Beachfront

Oceanfront Home on Maui, Hawaii for Under $1 Million

Finding oceanfront property anywhere is difficult, finding it on Maui it's like winning the lottery. Located along Maui's North Shore, 517 Kailana sits at the end of a dead end street right on the beach. The popular surf break, "Big Lefts," sits right out front of the house. With views of the Pacific Ocean, Haleakala and the West Maui Mountains, it's hard not to fall in love with the oceanfront lifestyle.

Earn Maximum Cash Flow in Hawaii By Owning a Honua Kai Resort Studio Residence

Looking for an investment property in Maui? Studio residences at Honua Kai are some of the best cash on cash performers that I have seen in the entire marketplace on Maui and I would prognosticate are some of the very best in the state. 

50 New Price Reductions on Two and Three Bedroom Units at the Honua Kai Resort

After a couple months of being in the works, the asset management company in charge has just made fifty price reductions on select two and three bedroom units at the Honua Kai Resort in Ka'anapali, Maui. Although these price reductions are not as drastic as the ones that were done in mid 2011 - 35% Price Reductions on Condos For Sale at Honua Kai Resort - they are likely the last remaining opportunity for buyers to really pick up some steals on developer inventory at the resort. The Honua Kai condo market is showing very strong signs of recovery paralleling the overall upward trends of the Maui market, so it wasn't really necessary for them to be as aggressive. In addition to the price cuts, they are also offering some back end concessions on select three bedroom units, which will improve the overall affordability of the units without as drastically affecting the sales comps.

What is also noteworthy is that lending rates are about 1 point lower than they were in mid 2011, which does significantly impact the overall affordability of these properties. As of right now, I have two buyer clients who have gone to contract at these discounted prices on two bedroom partial ocean view units.

Hokulani Lobby

Pictured above is the Hokulani lobby at Honua Kai. Hokulani was completed in 2009 and Konea in 2010. HOA fees for both buildings are the same at $1.33/sq.ft. of interior living area, but not covered lanai areas. Honua Kai HOA Fees Increasing By 10% Effective Feb. 1, 2013

Hokulani is one year older than Konea, but has a more elegant lobby and is home to the Aina Gourmet good market. Konea has the larger gym area and will eventually have another restaurant that is more geared towards affordable family dining rather than high end fine dining as originally proposed.

There is substantially less inventory available at Hokulani and the price points are generally lower than the northern Konea tower. I do find that the Konea tower is generally a little more quiet than the Hokulani tower, but I think that the activity level will certainly increase soon as the asset management company has an official agreement with the spa operator, which will hopefully be opening in August of this year.

Additionally, next to the spa in the Konea tower there will be a second restaurant operation on site besides the very successful Duke's Beach House.

Most Substantial Price Cuts in the Hokulani Tower

  • Hokulani #225 - a 2bd./2ba. ocean view unit with 1,200 sq.ft. of interior living area with 330 sq.ft. of lanai last priced at $1,509,900 now a screaming deal at $1,120,000.
  • Hokulani #215 - 2bd./2ba. partial ocean view interior courtyard (see below) unit with 1,320 sq.ft. of interior living area with a huge 625 sq.ft. of lanai last priced at $1,564,900 now a screaming deal at $1,375,000.
  • Hokulani #605 - 2bd./2ba. an ocean view interior courtyard (see below) unit with 1,100 sq.ft. of interior living area with 235 lanai last priced at $1,729,000 now a screaming deal at $1,475,000.
  • Hokulani #829 - (see below under substantial buyer incentives for three bedroom units) a 3bd./3ba. ocean view interior courtyard unit with 1,600 sq.ft. of interior living area and a 240 sq.ft. lanai last priced at $2,399,900 now at $2,167,450 plus substantial back end buyer incentives.
  • Hokulani #1037 - a 3bd./3ba. ocean view unit of 2,205 sq.ft. with a 930 sq.ft. lanai last priced at $3,449,900 now a fantastic value for a true luxury unit priced at $2,875,000.

