Mana Kai 309 Sold

As we have been noting on previous market reports, the Maui real estate market is experiencing continuing valuation increases across virtually all micro-markets. And in keeping a diligent eye on the South Maui luxury real estate market, there is a sale that bears closer examination.

Mana Kai 309 sold for $1.2M on February 13 after a comparatively short escrow, indicative of a motivated buyer anxious to close the deal. Although at first glance it may not seem as noteworthy, it is reflective of micro-market that is gaining sustainable momentum. Mana Kai is a beachfront property on the world-famous Keawakapu Beach and is an iconic condominium in its own right. Although values saw a dip during the recession, recent trends point to a healthy niche. In 2012, the average price per square foot was $1,127, which saw a significant increase of 42% (not a typo, forty-two percent) to $1,605 in 2013. And as the 2014 year unfolds, that unit 309 (which is not on a top floor or towards the front stacks of the building) sold for $1.2M, when less than 18 months ago similar units were sold in the $900K range is truly indicative of a micro-market well on the rise.

For those with any questions about the Mana Kai property or its value proposition within the overall South Kihei beachfront/oceanfront market, contact us for a private consultation.