Beachfront Condos at Mana Kai

Yesterday, while enjoying a day at the beach with the family on Keawakapu Beach, we noticed whales breaching in the distance. Given that we are heading into the time of the year when whale sightings are fairly common, it wasn’t surprising. However, the pod of dolphins outside of Mana Kai was a bit more startling. Within 25-40 yards from the beach, the dolphins hung around for quite some time, with some paddle boarders and swimmers joining in the fun. I wish I had a camera, but as I was planning on spending time in the water and building sand castles with my son, I did not have one.

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Ke Alii Ocean Villas Sales Update

Many potential buyers are waiting for the bottom to fall out before purchasing a property.  And while it is still possible that values may decrease slightly in segments of the market, in many instances values have already shown a marked improvement, year over year. Such is the case in Ke Alii Ocean Villas, one of South Maui’s premier properties. In the first quarter of 2010, there were 8 sales with a median of $510K and average of $532. Compare that to the first quarter of 2011, whereas 10 transactions had a median of $628K and average of $634K. Is this indicative of a Maui market that has experienced a remarkable improvement? No, but it clearly shows that there are pockets where increased demand (due to quality of build, location, etc.) has resulted in increasing values. This is where having a qualified real estate professional can be the difference between making an informed decision and blindly shooting at the wall.

Ke Alii Ocean Villas has become one of my favorite properties in South Maui due to what it has to offer: location across the street from Kam I, superior craftsmanship, open floor plans, and world-class amenities. Residents enjoy exclusive access to a salt-water infinity pool, jacuzzi, barbecues, and fitness center. There are a total of 144 units across 7 acres of prime Maui real estate, of which 15 units are currently for sale. Should  you wish further information on this property or a specific unit, don’t hesitate to contact us.

A busy day at Keawakapu Beach

For many, the absolute epitome of the Maui lifestyle starts and ends with breathtaking, seemingly-endless beaches that set the background for memories of a lifetime. And although Maui can rightfully claim to have many of the top-rated beaches in the world, there are few that can compare to my personal favorite: Keawakapu Beach. A seamless transition from South Kihei into Wailea, Keawakapu is one of Hawaii’s hidden treasures. With an expansive shoreline of soft sand and relatively calm waters, it can be the ideal setting for families looking for a day at the beach, honeymooners searching for a perfectly romantic sunset, and athletes who want to partake in fun water sports such as kayaking, paddleboarding, snorkeling, swimming, and much more.

Although beachfront homes here can go well in the 8 figures, savvy buyers can enjoy ownership of a beachfront condo at more moderate prices. For example, Kihei Surfside and Mana Kai are on the northern edge of Keawakapu, offer amazing views and a host of amenities that become increasingly more costly when entering into Kihei’s southern neighbor, Wailea. In addition, directly south of the aforementioned properties, Hale Hui Kai has garnered a reputation as a phenomenal beachfront property, evidenced by its low turnover rate. Units in this building seldom become available, so contact us if you would like to be notified when one comes on the market. Furthermore, on the south end of Keawakapu, Wailea Ekahi Village has become a perennial favorite among residents and visitors alike, due in large part to its strong property values, breathtaking views, world-class amenities, and convenient location.

Living in Kihei, we have certainly grown fond and appreciate of all that the area has to offer. If you have any questions about the area or Kihei and Wailea/Makena real estate, feel free to contact Mariah at Mariah@MauiRealEstateSearch.com or Alex at Alex@MauiRealEstateSearch.com.

Maui Condo Deal of the Month

Even in the current real estate market where properties are at rock-bottom prices, there are still properties priced well below market value. One such property is a Kai Makani REO (Bank-owned/Foreclosure) 3 bedroom / 2 bathroom condo priced at $352,900.  This unit encompasses 1,238 square feet of interior living space and features an open floorplan, in-unit stacked washer/dryer, granite countertops, vaulted ceilings, and stainless appliances. Kai Makani was built in 2007 and it shows, as units feature upgraded designs and quality craftsmanship throughout.

How is this unit a good value? Check out other Kai Makani condos currently for sale. As you can see, there are SEVEN smaller (1,075-1,126 sq. ft.) 2 bedroom / 2 bathroom units for sale, ranging from $399K to $625K. The only other 3 bedroom / 2 bathroom unit is listed at $599K. I don’t expect this unit to last long on the market before a savvy buyer or investor swoops in.

Contact Alex at Alex@HawaiiLife.com or Mariah at Mariah@HawaiiLife.com to keep abreast of the best deals in Maui real estate.  Oh, and check out the beach across the street from this unit, the longest walking beach on Maui.

UPDATE: PROPERTY WENT INTO ESCROW WITHIN A FEW DAYS OF HITTING THE MARKET. Contact us if you’d like to be kept abreast of great values in Maui real estate.

Aloha all.  When discussing the state of the real estate market, many are quick to spout opinions based on personal opinions (“No way, my home is worth twice that much”), but numbers tell the unrelenting truth of the true status.  Below you will find the statistics as provided by the Realtors Association of Maui (RAM) for the month of April, 2010.

Maui Single Family Residence Sales

*  Residential homes saw an increase in sales for the third consecutive month, from 70 the previous month to 88 sales.  Median price rose from $460,000 in March to $477,500 in April (an increase of 3.66%).  Days on market was 150 days, but keep in mind that this number is the total days from listing to settlement, so that accounts for 30-60 days in escrow.   Particular emphasis should be placed on Kihei, which saw sales of 19 properties with a median price of $493,546.

Maui Condo Sales

*  Condominium sales experienced a 50 month high by posting 158 sales.  Although of those sales 45 occurred at Honua Kai (a new luxury development on the west side), that is still a very impressive number and remarkable improvement over a year ago, with  a poultry 41 condo sales in April 2009.  Median price fell from $512,500 in March to $455,000 in April, while days on market for condo units posted at 179.  Kaanapali saw the lion’s share of sales activity, with 53 units sold for a median price of a whooping $805K.

Maui Land Sales

*  Land sales rose from 12 the previous month to 15 this month.  With such a small sampling, it’s easy for numbers to fluctuate dramatically, so take this data with a salt of grain.  Median price saw a drop from $600,000 to $520,000, but days on market decreased from 230 to 162.  The Wailea/Makena district experienced 3 sales, with a median price of $1,295,000.

Of key note, properties sold through a short sales process require a lengthy negotiation period (often times from 6 to 12 months), thereby when short sales are finally completed it can drive the number of days on market up dramatically.

The significant increase in sales activity reflects a rise in consumer confidence, as well as the added motivation by expected increases in mortgage interest rates.   And with an increase in foreclosure filings in the 1st quarter, there will be potential increase in  inventory of distressed properties resulting in median prices leveling off (or possible slight decrease).   Sellers face two options:   price realistically in order to compete with REO’s and short sales or stay off the market until more favorable conditions arise.  There is light at the end of the Maui real estate rainbow.