Konea 505 Video

I really like the view from Konea #505 a resale unit, which just recently underwent a $100K price reduction and is now positioned at $1,567,000, which is about $200K lower than what the currently seller paid for the property.

Here is the full HD video of this unit: Konea 505 Video. Below you will see very similar developer units in Konea #503 and Konea #605 (the unit right above this resale)

Most Substantial Price Cuts in the Konea Tower

  • Konea #343 - 2bd./2ba. partial ocean view interior courtyard  unit with 1,315 sq.ft. of interior living area with 230 lanai last priced at $1,639,000 now a screaming deal at $1,465,000.
  • Konea #503 - 2bd./2ba. huge ocean view interior courtyard  unit with 1,315 sq.ft. of interior living area with 230 lanai last priced at $1,809,000 now a screaming deal at $1,575,000.
  • Konea #605 - 2bd./2ba. huge ocean view interior courtyard  unit with 1,315 sq.ft. of interior living area with 230 lanai last priced at $1,819,000 now a screaming deal at $1,580,000.
  • Konea #149 - a ground floor 3bd./3ba. ocean view unit at the front of the building which is 1,930 sq.ft. with a 840 sq.ft. lanai last priced at $2,519,900 now at $2,267,000.
  • Konea #749 - an upper floor 3bd./3ba. ocean view unit at the front of the building also at 1,930 sq.ft. with a 270 sq.ft. lanai last priced at $2,904,900 now at $2,702,450.

Two Bedroom Ocean View Best Buy

This is a video of Hokulani #349, 1,100 sq.ft. of living area with a 235 sq.ft. covered lanai, which sits on the inner courtyard of Honua Kai. I really like this particular unit because it is just one stack back from the front of the building making it closer to the water and thus enhancing the view.

Hokulani #349 was originally priced at $1,525,000 and is now priced at $1,325,000. I also like the fact that it is on the inner courtyard, which makes the unit very well protected from the wind.

Please use this previous blog as a reference for the location of these units, you will find it very helpful: Honua Kai Blog with building templates and aerial photos.

Three Bedroom Ocean View Best Buys

This is a video of Hokulani #503, which is a resale unit on the market for $2,499,000 - I don't think this particular unit is that great of a deal, especially in light of the new price reductions, but I wanted to show the floor plan, level of finishes, and commanding views that are present in similar units to this one. You will find my actual best buys for three bedroom units above where I detail the inventory for each of the towers.

Substantial Buyer Incentives on Interior Courtyard Three Bedroom Units

One of the things that I like most about the interior courtyard units versus the ones that are at the front of the building is that they are much more protected from the prevailing trade winds and occasional Kona winds that do affect the Honua Kai Resort.

I'd like to bring your attention to Hokulani #929 as I just recently helped a Canadian client of mine purchasing the unit three floors down from this one at Hokulani #629. Read about their personal experience: Canadian Couple From Vancouver B.C. Purchases a 3 Bedroom Honua Kai Unit for $1,900,000.

Hokulani 629 View

The view from the front lanai at Hokulani #629. A slightly improved view is available from Hokulani #829 offered for $2,167,450 down from $2,399,900 and Hokulani #929 offered for $2,214,950 down from $2,499,900.

This particular floorplan, which is referred to as the D-1 floorplan, is a very good use of overall space at just about 1,600 interior sq.ft. with 3 full bedrooms and 3 full bathrooms. This is the particular floorplan that they will be offering the back end sales concessions, which are pretty substantial when taking everything into account. Please do reach out to me directly about these buyer incentives.

Entire Developer Price Lists of Reductions

There are a number of substantial price reductions on units on interior courtyard locations in both the Hokulani (above) and Konea towers. There are also quite a few units still for sale on the exteriors of each buildings and are generally at a lower price point. For a complete list of all the price reductions please reach out to me directly and I will provide this in addition my recommended best buys based on your needs/wants and comfortable budget.

