Kihei Luxury Real Estate Market Update

Posted by Alex Cortez R(B) on Saturday, September 21st, 2019 at 5:28pm.

Kihei luxury home 1104 Kahaapo

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. 

1104 Kahaapo Kihei

*  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. 

Please provide a valid email address.

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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