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.
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.
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.
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.
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.
Susan Jackson Real Estate
Susan Jackson Real Estate
Island Sotheby's Int'l Rlty(L)
Keller Williams Realty Maui-Ka
Berkshire Hathaway Maui Prop-L
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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