Honua Kai Studios

With diverse offerings, from studios to luxury 3 bedroom villas, the Honua Kai condos micro-market is among the most interesting to observe. And as many of our clients diligently watch for specific unit types (i.e. partial ocean view one-bedroom), more in-depth analysis on specific unit types are useful - so with that, let us explore Honua Kai studios.

Studio Floor Plans

There are three different floor plans of studio units available at Honua Kai:

A1a is a studio unit consisting of 595 square feet of interior living space, with an additional 100 square feet of lanai. Units with this floor plan are as follows: Hokulani and Konea 215, 237, 315, 337, 415, 437, 515, 537, 615, 637, 715, 737, 815, and 837.

 At 615 square feet, that A1-ADA is much bigger than many 1 bedroom condos. Its open living is conducive to enjoying ocean view corridors in a courtyard setting of a luxury resort. Units with this floor plan are Hokulani and Konea 321, 421, 521, and 621.

And lastly, the A1b floor plan features 580 square feet and the convenience/enjoyment of 100 square feet lanais. Units with this floor plan are Hokulani and Konea 221, 231, 331, 431, 531, 631, 721, 731, 821, 831, 921, and 931. 

 Sales History

Since its introduction, there have been a total of 67 sales of studios up to the date of this writing (September 7th, 2014). Of those, 58 were initial developer sales and the remaining nine were resales. Below is a breakdown of average and median sales price per year, to better understand how the recession impacted sales at Honua Kai.

And compare the studio sales price to the overall price per square foot at Honua Kai for a better correlation:

These 67 sales have been equitably distributed in the sales terms: 33 cash sales, 32 Conventional Financing, and 2 participating in a 1031 Exchange. Looking for a more pertinent trend, there were 10 sales in 2013 at an average price per square foot of $1,121, whereas 2014 year-to-date has only seen 2 sales an average price of $1,209 per square foot. The low volume of sales YTD in 2014 could reasonably be credited to the lack of viable inventory. Regardless of what metric is used, it seems clear that values are on the rise. For context of how Studios have performed in relation to the rest of units, view our Honua Kai Sales History - THE most comprehensive piece on Honua Kai.

Studios For Sale

Inventory continues to change as new listings are introduced, units go into escrow, and eventually see its absorption via closed sales. Below is a list of every Honua Kai Studio For Sale and this list is updated daily to reflect the most updated inventory available. For those looking for a specific unit, please contact us directly as it is not uncommon for past clients to be open/amicable to selling under fair market value conditions.

Honua Kai Studios For Sale

Income Potential

The Studios and varying 1 bedroom units enjoy a reputation as the most profitable investments at Honua Kai due to superb occupancy rates - oftentimes going above 90%, which for a vacation rental property on Maui is absolutely phenomenal - coupled with comparatively lower costs of ownership. Below is an example of what one could conservatively expect for an ocean-view studio at Honua Kai - the projected income is VERY conservative with some property managers projecting 10%+ more in gross income.

Enjoying that kind of return while also being the beneficiary of equity growth is a position that most savvy investors would find safe AND profitable.

Conclusion

Studios at Honua Kai present one of the best cash-on-cash offerings for serious investors of Maui real estate and as all of the studios being inner-courtyard units with unobstructed ocean view corridors, it is reasonable to expect these units to be among the most sought after at Honua Kai. Should you to explore this niche of Honua Kai or if you are interested in selling your Honua Kai condo, please don't hesitate to contact us through the form below or call 808.385.5034 any time.