Searching for The Scenic View
If you are a buyer in today’s market looking for a view property, we have 3 categories of data to consider.
Starting with vacant land possibilities, in Maui today we have 109 vacant lots for sale County wide, and that includes Molokai and Lanai, 26 of which have an ocean view although just 9 lots priced under $1 million, go to link here for those active listings.
With Residential property, there are currently 251 homes for sale albeit only 64 presenting ocean views. So still remarkably low inventory on the books, and with the median price of homes at $1.2 million, this search produces only 2 residences falling under the $1 million mark in Maui today. See listings by clicking here.
And condos? There are 220 condominiums on the market today in Maui County with 104 described with an ocean views to some degree. We have what is comically known as a “Realtor ocean view.” This is a claim validated by hanging over your balcony, binoculars in one hand, the other firmly gripping the railing, to find a splinter of blue ocean! This interpretation would carry a large print disclaimer to my clients, but I digress! The measure of a view is in the eye of the beholder! Above all, 32 condos under $1 million claim an ocean view, but let’s preface that with “to a certain degree.”
View, View, View
Traditionally the three keys to determining the value of a property are location, condition and price. But in Hawaii, it is fair to add view to this equation and, what’s more, to put it at the top of the list. Simply put, real estate with a view fetches a higher price tag. In fact, condition can sometimes fall off the list altogether if you have a jaw-dropping, “wow” view. Conversely if you have a pristine property and with no view you are likely to see a lower price. The View Factor is the Value Factor.
Property with a view usually sells for a premium here, especially in Maui.
There are in fact 5 actual ocean view units in Kihei under $1 million today. Of these, I’m going to highlight my listing at Walaka Maui #404, with the greatest square footage at 734. In this analysis, this condo offers a substantial ocean view with a favorite south facing orientation to Molokini and Kahoolawe, coupled with a significant bonus scenery of Mt Haleakala.
Furthermore, of four units in Kihei under $1 mil which are of a similar 1 bedroom, 2 bathroom configuration, we see Walaka Maui with the lowest HOA’s at $526.95 per month. Something to consider as you add up your monthly outgoings, where its residential zoning translates also to a lower annual property tax.
SO, how achievable is an ocean view in Kihei for under $1 million? Walaka Maui #404 is a prize example it can be done. Priced under $900k, it comes with a significant panorama, no sliver of a view here! The moment you step into the condo, the view from the lanai window captivates. From mountain to ocean, this is a big view unit. What’s more, this unit is freshly painted with new flooring throughout, and is in pristine condition!
For more specific information on this hidden gem with its bird’s-eye aerial view, go to www.hawaiilife.com/katyfoxwell for listing MLS #396228. And, if you are curious about other properties in Maui, I am never far from my keyboard to send you market data!
“At your service, with Aloha!”
Katy Foxwell REALTOR (Broker)