I am pleased to announce that my clients, Kyle and Sue Austin, are the proud new owners of the last remaining developer one bedroom condo at the Honua Kai Resort and Spa. The Austins closed on Konea 148, which is a 780 sq.ft. unit on the north end of the Konea Tower, which is a very private location for $850,000 minus some developer incentives. Here is the blog post that I wrote about this property when I first found out about it being available and which my clients used to help re-affirm their purchasing decision: Last Remaining One Bedroom Unit at Honua Kai Resort.
Konea 148 is one stack back from the front of the building (very close to the ocean, Konea pools, and bbq area) and has a very nice private location
A Few Words From the Austins About Their Positive Purchasing Experience
We found Jeremy through his blog series and were impressed by his continued dedication to bringing current and relevant information about Honua Kai. So when we started looking for a second home at Honua Kai, we immediately reached out to Jeremy for his assistance. As we considered various units, he provided great insight and helped manage our expectations. He was instrumental in getting us the unit we wanted and helpful through the entire process. He ensured that our requests were met and put the pressure on when necessary. This was a great comfort since we do not live on Maui. We have worked with other real estate agents on Maui and found Jeremy and his team to be better in terms of communication, competence, professionalism, and knowledge. We would definitely recommend him to others.
-Kyle and Sue Austin
Interested in Renting Konea 148?
Because my clients just purchased this property, they have a very open rental calendar and would love to have you as their guests. Please visit their private vacation rental website for more information.
This is a recent shot from the south side of the Hokulani Tower where the construction at the adjoining Westin Ocean Villas has officially commenced
Honua Kai One Bedroom Pending Sales
Currently, there are two new pending sales of one bedroom units at Honua Kai. Hokulani 216, a partial ocean view (construction side, see above) listed at $795k, went under contract on 1/2/15 after being on the market for about 45 days. The days on market is pretty reflective of well priced resale units at Honua Kai – they are a hot commodity. I think had it been priced even closer to what I feel its current market value is at, it would have been a little quicker, but I don’t blame the seller for testing the market a bit.
Hokulani 730 is one of the larger one bedroom mountain view units at Honua Kai listed at $765,000 and went under contract in a little over two weeks. The fact that it was the lowest priced one bedroom in the entire resort doesn’t surprise me that this went under contract so quickly.
Available One Bedroom Units at Honua Kai
Currently, there are 6 one bedroom units on the market at Honua Kai. They range from the smallest one bedroom floor plan at 620 sq.ft. for the mountain view Hokulani 332 to my personal favorite, which is Hokulani 240, a 700 sq.ft. partial ocean view (small partial ocean view, see below) being offered for $859,000.
The Honua Kai one bedroom sellers are continuing to push the envelope on the pricing of their units and with the way that the prices have been going up, I don’t really blame them. The one bedroom units have some of the best rental occupancies and many of these sellers can afford to sit on these units and hold out for top dollar as many of them purchased their properties at about half of what they are currently selling for.
Hokulani 240 is a one bedroom with a partial ocean view listed at $859,000 and is my top buy in the resort right now for active one bedroom properties. It’s listing details and more photos can be viewed here: Honua Kai Real Estate Gallery
I had detailed the incredible price appreciation on many of the Honua Kai one bedroom units in a post last summer: August 2014 One Bedroom Price Appreciation Blog.
Escalating Real Estate Prices at Honua Kai
Prices/sq.ft. at Honua Kai have been on the rise since 2012 for all property types: studios, one bedrooms, two bedrooms, and three bedrooms, with the exception in 2013 where two bedroom prices dropped by about $25 per sq.ft. but then rebounded nicely in 2014 by jumping about $100/sq.ft.
The developer was able to sell much of their inventory very quickly from 2011-2013 with another round of cuts in 2012. In hindsight, they could have benefited by a more gradual price reduction strategy, but real estate prices on Maui did bottom out at this point and the developer definitely needed to increase liquidity. The resale market prices really started to take off in early 2013; this was around the time when I helped another client seller sell their 2 bedroom unit for a $135,000 short term profit.
All Honua Kai Real Estate For Sale
Here is a gallery of all the active and pending resale properties currently on the market: Honua Kai Real Estate Gallery. Please contact me directly for unlisted resale properties as well as my top picks for remaining developer inventory.
For All Things Honua Kai Related
As an owner at Honua Kai and director of a very successful property management company at Honua Kai, I take great pride on providing excellent market insight, service, and negotiation strategy – please let me know how I can be of service to you today.
Aloha from Ka’anapali, Maui,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.
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