Sales Stats

The Villas At Kehalani – Central Maui’s Premier Condominiums

Located at the top of the master planed community Kehalani, The Villas offer spectacular coastal and mountain views. Along with the great setting, The Villas are conveniently located 2.6 miles from Maui Memorial Medical Center and less than 2 miles from the courthouse. Click image to enlarge The second model is the 3 bed, 2.5 […]

$1 Million Price Reduction on Honua Kai Oceanfront 3 Bedroom Condo

The price of Honua Kai Hokulani #501 was just lowered by another $500k today from $5.5M to its current list price of $5M and a total of $1 million off its original listing price of $6 million. The property just officially fell out of contract today after being in escrow for roughly 3 weeks. This is […]

Last Honua Kai One Bedroom Developer Unit Sold by Hawaii Life

I am pleased to announce that my clients, Kyle and Sue Austin, are the proud new owners of the last remaining developer one bedroom condo at the Honua Kai Resort and Spa. The Austins closed on Konea 148, which is a 780 sq.ft. unit on the north end of the Konea Tower, which is a […]

Deal – Lowest Priced Honua Kai Resort Condo Just Listed for $619,900

Honua Kai Hokulani #528 was just recently listed at the Honua Kai Resort and Spa for $619,900 making it the lowest priced active listing in all of Honua Kai Resort. This type of property represents the entry level of what is available at Honua Kai and also one of the strongest cash and cash returners when current vacation rental income is taking into account minus current operating costs. See all listing details on Hokulani #528.

The verdant West Maui Mountains, also known as Mauna Kahalawai “the meeting of the waters” to geologists, and to Hawaiians as Mauna Komohana, serve as the backdrop on the mauka (mountain) or backside of the Honua Kai Resort. Hokulani #528 has an excellent view of Mauna Kahalawai from its 165 sq.ft.

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covered lanai.

I originally blogged about Hokulani #528 in January of this year when the owner put it up for sale along with 3 other mountain view units he owned – 4 New One Bedroom Mountain View Units at Honua Kai. He sold 3 of the 4 properties, but began to see the market rising and decided to pull #528 off the market for a bit.

I anticipate that his train of thought will work well as shortly after I closed the 3rd of the 4 properties at $525,000 another one bedroom mountain view unit of the same square footage, Hokulani #724, closed for $610,000.

It is important to point out that the buyer of Hokulani #724 paid a premium as they obtained owner financing rather than conventional financing and there are typically a premium on the sales because Sellers are at a risk by carrying the paper on the property.

A recent pic of me biking in the mountains above our home in Ka’anapali and also overlooking Honua Kai; this is one of the many aspects that my wife, Megan, and I love about living our Hawaii Life in Ka’anapali

I represented Craig Kojima and his ohana on the recent purchase of Hokulani #728 (an identical unit 2 floors up from #528 earlier this year) for $525,000 and the market has continued to climb on entry level units at Honua Kai. See what Craig had to say about his purchasing experience in working with our team: One Bedroom/One Bath Mountain View Unit at Honua Kai Sold for $525,000.

Why Would You Want to Invest in a Hokulani Condo?

Rental income figures at Honua Kai Resort are becoming progressively better. (Check out a past post here: Honua Kai Rental Income Figures.) No, you are not going to get the property at rock bottom prices like the owner paid for this property and at the price when the owner listed the property, but you are still getting in to Honua Kai at an excellent time.

Take a leap of faith and know that you are in good hands and that…

There is far less uncertainty in the real estate market now as there was in 2011 when the prices at Honua Kai were at their lowest. Many real estate pundits advise to get the entry level unit or home in an exceptional condo or neighborhood rather than owning the best property in an inferior area. Honua Kai is clearly an exceptional ownership opportunity.

…the real question that you need to ask yourself is….

…why wouldn’t I invest in Honua Kai today before…

…the sun sets and…

…the light of opportunity goes out

I am here to help keep the light on for you. Reach out today and let me help you make it happen.

