Sales Stats

What Is My Home Worth? Values in New Traditions, Maui Lani

It can be difficult to know when the right time to sell comes around. Frankly, no one has a crystal ball, so the next best thing is cold, hard stats. I have isolated New Traditions in Maui Lani to show a few different variables: square footage, beds, and baths.

What Is My Home Worth? Values in New Traditions, Maui Lani

What's My Home Really Worth?

It can be difficult to know when the right time to sell comes around. Frankly, no one has a crystal ball, so the next best thing is cold, hard stats. I have isolated New Traditions in Maui Lani to show a few different variables: square footage, beds, and baths.

Below you will find line graphs that are constantly updated (yes, you can come back to this blog a year from now and the stats will be updated) with the newest median sales price separated by each individual subcategory.

Square Footage

I used square footage because of its broad coverage. Although one model might be larger another might have an extra half bath and so forth. I split the graph into two lines to represent a variable of 1,500 sq.ft. and below and 1,501 sq.ft. and above. As expected, the larger homes bring a higher sales price. Year over year the difference is about 6%.

Bedrooms

I actually used square footage to separate the 3 bedrooms from the 4 bedrooms (my stats program would not let me isolate anything higher than 3 bedrooms.) That being said, the smallest 4 bedroom was 1,448 sq.ft. and the largest 3 bedroom was 1,402 sq.ft. So, I used a division of 1,430 sq.ft. and below and 1,431 sq.ft. and above to show the bedroom variable. The results are almost identical to the square footage graph above. Year over year has a 6% difference between 3 and 4 bedrooms.

 

Bathrooms

In New Traditions, there are 2, 2.5, 3, and 3.5 bath models. For simplicity, I used 2 and 3 bathrooms for my two variables. The difference between the 2 and 3 actually surprised me. 3 bedrooms brought an average 8.1% more than the 2 bathrooms.

 

Want Know What Your Home is Worth?

Each home, even within a small neighborhood such as New Traditions, varies drastically. Finishes, location, and timing all take part differentiating each home from one another. If you are looking to sell your home, give us a call or email and let our 46 years of real estate experience go to work for you (check out some of our recent success in Maui Lani). We can come review your home and give you an idea of what your home could bring on the market.

Tim Stice

808.268.8511

timastice@gmail.com

 

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

 

 

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