Kihei Luxury Real Estate Market Update
Posted by Alex Cortez on Saturday, September 21st, 2019 at 5:28pm.
Question: I hear the high-end sector is not doing very well in Hawaii. I have a home in Kihei and I fear that now would be terrible time to sell. Is that true?
Answer: Much is being said that the real estate market nationwide is on a downturn and lack of inventory continues to frustrate prospective Buyers. However, local real estate trends can be significantly different than general trends, hence it's always best to look at a granular level to see how the micro-market is acting. So with that, let's discuss:
Single-Family Homes - The term 'high-end' can have various definitions, particularly in a market like Maui where homes can go north of $20M but which are few and far between. As such, for the sake of this analysis, we are looking at $1M as the marker for high-end homes. In 2018 through the end of August, there were a total of 15 sales in Kihei over one million USD, median price of $1.36M and median price per square foot of $579. The previous year the number of sales YTD was 17, hence the 2018 looked like the high-end sector was holding steady. Of course, this included the mega sale of 3190 South Kihei Rd for $22.8M. However, compare that to the same time frame of the current 2019, there have been a total of 30 sales over a million, median price of $1.205M and median price per square foot of $489.04.
2018 Sales:
|
Closing Date |
Sold Price |
Address |
Subdivision |
PrcSqft |
Sale Terms |
Year Built |
Land SQFT |
|
2/1/2018 |
$1,050,000.00 |
10 Hui Kelu Way |
Kamaole Heights |
$443.41 |
Cash |
2012 |
10115 |
|
6/25/2018 |
$1,059,000.00 |
228 Kamakoi Loop |
Keonekai Estates |
$482.02 |
Conventional |
1991 |
7688 |
|
3/29/2018 |
$1,085,000.00 |
45 Laukahi St |
Moana Estates |
$500.46 |
Cash |
2007 |
8002 |
|
2/20/2018 |
$1,125,000.00 |
111 Hoohale St |
Kilohana Ridge |
$613.08 |
Conventional |
2003 |
8028 |
|
6/27/2018 |
$1,150,000.00 |
1557 Halama St |
|
$481.98 |
Conventional |
1977 |
9165 |
|
3/2/2018 |
$1,235,000.00 |
66 Hoohale St |
Kilohana Ridge |
$659.02 |
Cash |
2003 |
7623 |
|
5/8/2018 |
$1,250,000.00 |
232 Kamakoi Loop |
Keonekai Estates |
$455.21 |
Conventional |
1994 |
7989 |
|
3/29/2018 |
$1,360,000.00 |
54 Ahekolo St |
Kilohana Ridge |
$725.72 |
Conventional |
2003 |
9056 |
|
8/3/2018 |
$1,560,000.00 |
2656 Moolio Pl |
Pacific Terrace |
$499.20 |
Conventional |
2001 |
10799 |
|
8/29/2018 |
$1,650,000.00 |
18 HOOHALE St |
Kilohana Ridge |
$662.65 |
Conventional |
2003 |
8120 |
|
4/24/2018 |
$1,698,000.00 |
144 Hoolapa St |
Kilohana Waena |
$579.52 |
Conventional |
2017 |
7536 |
|
1/26/2018 |
$1,725,000.00 |
1463 Halama St |
Halama Street |
$905.04 |
Cash |
1954 |
14549 |
|
4/12/2018 |
$1,750,000.00 |
130 Hokai Pl |
Kilohana Hema |
$569.29 |
Cash |
2016 |
7893 |
|
6/5/2018 |
$4,744,000.00 |
1710 Halama St |
|
$1,463.75 |
Conventional |
1956 |
19968 |
|
2/2/2018 |
$22,800,000.00 |
3190 S Kihei Rd |
WAILEA |
$3,110.08 |
Mortgage Not Assumable |
2015 |
31124 |
2019 Sales:
|
Closing Date |
Sold Price |
Address |
Subdivision |
PrcSqft |
Sale Terms |
Year Built |
Land SQFT |
|
3/21/2019 |
$1,000,000.00 |
11 Hoolalei Way |
Keala Hills |
$408.16 |
Conventional |
1999 |
10611 |
|
2/8/2019 |
$1,025,000.00 |
2595 Mikoi Pl |
Keonekai Heights |
$537.78 |
Conventional |
1994 |
7536 |
|
4/29/2019 |
$1,040,000.00 |
2575 Hunakai St |
Keonekai Heights |
$323.79 |
Conventional |
1988 |
8512 |
|
1/25/2019 |
$1,050,000.00 |
2734 Kauhale St |
Keonekai South |
$503.84 |
Conventional |
1983 |
7910 |
|
8/22/2019 |
$1,070,000.00 |
148 Moana Ave |
Moana Estates |
$435.67 |
Cash |
