$367,900 Kihei Foreclosure with Ohana Rights Priced at 94% of Assessed Value
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?
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)
Gary Bland is a Kihei Real Estate Specialist with 10 years of experience buying and selling property in Maui.