$367,900 Kihei Foreclosure with Ohana Rights Priced at 94% of Assessed Value

This home in Kihei (MLS# 349621) is a bank foreclosure and is priced below the $391,000 county assessed value, giving it a priced/assessed ratio of 94%.

Ohana Potential Adds Value

The property includes covenants that allow for construction of an Ohana unit. On Maui, an Ohana unit is a detached (or attached) second living quarters for renters or Mother-In-Law. This can provide additional rental income and add value to the home. The Ohana can also be sold, but only as a condominium (leasehold) opposed to fee simple. Contact me if you have questions regarding leasehold vs fee simple.

Below is a picture of the home next door that has already built an Ohana.

The smaller structure to the left is the neighbors Ohana unit

Where’s the Value?

I believe that the 80 Value Score is not high enough for this property. Mainly because of surrounding homes that have sold in the $800K – $1M range. Contact me for sold comparables.

Also, if you look at the following Kihei active comparables (ranging in price from $213,900 – $349,900), you’ll notice that none of them are in the same condition as this bank owned home:

• (MLS# 349426) $213,900
• (MLS# 349599) $214,500
• (MLS# 348882) $225,000
• (MLS# 347393) $239,000
• (MLS# 344912) $240,000
• (MLS# 348759) $299,000
• (MLS# 346960) $342,000
• (MLS# 344619) $349,900

My Recent Visit

I visited the Kihei home the other day, and I think you’ll agree from the photos I took that the property appears in good condition.

Here is side view of the home

Street view coming up to the property

Here is a picture across the street to see the the whole front yard area and views of a typical Kihei day!

Gary Bland, R (S)
(808)-385-1265
garybland@hawaiilife.com

Gary Bland is a Kihei Real Estate Specialist with 10 years of experience buying and selling property in Maui.