Kihei Condo Market Update

That the Maui real estate market continues its upwards trend with increasing sales activity, sales volume, and continuing demand is beyond doubt. However, the speed in which some micro-niches are shifting is simply mind-numbing - as is the case with the niche of Kihei luxury condos for sale.

Looking at stastistical data, we see a very stable market experiencing sustainable increases. Examining 2012's January through August 30 time period reveals a total of 305 sales totaling $102.88M - now move forward to same time period in 2013, there were 308 sales, but the total sales volume increased significantly to $119.27M. 

The niche of the market that can be said to have the most significant shift is the high end sector. In all of 2012, there was not a single sale of a Kihei condominium over $1M, yet so far in 2013 (as of this writing, on September 5th) there have been TEN sales over $1M. That is an impressive growth and it can be argued that it is an absorption rate that can continue, particularly so for speciality properties such as the recent sale of Hale Pau Hana D2.

The condominium properties subject to such sales were as follows (click on the following and view recent sales - a MauiRealEstateSearch.com exclusive):

* Hokulani Golf Villas - Going into Phase II of its development, it is great to see that these luxury homes are being sold. Surrounded by the Elleair Golf Course, it appeals to those seeking a tranquil setting with Wailea custom build at Kihei prices. Four Sales.

* Maalaea Surf - On the northern edge of Kihei, this is an iconic property with little turn over and legions of returning visitors. One sale.

* Mana Kai - Albeit, I'm biased, Mana Kai is one of my favorite properties in Hawaii. Being beachfront on Keawakapu beach is a dream to most, yet Mana Kai continues to be THE premier property, with units offering some of the strongest rental revenues on Maui. The Five Palms restaurant and Zack's Deli are bonus. One Sale.

*  Hale Hui Kai - More of a boutique property than its neighbor, Mana Kai, Hale Hui Kai presents beachfront living in a quiet setting. Most units have garden views, with the forefront units commanding a signficant premium, as was the sale of unit 308. One sale.

* Royal Mauian - Being beachfront on Kam I yet within easy walking distance to shops, restaurants, and activities make Royal Mauian a truly unique property. Its next door neighbor, Kamaole Nalu, offers a different value proposition as a leasehold property. Two sales.

*  Hale Pau Hana -  The most recent sale (coincidentally the largest) in the $1M+ subset was the sale of Hale Pau Hana D-2 for $1.65M. With a 10 day closing, it is reflective of premium, unique properties being absorbed at a rapid pace. Island Sotheby's Int. Realty represented both sides of the transaction. One sale.

For those interested in purchasing or selling a luxury Kihei condo for sale, contact us - we specialize in the high-end sector of Maui real estate, with an emphasis on South Maui.