$123K Price Reduction – Mahana at Kaanapali One Bedroom Condo For Sale
Mahana #1116, a one bedroom/one bath direct oceanfront vacation rental condo (MLS# 337406), just reduced in price from $898,000 to $775,000, which brings it into the range of recent sold comparable units at the Mahana at Ka’anapali in West Maui.
I had the opportunity to view and video this unit today while doing some homework for my buyer client who has a 2 bed/2 bath unit in escrow at the Mahana. Check out the video to see what’s offered.
This unit was recently remodeled and has a very modern feel to it, which is in contrast to a majority of the other units at the Mahana. One of the major things being that the master bedroom was made smaller to accommodate a substantial walk-in closet, there is a large built in book/storage shelf the living room, and the color schemes and lighting fixtures are interesting as well.
This unit has been on the market for over 3 years (at close to $900K) and I get the feeling from the recent price reduction that the seller is ready to part ways with this fine property. Here is a gallery of all the listings currently offered for sale at the Mahana, Mahana at Ka’anapali Condos for Sale.
What’s the Mahana at Ka’anapali All About?
Check out this video of the Mahana #608, which is one bedroom unit that I recently sold. This will give you a great feeling for the fantastic beachfront location, the immaculate grounds, and the amenities.
5 Value Propositions for the Mahana at Ka’anapali
1. Direct Beachfront Location: Residences at the Mahana offer a unique value proposition in that all 209 homes offer direct beachfront living. We are not making any more beachfront here on Maui. Beachfront real estate is a very rare commodity here and an important note is that if they were to rebuild the Mahana right now, there is no way it could be this close to the water.
New developments, like Honua Kai, have substantial setbacks from the ocean and the beach. There is no way that the price/sq.ft. of cost reproduction could be done at even close to these prices. The rarity of this important factor of value is a vital consideration for future price appreciation.
Our listing at Mahana #608 has already been sold, but Mahana #1116 is available and would not surprise me if it’s the next one bedroom to sell at the Mahana. Read about what the buyer and seller had to say about their experiences in this heart warming story in a previous blog at www.Mahana608Sold.info.
Actual view from the covered lanai of Mahana #1116
2. Unobstructed Ocean and Outer Island Views: View plays a huge factor of value in Maui real estate values, and with these unobstructed views, this unit will be enjoyed by owners, family/guests of owners, and vacation renters for many years to come.
3. Historical Values: Peak values for one-bedroom units at the Mahana were at $1,100,000 as recently as 2008. The recent closings of one bedroom units at the Mahana have been between $595,000 for a ground floor unit in original condition to $802,500 for a one bedroom/two bath unit in remodeled condition on the 10th floor.
Will it be a while before we reach values seen in 2006? Yes, of course it will, but there is no question that this particular unit has the right mix of high-quality ingredients to make a $1 million dollar cake again someday. Ask yourself this, where will the values be in 10 years from now?
4. Rated “A” by the Aston Program: Mahana #1116 is rated as the top tier vacation rental by the in-house Aston program. Vacation rental occupancy rates average around 75% for the year. After the Aston takes their percentage and all costs are paid—property taxes, maintenance fees, and utility costs — the Mahana #1116 should net out about an average of $1,500-$2,000 per month in net income (assuming that there is no mortgage).
At the current listing price, this represents a 2%-2.6% return on cash — certainly better than any U.S. cd will get you, plus you have a place to stay in Maui and build equity in your future and your generations to come. (Exact historical rental income to be provided upon request.)
5. Financially Sound Condominium Complex: The board at the Mahana prides itself on responsibly operating and running the complex. There are healthy financial reserves, the building is in excellent condition and very attractive physical condition, and the grounds are well groomed and beautiful.
Amenities at the Mahana Include:
- Tennis courts
- BBQ area
- Oceanfront shuffleboard
It’s time to leave your slippahs on Ka’anpali North Beach, let the silky Maui sand run through your toes, and plant your roots at the Mahana. This is the Mahana life, the Maui life, the Hawaii life.
I live just a couple minutes away from the Mahana and am knowledgeable about the complex; and it is very easy for me to shoot a video of any unit listed provided that it is not currently rented at the time. Please let me know how I can be of service to you in any way.
Jeremy Stice, R(S)
Hawaii Life Real Estate Brokers