Honua Kai Resort March 2013 Market Update

Sales have continued to be very strong at Honua Kai at all price levels - from the entry level at just under $500k for one bedroom mountain view units up to multi-million dollar three bedroom units. There has been a very strong uptick in the sales of two bedroom partial ocean view developer sales and several in the resale market. This blog will cover recent trends and the 12 sold transactions that have taken place since my last market update Honua Kai Resort January 2013 Market Update.

What Has Sold Recently at Honua Kai?

Honua Kai 220 Sold Postcard

Our listing at Hokulani #220, shown here www.Hokulani220.com, just recently closed for $775,000 on 3.7.13. The Stice Team represented the seller on this transaction and directly procured the buyer on the property as subsequent to our marketing efforts. This property closed for $135,000 more than what the seller paid for it from the developer in mid 2011. See what our seller had to say about our efforts here: Honua Kai 2 Bedroom/2 Bath Condo Sold - A Seller's Perspective.

What Else Has Closed Since My Last Honua Kai Market Update on Jan 18th?

Konea 151

Konea #151, a three bedroom/3 bathroom ground floor unit, just recently sold on 1.31.13 for $3,500,000. This unit sold very quickly considering the price point (these units usually take longer to sell) originally listed for $3,699,000 and spending a total of 106 days on the market before closing (this includes the escrow period). This was a resale unit, not a developer sale.

Two Studio Ocean View Unit Sales

  • Konea #321 closing at $679,900. Developer sale.
  • Konea #621 closing at $719,900. Developer sale.

Six 1 Bedroom Unit Sales

  • Hokulani #326 - The smallest one bedroom floorplan (620 sq.ft.) mountain view unit closing at $419,900. Developer sale.
  • Hokulani #324 - The smallest one bedroom floorplan (620 sq.ft.) mountain view unit closing at $460,000. This was a resale unit.
  • Hokulani #1024 - The smallest one bedroom floorplan (620 sq.ft.) mountain view unit closing at $494,900. Developer sale.
  • Konea #510 - A one bedroom partial ocean view (730 sq.ft.) closing at $489,900. This unit was an exceptional deal and was under contract for about 8 months which has since placed its closing price under present day market value. Developer sale.
  • Konea #106 - A large one bedroom plus den partial ocean view unit closing at $764,900. Developer sale.
  • Konea #712 - A large one bedroom plus den partial ocean view unit closing at $790,900. Developer sale.

Four 2 Bedroom/2 Bath Sales

  • Hokulani #220 - www.Hokulani220.com our resale listing of a large two bedroom mountain view/partial view mentioned above closing at $775,000.
  • Konea #418 - A mountain view developer sale closing at $949,900
  • Hokulani #610 - A partial ocean view developer sale closing at $1,074,900
  • Konea #442 - A partial ocean view developer sale closing at $1,064,900

Two 3 Bedroom Sales

  • Konea #604 - A developer property closing at $2,475,000
  • Konea #151 - A resale property (photo above and info above) closing at $3,500,000

Konea 701

Konea #701 a three bedroom/3 bathroom penthouse unit listed at $4,990,000 went under contract on 2.14.13. I would anticipate that this will be the highest closing in Honua Kai since Konea #651 closed in late 2010 for $5,391,250. The seller of Konea #701 paid $4,726,250 in early in 2010. There have been a total of 9 sales at Honua Kai in excess of $4 million.

What's Under Contract at Honua Kai Right Now?

All of the one bedroom mountain view units that I blogged about in January of this year (4 New Bedroom Resale Units at Honua Kai) have gone under contract. One of my buyer clients who read this post when I first published it a couple months ago will be closing on one of this units in about 2 weeks. I have helped two new buyer clients secure 2 bedroom partial ocean view units after they read this post 2 Bedroom Ocean View Best Buys at Honua Kai. Now that the developer has cleared out the majority of the inventory under $1million I do think we will continue to see strong sales activity on well priced units in the low $1m range.