Aloha from Ka’anapali, Maui,

Jeremy Stice REALTOR (Broker)
808.281.2178
Stice@HawaiiLife.com

My Blog Series on Honua Kai Condos

Subscribe to my blog feed here: Subscribe to Hawaii Life Real Estate Brokers » Jeremy Stice, R(S) by Email.

  1. Honua Kai Resort in Kaanapali, Maui – Start here, as this blog will provide you with a good overview of the resort including video on its location, and its world class amenities and ownership offerings.
  2. Honua Kai Resort Real Estate For Sale – Kaanapali, Maui Condos For Sale – This post focuses on the inventory actively for sale and where all the units are located.
  3. Where in the World are Honua Kai Resort Condo Owners From? – 43% from California, 18% from Canada, 8% from Washington, get the full scoop here.
  4. August 2013 Market Update Report – My most recent market update report on what is taking place at the Honua Kai Resort.
  5. Honua Kai Resort Mid Year 2013 Market Update – We are beginning to see a clear trend that the resale market has become far more prominent than it has in the past.
  6. Canadian Financing at Honua Kai available with 30% Down Payment – 18% of the owners at Honua Kai, how are they securing these properties?
  7. Honua Kai Rental Income Figures – With some of the strongest returns of any ownership opportunity in Hawaii, Honua Kai deserves your strong consideration for short term cash returns on investment.
  8. New Ocean View One Bedroom Resale Unit Just Listed – check out this post on my one bedroom best buy in all of Honua Kai.
  9. Honua Kai May 2013 Market Update Report – Read about the new developer price reductions and all the recent market activity down at the resort.
  10. 50 New Price Reductions on Two and Three Bedroom Units at Honua Kai – New developer price reductions announced on April 18, 2103.
  11. Honua Kai March 2013 Market Update Report – There has been a significant increase in the level of sales for two bedroom units at the resort. Read all about it here.
  12. One Bedroom/One Bath Mountain View Unit at Honua Kai Sold for $525,000 – Congratulations to the Kojima Ohana on their recent resale purchase at Honua Kai.
  13. 5 Remaining One Bedroom Plus Den Units for Sale at Honua Kai – They are sold out of developer one bedroom units but check out this video blog for this niche units starting in the high $700k range.
  14. Honua Kai 2 Bedroom/2 Bath Condo Sold a Seller’s Perspective – What our seller client had to say about our team selling their property for a $135,000 short term gain.
  15. 2 Bedroom Ocean View Best Buys at the Honua Kai Resort and Spa – Feb ’13 post on the best ocean view and partial ocean view two bedroom units.
  16. 4 New One Bedroom Listings at Honua Kai – Posted on January 2013 be sure to check out these best buys priced under $550K
  17. Honua Kai January 2013 Market Update – What’s happening in the new year at Honua Kai? Are prices increasing?
  18. Honua Kai HOA Fees Increasing By 10% Effective Feb. 1, 2013 – What are the current fees, what do they cover, and what other costs of ownership are involved?
  19. 25% Down Payment Financing Options at Honua Kai – Get the inside track on leveraging your cash investments at Honua Kai.
  20. Canadian Couple From Vancouver B.C. Purchases a 3 Bedroom Honua Kai Unit for $1,900,000 – Did you know that many of the owners at Honua Kai are from Canada?
  21. Honua Kai November 2012 Market Update – The latest news after a crazy year of selling
  22. Honua Kai January 2012 Update – Why Honua Kai is the hottest deal in town right now
  23. Honua Kai Purchase Process – An owner’s perspective of purchasing and experiencing the resort.
  24. 35% Price Reductions on Condos For Sale at Honua Kai Resort – Read about how the developer dramatically slashed the prices at Honua Kai and where some of the best deals are at.
  25. Price Reductions on Honua Kai Resort One Bedroom UnitsVideo blog on 1-bedroom units that are Screaming Deals.
  26. Honua Kai Resort in Kaanapali – Best Two Bedroom DealsVideo blog on 2-bedroom units that are Screaming Deals.

