Rare Condo Offering – Inner Courtyard Ocean View One-Bedroom at Honua Kai Resort
A very rare offering of an inner courtyard, partial ocean view, one-bedroom vacation rental condo unit, Hokulani #213, just came on the market at the Honua Kai Resort and Spa. Of the 600+ units at Honua Kai, this is only one of seven one-bedroom units located on the inner courtyard of the building. The #13 stack in Honua Kai is the only area where these are located – there are none in the adjoining Konea tower. Hokulani #213 is 700 sq.ft. with a 145 sq.ft. covered lanai area, priced to sell quickly at $899,000.
The view from the lanai of Hokulani #213 priced at $899,000
Hokulani #213 is Priced to Sell
There have been two recent sales of one-bedroom units at Honua Kai that demonstrate the value of Hokulani #213 at $899,000. There were two recent closings of units on the south side of the Hokulani tower, which are sure to be affected by the construction in one way or another in the high $700k range. Currently, Konea 544 is under contract listed at $825,000, and it is my gut feeling it will close in excess of $800k. I am not saying that #213 is worth $899k, but considering its location, it does justify the higher price tag.
A floor plate of the Hokulani Enclave at Honua Kai demonstrating the inner courtyard location of the #13 stack
Ideal Inner Courtyard Location
Both of the towers at Honua Kai are shaped like large “U” shapes and the market prices reflect that the inner courtyard properties are the most desirable at the resort. A couple of the main value propositions being on the inner courtyard of the building rather than on the exterior are:
- Increased protection from the prevailing trade winds, which can be substantial at Honua Kai.
- View planes are consistent throughout the resort overlooking Honua Kai pools, Dukes Beach House, palm trees, and grassy lawns. This is in contrast to the exterior of the buildings which look at other surrounding resorts, impending construction (south side of Hokulani), and the other respective tower at Honua Kai. This is not to say that the views are not beautiful on the exterior – they are just different and many prefer to be on the interior.
- Sunset views from the interior and covered lanais of the units.
- Not affected by upcoming construction – the inner courtyard units will not be affected by the construction of the Westin Ocean Villas last tower on the south side of the the Hokulani tower, or the construction of the Luana enclave, which is the final phase of Honua Kai (luxury town homes in the large grassy area on the mountain side of the Konea tower).
Hokulani #213 Rental Income vs. Operating Costs
The cash on cash returns on vacation condos at Honua Kai represent some of the strongest figures that I have seen or heard of in the entire state of Hawaii. The one-bedroom and studio units at Honua Kai represent the best of the best.
As an owner and a partner in our vacation rental program at Honua Kai, I have a very good understanding of all the operating costs of ownership at Honua Kai as well as running a vacation rental. In addition to this, I have detailed financial statements on comparable units to Hokulani #213. Please just shoot me an email and I will get you a detailed breakdown of this.
Aloha and a Hui Hou from Honua Kai,Jeremy Stice, REALTOR (Broker)
My Blog Series on Honua Kai Condos
Please visit my website dedicated to all things Honua Kai, including the most recent market updates, here: www.HonuaKaiBlog.com.
Subscribe to my blog feed here: Subscribe to Hawaii Life Real Estate Brokers » Jeremy Stice, R(S) by Email.