Kihei Condos – Surprising Variety and Value at $200K and Under

My picks for Kihei condos under $200,000 are a surprisingly diverse selection.

There was a time in the not-so-distant past that a budget of $200,000 in the Maui condo market might have bought you a 436 square foot studio, across from the beach—if you weren’t too picky. That same studio unit at the vacation rental friendly Kihei Bay Surf now fetches around $60K less, and buyers in this price range have a diverse selection to choose from.

Here are my picks for best buys in this price range. Note: none of these are my listings, and I’ve based my picks strictly on value.

1. Keonekai Villages, 2 bed /1.5 bath, 750 sf, $189,000 (MLS# 343416)

The unique grounds layout and landscape architecture at Keonekai Villages assures many of the units of privacy and soothing views—a rarity at under $200k. The property is located close to Kamaole III Beach, one of Maui’s best.

This Keonekai Villages property is the best buy in this price range in South Kihei; the others are in Central or North Kihei. Located very close to two amazing beaches—Kamaole III Beach Park, and Keawakapu Beach—Keonekai Villages is one of South Maui’s newer residential condo properties (built 1992). Its unique grounds design and creative landscaping create a uniqe yard or view situation for nearly every unit, and uncommon privacy for this type of project, and it has the best location by far of any condo priced under $200K. This one’s an REO, but recent closings say that you can own it at $200K. No pool. No vacation rental.

Most recent closings: Feb and April 2010, $195-199K.
Height of market: 2006, $370-415K

2. Maui Gardens: 1 bed /1 bath, 560 sf, $189,000 (MLS# 340953)

This nicely remodeled Maui Gardens 1 bed /1 bath is a short sale, listed at only $189K.

Maui Gardens is located at the North end of Halama Street, one of Maui’s most coveted beach neighborhoods. It’s the only one of the four featured here that is on the beach side of Kihei Road.

The only one of the four located on the beach side of Kihei Road. Located at the north end of Halama Street, one of Maui’s most prestigious residential neighborhoods. Unit needs work, but a great candidate for sweat equity. Pool, tennis court. No vacation rental.

Most recent closings: 219K, with two pendings listed at $174-175
Height of market: 2005, $270-315K

3. Kihei Bay Surf: Studio, 445sf, $138K, (MLS# 341545)

Still the lowest priced vacation rental condo property on Maui, the Kihei Bay Surf features one of the best pools in this price range, and it’s located across the street from Sugar Beach.

Studio unit, compact but has everything including full kitchen and bathroom. Property has a great pool, jacuzzi, and tennis courts, and nice North Kihei location across from Sugar Beach. Vacation rental OK. There is one listing priced a little lower, but it isn’t furnished, and this one’s in better condition.

Most recent closings: 2009, $145-150K
Height of market: 2006, $240-300K

Kevin A. Spaise R(S) is one of Hawaii Life’s condo specialists, and the author and publisher of The Maui Condo Book, the reference directory used by most Maui Realtors, Brokers, title professionals, and investors (www.TheMauiCondoBook.com). (808) 344-0624.