#Maui #BanyanVacationCondos See Increasing Prices & Sales in 2014

With the Fall season that just flew by, this winter is proving to be a very busy one. Not only for the tourists here, but also for Buyers and Sellers of vacation rentals. The whales are here in full force, and what better place to watch the whales than from one of the 3 Kamaole Beaches, or any place in South Maui for that matter?

The Maui Banyan complex continues to be on my favorites list. Whether you are a renter or an owner, so many people know about the Maui Banyan, and you should see repeat guests year after year. The location is great, within walking distance to just about all you need on vacation; restaurants, shopping, and right across the beach from Kamaole Beach 2.

Market Activity

At the time of this posting there are:

  • 11 active listings
  • 2 more are pending
  • 12 solds YTD, 6 of those sales were cash (there were only 9 sales the previous 12 months)

Of the more recent sales. The one-bedroom units sold ranged from $325,000 to $420,000. The most recent two-bedroom, #T-107, just sold for $544,000, 95% of list price and only 59 days on the market. This unit is located towards the back half of the complex with a garden view.

Maui Banyan Solds YTD

You will find a variety of units, which causes the prices to vary quite a bit, such as condition of the units, some are original and others have been extensively remodeled. Then the location within the buildings, that will range from units along the South Kihei Road (closer to the beach) and others towards the back of the building, which some prefer, as it is quieter. Also, you will find a variety of views, from garden to ocean views.

Pending:

  • Unit #P 305 (MLS# 358243) – one bed/two bath, listed for $380,000
  • Unit #G 509 (MLS# 355929) - two bed/two bath, listed for $640,000

Why So Desirable?

This shows the market improving, and especially for the more desirable properties, such as this one. Why so desirable? Not just location, but also it is one of the newer complexes (that allows vacation rentals) in Kihei built in 1990-1991.

A great and popular feature is that the one-bedroom units have two bathrooms. You will find in most complexes there is only one bathroom in a one-bedroom unit. Another feature is the style of the floor plan. Many complexes are designed as long and narrow, but the Maui Banyan is a wider floor plan, giving it the feeling of spaciousness.

View from Unit #G 502, a 2 bed/2 bath listed at $750,000

With the super location across from Kamaole Beach 2, the prices are rising at this complex, and the number of YTD sales are more than the prior year. The majority of sales have closed near to the list price.

None of these sales were bank owned or a short sale, so the time for waiting for those distress sales seem to not be of such a value any longer. When a distress sale comes on the market, they are listed competitively with the non distress sale units.

Contact a Maui Condo Expert

Please let me know if I can be of help in finding your piece of paradise. Whether at the Maui Banyan, or any other properties here on Maui. Also, if you are an owner looking to list your property, I can assist you with that as well.