Foreclosures and short sales continue toÂ impact the Kihei condo market, flushing out some unbelieveable deals as the banks move inventory through the cycle. Three of theseÂ properties are bank owned or potential short sales. The other two are owner-held, and have priced to sell in these market conditions.
Southpointe: Bank-owned 2-bedroom, at $110,000 is #4 on the list below
1. The Most Spectacular View at $315,000 I’ve Seen in South Kihei
It’s a short sale, so the sale price on this 2-bedroom unit (MLS# 343248) still has to be approved by the bank, but if it’s view you’re after this is the best buy on the Kihei Strip, in my opinion. The views in the photos do not come close to doing it justiceâ€”they are sweeping, massive, and overlook the Cove next to Charlie Young and Kamaole I Beach.Â The six-story Island Surf building is a bit weird, with retail on the first floor and some low-impact commercial on the second, but this fifth floor location is well away from all of that. You walk into the unit, and the views are knockout. It’s been remodeled and has had impeccible care. It’s vacation rental legal, and has a lockout featureâ€”you can legally create a Studio unit, and a 1-bedroom, with separate entrances; use part of it, and rent the other part out; or rent it out or use it as a 2-bedroom. Did I mention the views?
Note: Some of the photos show the unit with furnishings: it is empty.
2. Is it Really Possible to Buy a Vacation Rental Condo in Kihei for $109,000?
We’re not sure, but with a recent $10K price reduction, that’s the new asking price of this Kihei Bay Surf Studio (MLS# 344473), owned by B of A. The most recent sale, just a few doors down from this unit, closed at $119K. Located directly across the street from Sugar Beach, this property is on the upswing: new asphalt in the parking lot, new painting and railings, etc. Kihei Bay Surf features one of the nicest pool areas of any budget condo property on the strip, along with a spa and tennis courts. No surprises with the monthly expenses, as electricity and cable are included in the monthly HOA fees ($450 monthly). This has been a strong rental property in the budget marketâ€”sites like VRBO.com will give you a good handle on rental rates and occupancy for the property.
3. Residential Condo on Halama Street
Boardwalk: Residential 2-bedroom condo on Halama Street, 75 feet from the beach entrance, at $299,000
One of Kihei’s most desirable ocean front neighborhoods spans four blocks of Halama Street, which runs the shoreline north of Halama Park. This established, upscale neighborhood is home to spectacular ocean front single family homes ($1 to $4), with one exception: the Boardwalk Condominiums, at the north end of the street. With only 10 units on the property, Boardwalk is a hidden gem, and just 75 yards from the beach entrance. This beautifully upgraded 2-bedroom (MLS# 342580 or see the condo website) is immaculate, with a lot of owner love. Not a short sale or REO,Â just great value at $299,000.
Note: In the interest of disclosure, this is my listing.
4. A 2-bedroom Condo on Maui for $110,000
Southpointe is South Maui’s entry-level 2-bedroom condo property, and prices have free-fallen to the point that investors are moving in hard (along with Kihei Villages). This bank-owned unit (MLS# 343357) had a fire, and is being restored to original condition, with new appliances. It has an approved sale price of $110,000, a great deal for any 2-bedroom condo on Maui.
5. Any Kamaole Sands Unit in the $300,000 Range
The Kamaole Sands, with its 30 acres of tropical grounds, spacious units (1-bedrooms are 818 sf with 2 baths), massive resort pool, and location across the street from spectacular Kamaole III Beach, is a blue chip vacation rental property that shows value at every turn. There are a few units in the $300 range, including a couple of bank-owned in building four (my least favorite) at under $280. If it were me, I’d step up the offer a bit, and go for this one (MLS# 339499), in building 8. It has an ocean view, it’s been nicely remodeled, and with a year on market (starting at $399K), my bet is that a $300K offer wil get the seller’s attention.
Kevin Spaise is the author of The Maui Condo Book (www.TheMauiCondoBook.com), the reference directory used by Maui Realtors, Brokers, title and escrow officers nd other real estate professionals and investors. Stop by his desk at The Grand Wailea Tuesday through Thursday, and talk Maui Real estate, or schedule a showing at (808) 344-0624.