Honua Kai Two Bedroom Update

Posted by Alex Cortez 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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Honua Kai - Konea 130 Kai Malina Pkwy, Unit Nr 1020, Kaanapali

$2,700,000 - 2 Beds, 2.00 Baths, 1,215 Sf

MLS® # 401393

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Honua Kai - Hoku Lani 130 Kai Malina Pkwy, Unit Sr247, Kaanapali

$2,795,000 - 2 Beds, 2.00 Baths, 1,100 Sf

MLS® # 400124

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Honua Kai - Konea 130 Kai Malina Pkwy, Unit Nr1026, Kaanapali

$2,850,000 - 2 Beds, 2.00 Baths, 1,285 Sf

MLS® # 400232

Fee Simple
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Honua Kai - Hoku Lani 130 Kai Malina Pkwy, Unit Sr712, Kaanapali

$2,950,000 - 2 Beds, 2.00 Baths, 1,100 Sf

MLS® # 400492

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Honua Kai - Hoku Lani 130 Kai Malina Pkwy, Unit Sr836, Kaanapali

$2,995,000 - 2 Beds, 2.00 Baths, 1,240 Sf

MLS® # 400607

Fee Simple
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Honua Kai - Hoku Lani 130 Kai Malina Pkwy, Unit Sr605, Kaanapali

$3,200,000 - 2 Beds, 2.00 Baths, 1,100 Sf

MLS® # 400179

Fee Simple
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Honua Kai - Konea 130 Kai Malina Pkwy, Unit 239, Kaanapali

$3,250,000 - 2 Beds, 2.00 Baths, 1,325 Sf

MLS® # 401333

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Honua Kai - Hoku Lani 130 Kai Malina Pkwy, Unit Sr547, Kaanapali

$3,300,000 - 2 Beds, 2.00 Baths, 1,100 Sf

MLS® # 401532

Fee Simple
Keller Williams Realty Maui-L
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Honua Kai - Hoku Lani 130 Kai Malina Pkwy, Unit Sr409, Kaanapali

$3,700,000 - 2 Beds, 2.00 Baths, 1,300 Sf

MLS® # 400151

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Honua Kai - Hoku Lani 130 Kai Malina Pkwy, Unit Sr109, Kaanapali

$3,790,000 - 2 Beds, 2.00 Baths, 1,300 Sf

MLS® # 400597

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Honua Kai - Konea 130 Kai Malina Pkwy, Unit Nr549, Kaanapali

$4,549,000 - 3 Beds, 3.00 Baths, 1,930 Sf

MLS® # 399800

Fee Simple
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Honua Kai - Hoku Lani 130 Kai Malina Pkwy, Unit Sr203, Kaanapali

$4,595,000 - 3 Beds, 3.00 Baths, 1,940 Sf

MLS® # 400129

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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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