Honua Kai Resort & Spa Market Update – Resort Builds Considerable Momentum for the Future

As Hawaii braced for Tropical Storm Flossie to hit shores on July 30th, I got started on my August 2013 Honua Kai real estate market update. I live in Ka’anapali about a mile away from Honua Kai and we definitely experienced some higher wind conditions (I read they topped 50 mph at the peak), very eerie and interesting yellow and brown hues in the sky, and the blessing of rainfall.

In case you didn’t catch my last update, please sure to view my Mid Year Market Update at Honua Kai published last month. Since my last update, there have been a total of 8 sales at the resort ranging in price from $599k-$2,102,450. There are currently 2 resale properties under contract and I would venture to say about 15 developer units under contract.

I just recently represented Peter and Tracy Konidis of Ontario, Canada on their purchase of Hokulani #248 (above photo), a two bedroom/two bath partial ocean view unit for $975,000

What Has Sold at Honua Kai Recently?

As I mentioned earlier, there have been 8 sales in Honua Kai in roughly the last 5 weeks when I did my last market update. Year to date, there have been 49 sales at Honua Kai – 16 of the 49, or 33%, of the units have been resales compared to developer sales.

  • Hokulani #337 – a studio/one bath 595 sq.ft. bath partial ocean view closing on 7.2.13 for $599,900.
  • Konea #210 – a one bed/one bath 730 sq.ft. mountain view unit with the slightest glimpse of the ocean sold for $665,000 on 7.24.13 to an all cash buyer. This resale property spent about 3 weeks on the market before going under contract and sold for 98.5% of the original asking price. This closing clearly shows upward momentum on pricing trends at Honua Kai as the unit 4 floors up at 610 closed for $647,500 on 5.28.13. Konea #610 had more of an ocean view because of its elevation, which allowed those to look over Duke’s towards the ocean and Lanai.
  • Konea #315 – a partial ocean view (interior courtyard so the partial ocean view was pretty good) studio/one bath 595 sq.ft. unit closed on 6.24.13 for $669,000. This was a developer unit and will be one of the last developer studio unit closings. Konea #215 just went under contract a few days ago.
  • Hokulani #248 – (photo above) a two bed/two bath 1,100 sq.ft. partial ocean view closing for $975,000 on 7.23.13. I represented Canadian buyers from Ontario on this developer sale purchase.
  • Hokulani #211 – (photo below) a two bed/two bath 1,100 sq.ft. partial ocean view (interior courtyard) closing for $1,285,000 on 6.24.13. I represented the buyers from California on this developer sale.
  • Konea #504 – a two bed/two bath 1,250 sq.ft. partial ocean view developer sale sold for $1,119,900 on 7.16.13. There are only a couple of remaining two bedroom developer units offering partial ocean views in the low $1m range.
  • Hokulani #605 – a two bed/two bath 1,100 sq.ft. true ocean view developer sale closing for $1,475,000 on 7.3.13.
  • Hokulani #729 – a three bed/three bath 1,600 sq.ft. ocean view sale closing for $2,102,450 on 7.22.13.

2013 Honua Kai Resale Activity (YTD)

I included the % sold price vs original and the last listed price before the property went under contract because I think it is very interesting to see how this correlates with overall days on market.

The above spreadsheet is the compilation of 16 resale units that have taken place thus far in 2013. Click the following link and then once again on the next page for the full spreadsheet to open a new tab Honua Kai Sold Resale Spreadsheet

The real outlier here was the sale of Hokulani #218, originally priced at $1,225,000 and spending literally over 2.5 years on the market before it sold for $930,000; clearly the numbers would have been much closer were it not for this one outlier.

The DOM is Days on Market; our MLS includes the escrow period as part of the overall days on market. For financed transactions it is a safe bet that there was about 45-60 days spent under contract that contributed to the overall DOM figure.

Lastly, I wanted to point out that the cash sales in the resale market (YTD) have been more prominent at 62.5% of total sales as opposed to the developer inventory at 45% of the sales.

Honua Kai Historical Sales

With one closing taking place in 2008, the majority of the sales at the resort took place during 2009 and 2010. I thought I would include the following statistics that I compiled to illustrate the emerging prominence of the resale market at Honua Kai with the 2013 YTD stats markedly higher than any other period.

