Overview of Maui Banyan
Maui Banyan is a well-known and well-run condo association in South Kihei on Maui’s south shores. The complex is situated directly across from Kamaole Beach II.
The amenities include multiple swimming pools, jacuzzi spas, tennis courts, gardens, picnic areas, and ample parking spaces. Its central location provides easy access to some of Kihei and Wailea’s famous beaches, five-star dining choices, and diverse shopping opportunities.
Maui Banyan offers sun-drenched days, exceptional ocean views, and a front seat to Hawaii’s famed sunsets. It truly is the very definition of paradise.
Unit Configurations
This 8.68-acre property is nestled in lush tropical foliage. It consists of 256 units with private lanais and comes in one-bedroom units at 650 square feet, two-bedroom units from 890 to 900 square feet, and three-bedroom units from 1194 to 1,202 square feet.
The floor plan below is not to scale or guaranteed. Individual owner modifications may result in differences. For unit-specific confirmation, please feel free to reach out.
What We Love
If you love hot days at the beach, a tropical setting, and a comfortable place to retreat back to at the end of the day, Maui Banyan is a great option. Maui Banyan has a warm resort-like feel to the grounds and the location is one of the best for South Kihei.
What We Could Do Without
The complex and look of the buildings are a bit dated; however, many Maui condos were built in the same time period and have the same feel.
Onsite Amenities
- BBQ Area
- Swimming Pool
- Hot Tub/Spa
- Putting Green
- Recreation Area
- Tennis Court
- On-site Security
Nearby Amenities
- Wailea Gold, Emerald, and Blue Courses
- The Shops at Wailea
- Kihei Wailea Health
- Wailea Gateway Center
Some of the most well-known Maui golf courses are only around the corner. If shopping is your favorite pastime, The Shops at Wailea’s offers extensive options. Not to mention the proximity to some of the world’s most magnificent beaches (Big Beach, Little Beach, and Keawakapu Beach).
Maui Banyan Sales Statistics
Please feel free to reach out directly for active listings, pending sales, specific sales data, or current price opinions.
The report below is real-time data sourced from the Realtors Association of Maui. The statistics include Maui Banyan’s average sales price and average price per square foot. These graphs will update automatically with the most recent data.
1 Bedroom
2 Bedroom
3 Bedroom
Association information
For up-to-date information on Homeowner Association (HOA) fees and related matters, don’t hesitate to reach out via call or email. (This information is prone to regular updates and changes.)
Here are the Association rules and information.
Primary Uses
Short-Term Vacation Rental
Maui vacation rental demand has consistently performed well throughout the years due to the desirability of being in a tropical setting yet still within the United States. During the peak winter season, Maui’s population can shift from the baseline resident population of 165K or so to over 300K people.
Historically, the typical vacation rental condo averages 75-80% occupancy; we have some clients and property managers that consistently keep their units 90%+ booked. High-end units may see lower occupancy than mid- to low-end vacation rental units.
As a guide for our clients, we apply the 10% rule to help them identify properties with a gross annual income of 10%+ than their acquisition cost. An example would be a $1M property grossing $100k or more yearly. The net income to the seller would be based on how they operate the unit and the work they’re willing to do. Self-managed units net the highest income but also require the most work. Front desk management usually has the lowest income but the least involvement and flexibility. Independent property managers are often the happy medium between excellent service and solid revenue. Please reach out if you’d like a proforma or rental projection for a particular unit. We’d love to help.
Long-Term Rental
Long-term rentals are considered six months or longer here in Maui. You avoid some operations costs, such as cleaning, higher management fees, and higher tax rates; however, you are likely to get more income running your unit as a short-term vacation rental. Long-term rentals also offer you less flexibility for owner stays.
Second Home
If your goal is not to maximize your ROI but to simply use the unit as you please, you can do so. You would pay the highest and best use for real property tax, but you would not be subject to the TAT and GET taxes (see below) associated with income-producing short-term units.
Owner Occupant
If Maui is where you want to call home, the owner-occupant is the one for you. If you spend 270 days out of the year on Maui and your unit is your primary residence, then you can apply for the Owner Occupant exemption (frequently asked questions).
Zoning
The zoning for Maui Banyan is H-1, H-2, and H-M. As per Maui County Rules, both long-term and vacation rentals are allowed.
Taxes
Taxes to consider when owning at Maui Banyan:
- Transient Accommodations Tax
- General Excise Tax
- Real Property Tax This rate will change depending on your use. You may fall under short-term vacation rental, long-term rental, or the base zoning if your unit is an empty second home or owner-occupied. Resident owner occupants that spend 270 days or more here a year also receives the home exemption tax break.
- HARPTA/FIRPTA
Weather
Helpful Weather Resources:
Why Tim Stice?
I love what I do and I’m here to offer my clients outstanding service. My team and I have seen almost every scenario imaginable (at least, we’d like to think). Through solution-based problem-solving, transparent communication, and unrivaled market knowledge, we have successfully navigated over a half billion in closed transactions. We care about our clients and are eager to earn the title of your real estate representative.
Give me a call or shoot me an email.
Tim Stice | 808.268.8511 | timstice@hawaiilife.com
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