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Foreclosures, Short Sales & REO's

South Kihei – Value Drives Interest in Upper Residential Neighborhoods

There is always value in solid residential neighborhoods, and that’s the driving force behind an increase in activity in upper South Kihei in recent weeks.

The draw to the area is clear to anyone who has visited the two closest beaches, Keawakpu and Kamaole III. Most of the homes here range from 1600 to 2500 square feet, and many are on view lots. There is a mix of single and split-level, and may of the lots here are zoned for ohanas (cottages), generally 400-500 sq. ft.

Moana Estates is one of the many appealing neighborhoods in Upper South Kihei.

A half-dozen of Kihei’s most desirable subdivisions are interwoven from the ocean to Kilohana Street (the unofficial border of Wailea) to the south, and Keonekai, a long block to the north. These neighborhoods include Keonekai Heights, Kilohana Ridge, Keawakapu Views, Hale Kilohana,  Kihei Village, and exclusive Moana Estates just to the north.

Four homes in these neighborhoods have gone into contract in the last three weeks, including a couple of REOs. Bank-owned inventory is getting some of the attention but not all, as the 10 pending sales are fairly split between conventional owner sales and bank-owned. One home went into contract in December, three in November, and two in October.

Recent REO Deals To Hit Contract

  • 192 Kamakoi Loop, a 4/2 split with 2250 square feet under roof (MLS340876), on market for a week at a list of $518,900
  • 2856 Puu Hoolai (MLS340779), which seemed a stout bargain at the $432,900 list, but was likely bid up.

Though hindered by a bit of road noise from Piilani Highway, 2750 Panepoo, a smallish 3/2 fixer originally priced at $559K, settled into contract after a reduction to $400,000. And 104 Hoohale, a 4/2 with 2000 sqiare feet listed at $705K, hit escrow January 22.

Three Moana Estates homes have closed since mid-October, ranging from $735K on the entry-level 3/2 side to $1.1 for one of the neighborhood’s nicest homes, a 4/4 with views and 2500 square feet. There is good inventory in this coveted development, as well as in neighboring Keawakapu Views.

New Listings I Like In Kilohana/Keonekai

  • 2825 Kauhale (MLS 341134) a split-level 2.2 that shows larger, on a great street with an income-producing detached ohana, just listed at $650K. This one needs a little interior love after the same owner for 25 years, but the bones seem solid and there is a lot to like about being able to offset your mortgage with steady income from a very appealing detatched cottage. Ohana rentals in the neighborhood routinely fetch $1000-1200, making it a very attractive option for the owner with eyes on upgradeing to extreme South Kihei. This home is a block from the Wailea boundary, and walking distance to Keawakapu Beach.
  • Less than a week on the market, 18 Luanaiki Place (MLS 341226) is generating big-time interest, and I think it will hit contract soon. Listed at $499,000, this Keonekai Heights 3/2 (1680 sf) shows well, it’s on a desirable street, and is an example of a home that’s priced to sell.

Kevin Spaise is the author and publisher of The Maui Condo Book (www.TheMauiCondoBook.com),  the condominium reference guide used by  Maui real estate professionals. He lives in the Keonekai Heights neighborhood. None of the properties mentioned in this blog are his listings.

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