - Studio with an asking price of $725K. For many potential buyers the 'common' lanai is a concern due to the perceived lack of privacy.

Hokulani 533 - Studio with an asking price of $789K. It came on the market on 09/29 and was immediately put under contract. Studios in upper floors are a much sought-after commodity due to comparatively high return on investment.

Hokulani 836 - A large 2 bedroom / 2 bathroom corner unit with views of the mountain and ocean. What makes this unit so appealing is its oversized lanai, with over 500 square feet of outdoor space. Priced at $1.479M - contact us for information about fair market value.

Konea 329 - Inner courtyard 3 bedroom / 3 bathroom unit with 1,610 square feet of interior space. Priced at $2.295M - contact us for our valuation of the unit and other comparables on the market.

Last year, same month, there were 6 sales - of which only 3 closed.

Pending

Four units went under contract in the month of September:

Hokulani 737 - In escrow as of 09/15, this is a Studio with an asking price of $780K.

Hokulani 533 - In escrow as of 09/29, which is the same day it was listed. Reflective of values of Studio units increasing to the mid/high $700K's.

Hokulani 238 - With an asking price of $849K, this 1 bedroom / 1 bathroom is en par with recent sales. Nice ocean views with a peaceful, serene setting overlooking the park-like area between Konea and Hokulani. 

Hokulani 213 - One of only 7 interior courtyard 1 bedroom units, its asking price of $899K is fair considering its rarity. 

Sold

Three recorded sales in the month of September, as reported to the Realtors Association of Maui (caveat is that developer sales oftentimes lag and may not be reported).

Hokulani 418 - South-facing 1 bedroom / 1 bathroom unit that sold for $740K. The fact that views/setting could be impacted by the eventual development of the parcel next door is reflected in its sales price.

Konea 205 - A large 2 bedroom / 2 bathroom unit of over 1,300 square feet, sold for $1.375M, down from its asking price of $1.449M.

Hokulani 105 - Ground-level units are in much demand as there are clearly lower levels of available inventory and possess a high allure to guests who enjoy the convenience of walking directly from the unit to the many on-site amenities. The 1,100 square foot condo sold for $1.39M on 09/11.

As context, in September 2013 there were ELEVEN closed sales - but 10 of those were developer sales, whereas all 3 of Sept 14 sales were resales. Again, caveat is that developer sales may not be reported for a couple of weeks more (if/when any sales within time frame are reported, this post will be updated accordingly).

Developer Sales

As most of their inventory is NOT listed on the MLS, we post regular updates to ensure our clients have the most up-to-date information. Remember, Powerplay Destinations represents the developer - we can represent buyers in their purchase of developer units at no additional cost. 

Contact

Thinking of purchasing or selling a Honua Kai condo? Contact us - our experience in the Honua Kai micro-market ensuring your rights are represented first and foremost.