I would expect this trend to continue with a very limited supply of developer inventory being available. As of today, there has not been one single short sale or bank owned sale at Honua Kai – this is not to say that a few owners have not lost money when selling, but there has never been a sale disclosing the aforementioned status.

What’s Under Contract

About 15 developer units are under contract right now; this number is dwindling as the inventory at Honua Kai is shrinking and the remaining units are at higher price points, which historically sell at a slower pace. One resale property under contract:

  • Konea #224 – a one bed/one bath unit of 750 sq.ft. with a mountain view currently listed at $649,000. The seller of this property paid $553,800 for this property in late 2010, so I am thinking that they will likely be making a profit on this sale. This property went under contract after about 5 months on the market.

In & Out of Contract

  • Konea #544 – the largest one bedroom floor plan at 780 sq.ft. with a pretty nice ocean view on the northern side of the Konea (North) tower has been in and out of contract a couple times now. I featured this unit with a full length video in a previous post New Ocean View One Bedroom Resale Unit Just Listed.

Konea #818 is a new two bedroom resale listing offered at $1.295M. This unit sits on the southern end of the Konea (North Tower). It has tremendous mountain views, morning sun light as it faces east, and a partial ocean view, as you can see here.

What’s New on the Market?

  • Hokulani #244 – a one bed/one bath partial ocean view listed for $710,000. This is currently the lowest priced one bedroom unit in all of Honua Kai. There have been offers on this property, but it is still available for sale. I have a video on file for the location of this unit, if you would like to see, please reach out to me directly. This property is definitely one of the strongest values in all of Honua Kai and I would not be surprised if it goes under contract any day.
  • Hokulani #242 – a one bed plus den/one bath unit of 950 sq.ft. with a partial ocean view offered for $825,000. This is the only resale unit of this type and the developer only has a few more too. This is a great alternative for those who want a larger one bedroom unit that can comfortably sleep 6, but don’t want to pay the price for.
  • Konea #818 – a two bed/two bath partial ocean view unit listed for $1,295,000. Buyers will find value in that this is the lowest two bedroom unit in all of the Konea (North Tower), and because of its elevation, it does have a view of the ocean and the island of Lanai.

I represented Keith and Lynette Carey on their recent purchase of Hokulani #211 an inner courtyard partial ocean view unit (photo above) for $1,285,000. There are only a select number of these developer partial ocean view units available starting in the low $1M range.

What’s Actively For Sale at Honua Kai?

There are close to 80 unsold developer units still available for sale with the majority of the units being two and three bedroom properties starting in the low $1M range up to just under $4M for oceanfront 3 bedroom units. Please reach out to me directly for all developer inventory actively and not actively on the market at this time.

Here is the complete list of all active resale inventory as well as a couple developer units, which provide a good representation of their remaining stock: Honua Kai Real Estate Gallery.

Pricing Trends and Predictions

  • It is my personal prediction that we are going to see an increased number of the inner courtyard 3 bedroom ocean view developer units go under contract as they represent some of the strongest values amongst the remaining developer inventory. I just recently helped a client secure a unit like this in the low $2M range.
  • I do think if the developer wants to see the same rate of liquidity on their remaining inventory that they are going to need to reduce prices most notably on 2 bedroom ocean view units in the Konea tower. I wouldn’t be surprised if they decide to do this, but buyers should be aware that even if they decide to do this it is very unlikely to be at the same level that they cut prices in 2011 and in early 2013.
  • Units at the entry level of the price spectrum ($600k-$800k) at Honua Kai will continue to appreciate at the quickest rates from rock bottom prices in 2011 and 2012.
  • I think that the overall level of transactions at Honua Kai is going to taper off just because of the lack of inventory, but we are going to continue to see an emergent resale market. Lending rates are still exceptionally good, rental returns at Honua Kai are getting progressively better, and there are a number of owners who now have equity in their properties and are able to sell them for a profit.