2013 |
7924 |
|
8/5/2019 |
$1,080,000.00 |
266 Alaume St |
Kihei Village |
$567.82 |
Cash |
1989 |
7640 |
|
8/1/2019 |
$1,085,000.00 |
27 Laukahi St |
Moana Estates |
$580.84 |
Conventional |
2007 |
7671 |
|
8/9/2019 |
$1,100,000.00 |
62 Honuhula St |
|
$382.88 |
1031 Exchange |
2014 |
7505 |
|
2/4/2019 |
$1,109,000.00 |
144 Walua Pl |
Kamaole Heights |
$496.42 |
Conventional |
1999 |
11256 |
|
8/27/2019 |
$1,125,000.00 |
95 Honuhula Pl |
Honu Alahele |
$401.07 |
Conventional |
2014 |
7453 |
|
2/6/2019 |
$1,130,000.00 |
75 Ponana St |
Keawakapu Views |
$592.24 |
Conventional |
1997 |
7845 |
|
8/20/2019 |
$1,150,000.00 |
30 Kaikane Pl |
|
$296.54 |
Conventional |
2003 |
10001 |
|
8/14/2019 |
$1,165,125.00 |
106 Laukahi St |
Moana Estates |
$453.00 |
Cash |
2007 |
8638 |
|
1/10/2019 |
$1,185,000.00 |
90 Moana Ave |
Moana Estates |
$467.64 |
Cash |
2006 |
9723 |
|
5/14/2019 |
$1,200,000.00 |
153 Hokai Pl |
Kilohana Hema |
$398.01 |
Conventional |
2004 |
8172 |
|
6/5/2019 |
$1,210,000.00 |
69 Laukahi St |
Moana Estates |
$446.99 |
Conventional |
2007 |
7553 |
|
5/10/2019 |
$1,219,000.00 |
99 Laukahi St |
Moana Estates |
$450.31 |
Conventional |
2007 |
7540 |
|
3/15/2019 |
$1,235,000.00 |
63 Laukahi St |
Moana Estates |
$502.85 |
Conventional |
2007 |
8708 |
|
2/22/2019 |
$1,250,000.00 |
11 Luanaiki Pl |
Keonekai Heights |
$372.02 |
Adjustable Mortgage |
1988 |
7610 |
|
6/25/2019 |
$1,260,000.00 |
94 Laukahi St |
Moana Estates |
$481.65 |
Conventional |
2007 |
7876 |
|
8/5/2019 |
$1,350,000.00 |
11 Hoohale St |
Kilohana Ridge |
$760.14 |
Conventional |
2003 |
7884 |
|
3/11/2019 |
$1,350,000.00 |
88 Honuhula St |
|
$371.29 |
Cash |
2013 |
7510 |
|
3/14/2019 |
$1,375,000.00 |
182 Ponana St |
Keawakapu Views |
$658.52 |
Cash |
2018 |
7518 |
|
8/30/2019 |
$1,375,000.00 |
154 Ahekolo Pl |
|
$637.46 |
Cash |
2003 |
8891 |
|
6/24/2019 |
$1,395,000.00 |
126 Hoohale St |
Kilohana Ridge |
$744.40 |
Cash |
2003 |
8324 |
|
4/2/2019 |
$1,425,000.00 |
2776 Kauhale St |
Kauhale Kai Subdivision |
$342.71 |
Conventional |
2003 |
8067 |
|
3/11/2019 |
$1,425,000.00 |
147 Hoohale St |
Kilohana Ridge |
$582.35 |
Cash |
2003 |
7989 |
|
1/2/2019 |
$1,500,000.00 |
60 Moana Ave |
Moana Estates |
$554.12 |
Conventional |
2007 |
8242 |
|
2/11/2019 |
$1,650,000.00 |
131 Ponana St |
Keawakapu Views |
$643.53 |
Conventional |
2016 |
7514 |
|
6/4/2019 |
$13,950,000.00 |
3032 S Kihei Rd |
Keawakapu |
$3,598.14 |
Cash |
1958 |
23823 |
It is interesting to note that of the 2018 sales, 5 were cash transactions (33% of the total), whereas in 2019, 10 were also cash (33% of the total again). In the past, the Maui luxury real estate sector has been dominated by cash sales, so it's interesting to note that financing is becoming so prevalent.
Featuring 1104 Kahaapo Loop, one of the most spectacular homes in Kihei. With nearly 4,000 square feet of interior living space, a resort-style pool with cabana, and an ideal central location, this is one of the strongest values in the Kihei real estate market today.
* Note: For the sake of this analysis, we only included Kihei, not Wailea, Makena and/or Maui Meadows - although those are part of the same 'city' of Kihei, the mechanics of the market function much different and it provides a more meaningful insight to look at the granular level of Kihei as a district.
Whether you are thinking of buying or selling a Kihei luxury home, we humbly ask for your consideration. With decades of combined experience serving the South Maui market, with an emphasis on the high-end spectrum, we are uniquely positioned to assist clients.
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.