Inner Courtyard Views

Here is what one of my buyer clients had to say about my representation of their efforts on one of these newly reduced units at Honua Kai:

Jeremy,

I want to thank you for everything that you have done thus far for my wife and I. I am so glad that I viewed your website and eventually contacted you. I have built my entire career on providing timely responses to my clients questions and concerns. You have definitely mastered this art.

I must admit that its a bit scary considering the purchase of real estate without being there to view things. You have gone out of your way in answering all of our questions. You have a good contact list of bankers and property managers that you were able to connect me with.

The information that I was able to obtain was exactly what I was looking for. I can’t tell you enough how important the videos were that you sent us. No request or question went unanswered. When my wife was concerned about the direction the condo was facing and what type of sunlight we could expect, you quickly went to the property and sent us a video of the location of the sunrise and sunset. In fact, you took the video from the unit across from the one we were considering to give us a better prospective.

The extra mile that you took in servicing us has meant a lot to us. That extra mile has allowed us to feel 100% confident in our decision to purchase a unit at Honua Kai. Thanks again for everything!!

Resale vs. Developer Inventory at Honua Kai

The resale market at Honua Kai has been very hot as of late Honua Kai March 2013 Market Update Report, and we are starting to see some pretty substantial price increases on select units. The lowest priced developer unit starts at $639,900 for a partial ocean view studio (one of three developer studio units remaining).

The lowest priced resale unit on the market right now is a partial ocean view studio priced at $649,000. For a complete look at all the resale inventory be sure to check out my gallery: Honua Kai Resale Inventory Property Gallery.

Aloha from Maui,

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

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 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 4 New One Bedroom Listings at Honua Kai – Posted on January 2013 be sure to check out these best buys priced under $550K
  9. Honua Kai January 2013 Market Update – What’s happening in the new year at Honua Kai? Are prices increasing?
  10. 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?
  11. 25% Down Payment Financing Options at Honua Kai – Get the inside track on leveraging your cash investments at Honua Kai.
  12. 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?
  13. Honua Kai November 2012 Market Update – The latest news after a crazy year of selling
  14. Honua Kai January 2012 Update – Why Honua Kai is the hottest deal in town right now
  15. Honua Kai Purchase Process – An owner’s perspective of purchasing and experiencing the resort.
  16. 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.
  17. Price Reductions on Honua Kai Resort One Bedroom Units – Video blog on 1-bedroom units that are Screaming Deals.
  18. Honua Kai Resort in Kaanapali – Best Two Bedroom Deals – Video blog on 2-bedroom units that are Screaming Deals.

5 Remaining One Bedroom Plus Den Units For Sale at The Honua Kai Resort and Spa

As developer inventory at the Honua Kai Resort and Spa in Ka'anapali, Maui continues to dissipate I want to highlight the five remaining one bedroom plus den (there are no bedroom developer units for sale) units still available for sale at the resort. This particular floor plan is a very good use of space as the den is located in a little nook right in between the living room and kitchen areas (all of the units at Honua Kai have the "open" kitchen and living area that many buyers find so attractive). The additional den area functions as an informal bedroom as there is a pull-out sofa, a clothes dresser with a flat screen TV, and a small closet. This additional room makes it fairly comfortable to sleep 6 adults in this unit as opposed to 4 in the one bedroom units.

Konea One Bedroom Plus Den Units Available For Sale

All of the remaining units for this floor plan are located at the Konea or North Tower; all in the Hokulani, or South Tower, have been sold out. Please refer to the following blog to help orient yourself with the locations of the building in proximity to the ocean in addition to the floorplates for the buildings: Honua Kai Resort Location Blog.

  • Konea 240 - 915 sq.ft. with a 175 sq.ft. covered lanai area originally priced at $809,900 now priced at $764,900
  • Konea 306 - 945 sq.ft. with a 180 sq.ft. covered lanai area originally priced at $871,500 now priced at $794,900
  • Konea 340 - 915 sq.ft. with a 175 sq.ft. covered lanai area originally priced at $818,800 now priced at $779,900
  • Konea 512 - 915 sq.ft. with a 175 sq.ft. covered lanai area priced at $769,900
  • Konea 612 - 915 sq.ft. with a 175 sq.ft. covered lanai area priced at $784,900

Which Honua Kai Unit is Right For Me?