There are buyers who have felt that that they have missed the boat with the earlier price reductions and in terms of purchasing at rock bottom prices, I think this is accurate. However, I think there is much less uncertainty at Honua Kai now than there previously was due to:

  • the Maui market, as a whole, is much better
  • the rental returns are much better
  • the resort’s title including “Spa” will actually come to fruition sometime later this month as it opens its doors
  • the resort is just glowing with positive reviews and has built considerable momentum for the future

Aloha from Ka’anapali, Maui,

Jeremy Stice REALTOR (Broker)
808.281.2178
Stice@HawaiiLife.com

My Blog Series on Honua Kai Condos

Subscribe to my blog feed here: Subscribe to Hawaii Life Real Estate Brokers » Jeremy Stice, R(S) by Email.

  1. Honua Kai Resort in Kaanapali, Maui – Start here, as this blog will provide you with a good overview of the resort including video on its location, and its world class amenities and ownership offerings.
  2. Honua Kai Resort Real Estate For Sale – Kaanapali, Maui Condos For Sale – This post focuses on the inventory actively for sale and where all the units are located.
  3. Honua Kai Resort Mid Year 2013 Market Update – We are beginning to see a clear trend that the resale market has become far more prominent than it has in the past.
  4. Canadian Financing at Honua Kai available with 30% Down Payment – 18% of the owners at Honua Kai, how are they securing these properties?
  5. Honua Kai Rental Income Figures – With some of the strongest returns of any ownership opportunity in Hawaii, Honua Kai deserves your strong consideration for short term cash returns on investment.
  6. New Ocean View One Bedroom Resale Unit Just Listed – check out this post on my one bedroom best buy in all of Honua Kai.
  7. Honua Kai May 2013 Market Update Report – Read about the new developer price reductions and all the recent market activity down at the resort.
  8. 50 New Price Reductions on Two and Three Bedroom Units at Honua Kai – New developer price reductions announced on April 18, 2103.
  9. Honua Kai March 2013 Market Update Report – There has been a significant increase in the level of sales for two bedroom units at the resort. Read all about it here.
  10. One Bedroom/One Bath Mountain View Unit at Honua Kai Sold for $525,000 – Congratulations to the Kojima Ohana on their recent resale purchase at Honua Kai.
  11. 5 Remaining One Bedroom Plus Den Units for Sale at Honua Kai – They are sold out of developer one bedroom units but check out this video blog for this niche units starting in the high $700k range.
  12. Honua Kai 2 Bedroom/2 Bath Condo Sold a Seller’s Perspective – What our seller client had to say about our team selling their property for a $135,000 short term gain.
  13. 2 Bedroom Ocean View Best Buys at the Honua Kai Resort and Spa – Feb ’13 post on the best ocean view and partial ocean view two bedroom units.
  14. 4 New One Bedroom Listings at Honua Kai – Posted on January 2013 be sure to check out these best buys priced under $550K
  15. Honua Kai January 2013 Market Update – What’s happening in the new year at Honua Kai? Are prices increasing?
  16. Honua Kai HOA Fees Increasing By 10% Effective Feb. 1, 2013 – What are the current fees, what do they cover, and what other costs of ownership are involved?
  17. 25% Down Payment Financing Options at Honua Kai – Get the inside track on leveraging your cash investments at Honua Kai.
  18. Canadian Couple From Vancouver B.C. Purchases a 3 Bedroom Honua Kai Unit for $1,900,000 – Did you know that many of the owners at Honua Kai are from Canada?
  19. Honua Kai November 2012 Market Update – The latest news after a crazy year of selling
  20. Honua Kai January 2012 Update – Why Honua Kai is the hottest deal in town right now
  21. Honua Kai Purchase Process – An owner’s perspective of purchasing and experiencing the resort.
  22. 35% Price Reductions on Condos For Sale at Honua Kai Resort – Read about how the developer dramatically slashed the prices at Honua Kai and where some of the best deals are at.
  23. Price Reductions on Honua Kai Resort One Bedroom Units – Video blog on 1-bedroom units that are Screaming Deals.
  24. Honua Kai Resort in Kaanapali – Best Two Bedroom Deals – Video blog on 2-bedroom units that are Screaming Deals.