Honua Kai Two Bedroom Update

Posted by Alex Cortez R(B) on Tuesday, February 11th, 2020 at 2:39pm.

Today's question comes from one of our new Honua Kai clients. Have questions? Contact Us.



Question: I have been following the Honua Kai market for a while now, I see that the two-bedroom condos at Honua Kai are not coming on the market as often as they used to, why is that? How has their appreciation been over the past years? I see some statistics but they are about the last 2 years, I want to see some historical context. Thanks in advance

In the past year, there has been an influx of interest in Honua Kai condominiums, with a particular spike in the 2 bedroom niche which could be attributed to lack of inventory. This is arguably THE most diverse micro-market at Honua Kai as units can vary from mountain-view lower-floor units with limited views facing parking structures to premium, front-row '01' stacks in the Konea tower with unobstructed ocean views steps away from the resort pools, restaurant, and spa. Values can then respectively range from the low $1M mark to over $3M. With that as a preface, let's take a look at the average and median sales price of 2 bedroom units since Honua Kai's introduction to the market.

The data below is in thousands, as examples: 1488 is $1.48M and 1754 is $1.754M.

Honua Kai 2 Bedroom Sales 2020

Although viewing statistics through the years can be great in establishing a 'bird's eye view' of the market and very trend lines, the caveat with looking at statistics in such a broad scope is that it misses the nuances of how location within the property and view will have an impact on value. To take it further, we've broken down the sales price of every 2 bedroom unit sold since the project's introduction and added a moving average (which takes into account its trailing sales) and categorized between ocean view versus mountain view.

Ocean View Units

It is worth noting that the anomalies that far outpace the rest of the market are the '01' Konea units, which have historically sold closed to 3 bedroom prices based on its absolute premium location - further noting that the 101 unit has bbq in its lanai, a one-of-a-kind for this niche.

Honua Kai 2 Bedroom Ocean View

Mountain View Units

The 2 bedroom mountain-view units are gaining a well-earned reputation as the strongest short-term cash flow revenue generator in what is already a top-performing rental property - contact us to find out more details.

Mountain View Honua Kai Condos

When viewing the information above, keep in mind that the initial sales were pre-launch developer sales contracts, many of which date back to 2006 and were not reflective of then fair-market value at the time of closing, whereas the correction in values can be seen in the 2011 sales and thereafter. Again, for better context in assessing a particular unit (example, the '15' stack in Hokulani with the oversized L-shape lanai), it takes expert-level . Our team includes the experts who have put time into analyzing every facet of historical sales - to include floor level, stack, view corridor, lanai, etc. - and we are happy to discuss in much greater detail.

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Active
Photo of Listing #386049
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Vacation Rental
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Honua Kai - Hoku Lani SR 246 130 Kai Malina Pkwy Sr 246, Kaanapali

$1,599,000 - 2 Beds, 2.00 Baths, 1,100 Sf

MLS® # 386049

Fee Simple
Berkshire Hathaway Maui Prop-L
Active
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Honua Kai - Hoku Lani SR434 130 Kai Malina Pkwy Sr434, Kaanapali

$1,285,000 - 2 Beds, 2.00 Baths, 1,080 Sf

MLS® # 385967

Fee Simple
Maui Resort Realty
Pending
Photo of Listing #385939
Vacation Rental
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Honua Kai - Konea NR113 130 Kai Malina Pkwy Nr113, Kaanapali

$1,495,000 - 2 Beds, 2.00 Baths, 1,325 Sf

MLS® # 385939

Fee Simple
Island Sotheby's Int'l Rlty(L)
Active
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Vacation Rental

Honua Kai - Konea NR 445 130 Kai Malina Pkwy Nr 445, Kaanapali

$1,949,000 - 2 Beds, 2.00 Baths, 1,315 Sf

MLS® # 385788

Fee Simple
KBM Hawaii
Active
Photo of Listing #384896
Enhanced
Vacation Rental
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Honua Kai - Konea NR332 130 Kai Malina Pkwy Nr332, Kaanapali

$1,199,000 - 2 Beds, 2.00 Baths, 1,080 Sf

MLS® # 384896

Fee Simple
Susan Jackson Real Estate
Pending
Photo of Listing #384134
Vacation Rental
Pets

Honua Kai - Hoku Lani SR 415 130 Kai Malina Pkwy Sr 415, Kaanapali

$2,050,000 - 2 Beds, 2.00 Baths, 1,320 Sf

MLS® # 384134

Fee Simple
Kaanapali Luxury Vacation Rentals
Pending
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Vacation Rental
Pets

Honua Kai - Konea NR239 130 Kai Malina Pkwy Nr239, Kaanapali

$1,899,000 - 2 Beds, 2.00 Baths, 1,325 Sf

MLS® # 384110

Fee Simple
Susan Jackson Real Estate
Pending
Photo of Listing #382771
Vacation Rental
Pets

Honua Kai - Konea NR839 130 Kai Malina Pkwy Nr839, Kaanapali

$2,299,000 - 2 Beds, 2.00 Baths, 1,325 Sf

MLS® # 382771

Fee Simple
Susan Jackson Real Estate
Active
Photo of Listing #382761
Vacation Rental
Pets

Honua Kai - Konea NR201 130 Kai Malina Pkwy Nr201, Kaanapali

$3,199,000 - 2 Beds, 2.50 Baths, 1,620 Sf

MLS® # 382761

Fee Simple
Susan Jackson Real Estate


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.

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