One Bedroom Pending Resale Units

  • Hokulani #526 - A one bedroom mountain view unit listed at $529,900
  • Hokulani #728 - A one bedroom mountain view unit listed at $549,900

Two Bedroom Pending Resale Units

  • Hokulani #520 - A partial ocean view unit listed at $1,050,000. This property went under contract after 56 days on the market and was purchased by the current seller by the developer for $927,320 in early 2009. I do believe that after seller closing costs that this seller will basically be breaking even on the sale, or making a very slight profit.
  • Hokulani #536 - A partial ocean view unit listed at $1,250,000. This property went under contract basically simultaneously with appearing on the MLS, this unit sold for about $1,146,000 in early 2009 - I believe that this property will be closing very close to the current asking price, which means that the owner will be making a slight profit.
  • Konea #109 - A ground floor garden view unit listed at $1,350,000. After spending only 17 days the market this property has gone under contract - this unit was purchased from the developer in 2010 for $1,650,000, so this owner is very likely taking a substantial loss on the property.
  • Hokulani #745 - An interior courtyard ocean view unit listed at $1,350,000. This property also went under contract very quickly at only 10 days on market-the owner paid a little over $1,771,342 in early 2009 so it is likely that they will be taking a substantial loss as well.

Developer Units Under Contract

I'd speculate that there about 30 developer units under contract at this time. There has been a very strong increase in the level of sales on two bedroom partial ocean view units priced around the low $1m range. It is important for buyers who have been watching the market at Honua Kai to act quickly as I firmly believe that the sales that are taking place right now are setting the floor level pricing for this market cycle.

Hokulani #223 is a newer resale listing of a studio/one bath unit of 583 sq.ft. with an extremely large shared lanai area priced at $649,000. Check out the details on this property and all other resales here Honua Kai Real Estate Gallery

What Are the Newest Listings at Honua Kai?

There are not any resale units at Honua Kai that really stick out in my mind as tremendous buys. Part of this is that most of the new resale listings that just came on the market went under contract so quickly (see above). Be sure to check out all of the resale inventory here Honua Kai Real Estate Gallery. I’d be happy to advise you on what I think are the best buys here.

What Are the "Best Deals" at Honua Kai?

I feel that the best overall values at the resort are the two bedroom partial ocean view developer sales. Please reach out to me for the most recent inventory and pricing availability lists as this information is not easily found on the web. I'd be happy to recommend specific units that are going to best suit your needs, shoot full length videos of the properties, and help you secure the properties at the best price and terms possible as I have done for many satisfied buyer clients.

Ka'anapali Market Condo Statistics

To date, there have been 32 condo closings in Ka'anapali since the beginning of the year. The average price of these sold condos is a little over $900,000. Thirteen of the 32 closings in Ka'anaapali took place at Honua Kai and the average sales price was about $1,045,000. Although the composition of sales at Honua Kai versus the rest of the Ka'anapali market is not as strong as it was in years past, this is still a very good sign for the project.

My Blog Series on Honua Kai Condos

  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 2 Bedroom/2 Bath Condo Sold - A Seller's Perspective - Hear what our seller client had to say about The Stice Team selling her Honua Kai condo.
  4. 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.
  5. 4 New One Bedroom Listings at Honua Kai – Posted on January 2013 be sure to check out these best buys priced under $550K
  6. Honua Kai January 2013 Market Update – What’s happening in the new year at Honua Kai? Are prices increasing?
  7. 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?
  8. 25% Down Payment Financing Options at Honua Kai – Get the inside track on leveraging your cash investments at Honua Kai.
  9. 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?
  10. Honua Kai November 2012 Market Update – The latest news after a crazy year of selling
  11. Honua Kai January 2012 Update – Why Honua Kai is the hottest deal in town right now
  12. Honua Kai Purchase Process – An owner’s perspective of purchasing and experiencing the resort.
  13. 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.
  14. Price Reductions on Honua Kai Resort One Bedroom Units – Video blog on 1-bedroom units that are Screaming Deals.
  15. Honua Kai Resort in Kaanapali – Best Two Bedroom Deals – Video blog on 2-bedroom units that are Screaming Deals.

 

Aloha from Maui,

Jeremy Stice R (S)
Stice@HawaiiLife.com
808.281.2178