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Market Intelligence

What Sells During Covid-19: Papakea Resort

Papakea: one of my favorite resorts in West Maui, consisting of 364 apartments spread across eleven 4-story buildings over a 12 acre+ parcel, with a Hawaiian look and feel. The resort offers 2 swimming pools with cabanas, putting greens, 2 tennis courts, concierge service,s and it is located a short distance to a variety of restaurants and stores, farmers’ market and Kaanapali Beach walk.

10 sales were recorded at Papakea, since Feb 20th 2020, during Covid-19 time.

Status MLS # Unit L Price Bds Bths Liv-SF Days On Market Monthly Maint Fee Sold Price Closing Date
ACTIVE 387150 B307 $489,000 0 1 435 43 $699.45
ACTIVE 387648 C109 $537,950 1 1 597 4 $910.33
ACTIVE 387642 D-104 $538,000 1 1 614 4 $954.48
ACTIVE 386862 B101 $539,000 1 1 597 74 $698.62
ACTIVE 387520 J207 $585,000 1 1 597 14 $915.00
ACTIVE 386945 C301 $625,000 1 1 597 65 $910.00
ACTIVE 386569 J406 $795,000 2 2 851 107 $1,236.99
ACTIVE 386213 K205 $979,000 2 2 907 137 $1,008.54
ACTIVE 387678 K404 $1,250,000 3 2 1,144 2 $1,747.44
ACTIVE 386385 H405 $1,350,000 3 2 1,145 122 $1,748.65
PENDING – CONT. TO SHOW 386664 J201 $559,000 1 1 597 95 $698.62
SOLD 386008 E308 $375,000 0 1 435 67 $699.45 $375,000 4/13/2020
SOLD 386193 H107 $490,000 1 1 597 32 $910.00 $490,000 2/24/2020
SOLD 384093 D-204 $539,000 1 1 614 137 $933.00 $525,000 1/17/2020
SOLD 385694 E305 $555,000 1 1 597 0 $910.33 $555,000 1/13/2020
SOLD 386370 E105 $575,000 1 1 597 109 $698.62 $560,000 6/26/2020
SOLD 384220 G301 $570,000 1 1 597 141 $910.33 $560,000 2/4/2020
SOLD 386133 C303 $595,000 1 1 642 35 $969.25 $595,000 3/24/2020
SOLD 385672 G108 $669,000 1 1 597 66 $910.33 $665,000 3/19/2020
SOLD 384768 G-102 $750,000 2 2 861 129 $1,254.10 $715,000 3/5/2020
SOLD 385346 F208 $769,000 1 1 597 76 $910.33 $755,000 2/27/2020
SOLD 386330 L208 $789,000 1 1 712 74 $1,060.32 $789,000 5/18/2020
SOLD 384723 B407 $865,000 2 2 851 108 $1,054.69 $865,000 2/10/2020
SOLD 385781 H404 $1,250,000 2 3 1,144 38 $926.55 $1,250,000 2/28/2020

Papakea

If you are interested in this development, we just listed unit D104, a 1bd/1ba, 614 sf living area that can accommodate up to 4, due to a well placed Murphy bed. Please click here to take a tour of this unit. Listing price is $538,000.

Financial information regarding ownership of this unit:

Monthly Homeowner Association Fee

$737.15 per month

HOA fees includes water, internet, cable, trash, sewage & maintenance of common area, club house, pool & BBQ area

Special Assessment & Reserve

  •  Seawall loan assessment: $79.48
  •  Exterior renovation loan assessment: $137.50
  • Capital reserve: $0.35

TOTAL: $954.48

Owner’s additional expenses include: electricity, contents insurance & real property tax ($558/month), mortgage.

Rental Revenue Potential:

This unit has been enrolled in a timeshare program until recently. We have received proformas from several rental management companies with estimates between $49K and 67K in yearly rental revenue. Please reach out for details on how to manage your vacation rental.

FAQ:

  1. Is this unit a fee simple unit? Yes.
  2. Does this unit have air conditioning? Yes, there is one window unit in the living room.
  3. Is this unit easily accessible, with no stairs? Yes, this unit is on the ground floor and guests truly appreciate the ability to just walk out onto the putting green and towards the ocean.
  4. Does this unit get a lot of sun in the afternoon? No, you will be able to enjoy your dinner sitting out on the lanai.
  5. Is this unit ready for vacation rentals? Yes, this unit is conveyed fully equipped to operate a vacation rental.

Just buy it!

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