Generally, this question is best handled by means of a personal email or phone call (my contact info below), but since I like to provide value to these blogs here are some tidbits. Konea 240 and 340 are both located on the northern end of the Konea tower.

Due to the movement of the sun in relation to the resort, these units are going to remain in the shade the vast majority of the day. The only time that they will get much light is in the late afternoon and when the sun is setting in between Lanai (southern direction) and Molokai (northern direction).

Buyers also like this side of the building as it has a real sense of privacy and solitude. There is a beach park located between Honua Kai and the adjoining resort of the Mahana at Ka'anapali www.Mahana1202.com, but there are very few locals that actually park here and use the beach.

Honua-Kai-Double-Rainbow-600x448

Ãnuenue (rainbow) commonly lives on the mauka (mountain) side of Honua Kai for all to enjoy and remind us of the vibrancy and mana of Maui

Konea 306, 512, and 612 are all located on the "sunny" side of Konea (the photo above is taken from this direction) where the units will get very nice morning sun and sun throughout the majority of the day albeit the afternoon soon will be much more minimal because of the orientation of the buildings. This side of the building faces the Hokulani tower and has very nice views of the West Maui Mountains in addition to some slim ocean views from these units.

Sample Video Tour of a One Bedroom Plus Den Unit

This is a video of Konea #440, which is currently under contract, but the point of the video is to give you a feel for the floor plan - and in the instance of Konea #240 and #340 - a sense for the location within the resort.

Unit 242 View

The partial ocean view available from Hokulani #242, a resale one bedroom plus den at Honua Kai

What About the Resale Market at Honua Kai?

There are currently 2 one bedroom plus den resale units for sale at Honua Kai. Both of these units are located on the north side of the Hokulani tower, which means that they are going to be in the shade until the afternoon time.

Many people with kids like the ground floor locations and what is also really nice is the 14 ft. ceilings on these ground floor units. Others will gravitate to the enhanced ocean view from one floor up at #242, the choice is yours to make.

  • Hokulani #242 - 1bd/1ba 950 sq.ft. with a 190 sq.ft. covered lanai currently offered for $825,000. This unit was last sold in 2009 for $816,760.
  • Hokulani #142 - 1bd/1ba 950 sq.ft. with a 190 sq.ft. covered lanai currently offered for $820,000. This property last sold in 2010 for $825,000.

For the listing details on these properties and all active resale listings at Honua Kai be sure to check out my gallery here: Honua Kai Resale Units for Sale.

What's Going On in the Honua Kai Market?

Be sure to check out my latest detailed market update here: Honua Kai Resort March 2013 Market Update. Not noted in this update was a closing last week for one of my buyer clients who purchased a one bedroom/one bath mountain view unit at the Hokulani Tower #728 for $525,000.

This client contacted me after reading a blog about 4 of these units - 4 Resale One Bedroom Units at Honua Kai. I will be getting a few words from this buyer about our level of service as he was extremely pleased with the overall purchasing experience and is very proud to call himself and his family owners at Honua Kai!

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 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.
  4. 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.
  5. 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.
  6. 4 New One Bedroom Listings at Honua Kai – Posted on January 2013 be sure to check out these best buys priced under $550K
  7. Honua Kai January 2013 Market Update – What’s happening in the new year at Honua Kai? Are prices increasing?
  8. 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?
  9. 25% Down Payment Financing Options at Honua Kai – Get the inside track on leveraging your cash investments at Honua Kai.
  10. 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?
  11. Honua Kai November 2012 Market Update – The latest news after a crazy year of selling
  12. Honua Kai January 2012 Update – Why Honua Kai is the hottest deal in town right now
  13. Honua Kai Purchase Process – An owner’s perspective of purchasing and experiencing the resort.
  14. 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.
  15. Price Reductions on Honua Kai Resort One Bedroom Units – Video blog on 1-bedroom units that are Screaming Deals.
  16. 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