Makena Surf Real Estate Update

Posted by Alex Cortez on Sunday, May 27th, 2018 at 12:04pm.

There is something uniquely extraordinary about Makena Surf. A few notables include its beachfront location in one of the most picturesque beaches in Hawaii, world-class amenities nearby, low density (specially when compared to the newer big resorts), one of the most vibrant sealife epicenters on Maui, and a reputation as one of the strongest long-term equity micro-markets result on Maui. As one of our favorite properties, we keep our finger on its pulse and we share pertinent information timely with our clients/readers. As such, let's discuss the current market.

Makena Surf Map Real Estate Update

Active Inventory

Currently there are 2 units for sale: C-205 and G-203, listed for sale at $2.8M ($1,730 per square foot) and $2.445M ($1,862 per square foot) respectively. While C-205 offers larger square footage and an updated interior with stylish furnishings, G-203 offers arguably the better location, on the southern, quieter end of the property. As both have second floor locations, the more important question to a prospective purchaser is which is more value: better turnkey condition or better location?

In Escrow

As of this writing, Memorial Day weekend, there is one unit in escrow: E-203. For many, buildings B and E are the preferred locations due to being front row on the northern end of the property on Makena Beach, adjacent to Po'olenalena Beach Park. With an asking price of $3.1M ($2,361 per square foot), it is priced significantly higher than the other two on the market, yet for someone the location warrants the premium. The agreed-upon sales price is not released until the sale closes, we'll update this post then.

Sold


In the past 6 months, there have been 6 sales at Makena Surf, interestingly enough, 4 of those were in building F. The sales are broken down as follows:

Makena Surf F-304 for $2.15M, $2,071 per square foot.
Makena Surf F-110 for $2.25M, $1,490 per square foot.
Makena Surf F-306 for $2.4M, 2,312 per square foot.
Makena Surf F-103 for $2.5M, $1,655 per square foot.
Makena Surf C-107 for $2.91M, $1,818 per square foot.
Makena Surf G-301/302 for $3.6M, $1,344 per square foot. 

The sale of G-301/302 as a combined unit may skew statistics, but with a price of per square foot of $1,782 on average and $1,737 median, there is a baseline for valuation. 

Conclusion


Although subject to outside factors that may significantly move the needle, most balanced micro-markets have somewhere between 6 to 9 months worth of inventory at any given time. At the current absorption rate of 1 unit per month, there are only 3 months of inventory at Makena Surf. Such a discrepancy between supply and demand can result in increase of prices, if inventory shortage continues.

For those interested in learning more about Makena Surf and its respective place within the overall Makena real estate market, contact us - our team of Makena Realtors is well poised to assist our clients with timely information and insights.

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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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