Market Trends

2 Bedroom Ocean View Best Buys at the Honua Kai Resort and Spa

There are very slim pickings for inventory priced under $1 million at Honua Kai now that the developer has cleared out the majority of the inventory at this price point and there are not many opportunities at this price level in the resale market either. There are a number of 2 bedroom partial ocean units in the low $1 mil range that have recently gone under contract and I think that we will see this trend continue.

Two Bedroom Ocean View Best Buy

This is a video of Hokulani #349, 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.

I also like the fact that it is on the inner courtyard, which makes the unit very well protected from the wind, which can be substantial at Honua Kai. This particular unit is currently priced at $1,399,000. Hokulani #349 is 1,100 sq.ft. of living area with a 235 sq.ft. covered lanai.

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.

Two Bedroom Partial Ocean Best Buy #1

This is a video of Konea #704, which sits on the southern exterior end of the slightly newer Konea tower at Honua Kai. This particular unit is currently under contract, but the following units are still available in the same stack and thus are the same size and have the same floor plan. The main differences are the view corridors. Please do ask me for videos on these units as I do have them on file.

  • Konea #604 listed at $1,134,900
  • Konea #504 listed at $1,119,900
  • Konea #404 listed $1,099,900
  • Konea #304 listed $1,079,900

All of the units in the 04 stack in Konea are 1,250 sq.ft. of interior living area with a 230 sq.ft. covered lanai area.

Two bedroom Best Buy on the North Side of the Konea Tower

Konea #242 is located on the north side of the Konea Tower, which looks at the two buildings at the Mahana where I have a spectacular direct oceanfront studio listed www.Mahana1202.com and the Ka'anapali Beach Club. Many buyers like this side of Konea as it is very private and quiet.

Konea #242 is 1,230 sq.ft. with a 230 sq.ft. lanai and is currently being offered at $1,019,900.

What about the resale inventory at Honua Kai?

Currently, there are 8 two bedroom/two bath resale units actively for sale at Honua Kai priced between $889,000-$1,595,000. 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.

Honua Kai 505

I really like Konea #505, 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.

What's under contract for 2 bedrooms at Honua Kai?

I don't have exact numbers, but I would estimate that there about 10 developer 2 bedroom/2 bath units under contract or with reservation agreements (thus currently unavailable) at this time.

There are 2 two bedroom/two bath resale units at Honua Kai currently under contract. Both of the units are located on the south side of the Hokulani tower facing the Starwood Westin Resort and back towards Ka'anapali South Beach. One of the listings is our listing www.Hokulani220.com listed at $819,000, which is set to close in about 10 days and the other is Hokulani #520, the unit three floors up listed at $1,050,000.

Adding Value as a Buyer's Agent

I have helped numerous buyers achieve the results of owning real estate at Honua Kai and am committed to your success. I know the real estate very well, understand current and historical pricing at the resort, and most importantly I work on behalf of you, not the developer.

I am also in tune with many sellers at Honua Kai who have units that they are interesting in selling but are not actively on the market. Buyers who have enlisted my services have been very pleased with my utilization of videos like those above to help them readily understand the differences between particular units at the resort.

Many units at Honua Kai are selling very quickly and recently I helped a buyer client secure one of these units shown here 4 New One Bedroom Listings at Honua Kai.

I also just recently assisted another client from Canada who read this post that I wrote in 2011, Honua Kai Resort in Ka'anapali-Best Two Bedroom Deals with a purchase of a developer bedroom partial ocean view unit at the Hokulani Tower. This is what the recent client of mine who is a very successful businessman in Canada shared with me when I asked him why he chose to work with me.

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

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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!!

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. 4 New One Bedroom Listings at Honua Kai – Posted on January 2013 be sure to check out these best buys priced under $550K
  4. Honua Kai January 2013 Market Update - What’s happening in the new year at Honua Kai? Are prices increasing?
  5. Honua Kai HOA fees increasing by 10% effective Feb.1, 2013 - What are the current fees, what do they cover, and
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    what other costs of ownership are involved?

  6. 25% Down Payment Financing Options at Honua Kai - Get the inside track on leveraging your cash investments at Honua Kai.
  7. 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?
  8. Honua Kai November 2012 Market Update – The latest news after a crazy year of selling
  9. Honua Kai January 2012 Update – Why Honua Kai is the hottest deal in town right now
  10. Honua Kai Purchase Process – An owner’s perspective of purchasing and experiencing the resort.
  11. 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.
  12. Price Reductions on Honua Kai Resort One Bedroom UnitsVideo blog on 1-bedroom units that are Screaming Deals.
  13. Honua Kai Resort in Kaanapali – Best Two Bedroom DealsVideo blog on 2-bedroom units that are Screaming Deals.

 

Aloha from Maui,

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

10% Increase in HOA Fees at The Honua Kai Resort and Spa

Effective February 1, 2013 the HOA fees at the Honua Kai Resort and Spa in Ka'anapali, Maui will be increasing by 10%. The fees will increase from $1.20/sq.ft. of interior living area to $1.33/sq.ft. of interior living area.

Please keep in mind that you are not assessed on the covered lanai portion of your unit (just interior square footage) Honua Kai is in strong fiscal condition and there are no pending assessments - the reason for the increase in the HOA fees is to account for escalating utility costs, several capital improvement projects, and to purchase new pool furniture for the resort.

Hokulani with pool [640x480]

Now that Honua Kai is a couple years old (Hokulani finished in '08 and Konea in '09) it's time for some new pool chairs and umbrellas at this fantastic resort

What Do HOA Fees Cover at Honua Kai?

The HOA fees at Honua Kai cover the insurance and maintenance of the common elements at the resort, refuse collection, water, and on-site security. The AOAO at Honua Kai is in very strong fiscal condition at this time with healthy reserves and with a rather affluent ownership community; I do not have concerns about owning at Honua Kai.

What Other Expenses Should I Budget for Owning at Honua Kai?

  • Owners need to budget for annual property taxes paid in two separate installments (keep in mind that there are different tax rates based on how you utilize your unit, most owners are at the Hotel rate of $9.75 per $1,000 of assessed value, or roughly 1% annually). The County of Maui has an interesting way of calculating assessed values and it has very little correlation to current market values, so please do keep this in mind.
  • Management fees for renting the unit out - These fees will fluctuate based on different companies offering these services and the tier of service that you require, which usually depends on how involved you want to be in the rental process. These management services range from 10%-45% of the rental revenue. I have excellent relationships with local property management companies and can help you determine what type of program is best for your needs and the type of real estate that you own.
  • Electric, cable, internet, and phone service. The communication packages will usually run around $75 per month and electric is really a function of the size of the unit and how much the A/C is run. Please ask me about what my observations have been on particular unit sizes.
  • Miscellaneous fees - It is a good idea to get contents or renter's insurance on your unit, which really shouldn't cost more than say $35 per month and should cover major damages if anything happens. Depending on the contract that you have with your property manager this will dictate the amount of miscellaneous fees that you will incur.
  • Debt service in the form of mortgage payments - Honua Kai is the only property classified as a condotel that I know of that can be financed with 25% down payment. Banks will also require additional cash reserves and other compensating factors that depend on your individual strength as a borrower. Financing Options at Honua Kai
  • Closing Costs - When purchasing a developer unit the closing costs have essentially been taken care of by means of a credit by the developer at closing. However, as the real estate market continues to improve here on Maui, it is my understanding that the developer will begin cutting the amounts of these credits that they are offering to buyers based on the categories of the purchase: studio, one bedroom+den, two bedrooms, and three bedrooms. If you are purchasing a resale unit, you should expect to pay anywhere from 1.5%-3% of the purchase price in cash at closing on top of your down payment - this covers the buyer's portion of title and escrow fees, transfer fees, preparation of documents, and most notably your loan costs.

Looking to Invest at Honua Kai?

1. Be sure to check out my gallery of all Resale Units at Honua Kai. I will help to educate you what seller's paid for the properties, what an accurate market value of the property is in correlation with current comps and market trends, and educate you what properties are the best buys.

2. Developer units at Honua Kai - Please reach out to me in regards to the remaining developer inventory at Honua Kai where there are a few studio units left, one bedroom plus den units, two bedroom units, and 3 bedroom units. Remember that I can exclusively represent your best interests as a buyer - not the developer's and I will help you determine what real estate is best for you, negotiate vehemently on your behalf, and guide you through the entire process.

3. Shadow/Unlisted Inventory - Through my marketing efforts at Honua Kai I am in touch with a number of owners who have expressed interest in selling their properties but are not ready to go to market yet. Please ask me about these properties as one may be a good fit for you.

I offer honest, straightforward, and helpful information. I am here to help educate and put you in a position to be successful with achieving your goals.

Thinking About Selling at Honua Kai?

The Maui & Honua Kai Condo Market is Hot!

We understand accurate pricing and international exposure at Honua Kai. We had 4 sales at Honua Kai in 2012 directly from our series of blogs on Honua Kai because buyers are easily finding them on the web and we know how to put deals together.

Interested if you have equity in your property?

Request a free price analysis and view our results proven marketing plan to get it sold. We have Honua Kai buyers and are in need of more inventory to sell. HawaiiLife.com is Hawaii’s #1 real estate website with roughly 150,000 visitors

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each month and this pace is increasing exponentially with HGTV's Hawaii Life show becoming an instant sensation. We directly market all of our listings to our company database of 80,000 buyers and growing. Simply put, we put more eyes on your listing than any other brokerage firm in the state and we are very good at closing transactions.

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

Aloha,

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