Maui Real Estate Blog
Father’s Day at Duke’s Honua Kai
Billy and I were lucky enough to have our parents visiting from the mainland this week. We headed over to Honua Kai in Ka’anapali to have father’s day dinner at Duke’s Restaurant. The meal was outstanding, the company was great and the scenery along Airport beach speaks for itself. Here are a few photos that I snapped post dinner.
The restaurant at Duke’s complements an already impressive list of amenities of at Honua Kai Resort. As posted recently on The Maui Real Estate blog, Honua Kai recently announced major price adjustments on the remaining new developer units. There are one and two bedroom units being offered for as much as 40% below original pricing. This is a great opportunity to buy at the first new whole ownership beachfront development in Ka’anapali for over 25 years. It will likely be the last for some time to come. Contact the Maui Real Estate Team with questions or for to arrange a showing at Honua Kai.
Maui Real Estate Blog
New Pricing at Honua Kai
This week Honua Kai Resort in Ka’anapali just announced big price adjustments on their remaining inventory of condos for sale. Honua Kai is the first new beachfront fee simple whole ownership development in the Ka’anapali area for over 20 years. Located along North or Airport beach, It was well received by buyers with the initial pre-construction offerings selling out within hours. The high volume of closes at the complex have helped to buoy condo sales figures over the last couple of years. This is a phenomenon that we dubbed the Honua Kai effect. It is easy to see why buyers have gravitated toward Honua Kai. Amenities include three pools, a fitness center, kids camps, concierge services, a well regarded restaurant in Duke’s Maui and a great stretch of beach along the beautiful waters of the Pacific.
A number of the remaining condos for sale are now discounted well below initial developer pricing. One and two bedroom units in the Hokulani tower appear to be some of the better values with pricing as much as 40% below roll out pricing. There are other floor plans where prices are actually a little higher than the original roll out prices. While the developer does not go into the specific reasons behind the adjustments, this appears to be a classic case of supply and demand. Units that have and continue to garner the most interest have been adjusted upwards. Units where sales have lagged have been adjusted down. You can check out the Honua Kai Updated Price List for specific prices and floor plans available. These new developer offerings at Honua Kai are offered through Playground Destination Property, Inc. The Maui Real Estate Team may represent you as buyer’s agents. Contact us for questions about Honua Kai or for assistance with representation. We look forward to being of service.
Maui Real Estate Blog
Wailea Bank Owned Condo Opportunity
I just wanted to write a quick post on a good looking bank owned opportunity that came on the market this morning in Wailea. This 2 bed/ 2 bath second floor condo at Wailea Fairway Villas is being offered for $400,000. It boasts ocean and golf course views and appears to be in pretty good condition. Wailea Fairway Villas has 118 condos spread among 24 two story buildings. The complex has a rec center and a pool area that fronts along the Wailea Blue Course. The complex prohibits vacation rentals. It is an ideal location for those who are looking for a second home or retirement property in Wailea at a lower price point. Wailea Fairway Villas is located at the top of Wailea close to the Hotel Wailea and the award winning Capische Restaurant. You are just up the hill from the famous Wailea Beaches and the Shops at Wailea. This property is listed through ERA Pacific Properties. The Maui Real Estate Team may represent you as buyer’s agents. Click here for more pictures and information on this Bank Owned Wailea Fairway Villas condo. You can search the full inventory of Wailea Condos for Sale and Maui Bank Owned Properties on MauiRealEstate.com.
Maui Real Estate Blog
Lanai Luxury Real Estate Auction
We wanted to share an interesting luxury opportunity with our faithful blog readers. This opportunity happens to be on the neighboring island of Lanai. If you aren’t familiar with Lanai, it is one of the three inhabited islands that make up the county of Maui. It was at one time a major pineapple plantation for Dole. Since pineapple production shut down, Lanai has shifted its economy towards tourism. The bulk of the tourism is focused on the two Four Seasons Resorts on the island.
The Four Seasons Manele Bay is situated adjacent to the golden sands of Hulopoe Beach and the beautiful waters of the Manele Bay Marine Preserve. The beach is one of the prettiest in Hawaii and the bay is renowned for its frequent visits by Spinner Dolphins. The Jack Nicklaus designed Challenge at Manele Bay is a big draw for golfers. The aptly named course is set along the cliffs above Manele Bay. The cliffs and other natural terrain features require golfers to be at the top of their game.
The Four Seasons Koele Lodge is unique among luxury resorts in Hawaii. This five star resort is set up above Lanai City in the cool Upcountry of Lanai. The resort blends English Countryside Manor, a feel of old Hawaii and Asian Influences into a cozy and luxurious package. Like the Manele Resort, the Koele Lodge also has access to world class golf. The Experience at Koele is a Greg Norman designed course with dramatic views, wooded ravines and numerous water features.
In addition to the hotels, both resorts offer opportunity for residential ownership with condominiums and single family residences available for purchase. Up around Koele, there are single family residences at Puulani Ridge. There are also detached single family condominiums available at the Pines at Koele. The Manele Bay area offers even more options for residential purchases. There are two condominium complexes in the Terraces at Manele and the Palms at Manele. There are three subdivisions with single family homes or lots for single family homes. Palawai Ridge, Pu’upehe Estates and Kaluako’i Estates offer beautiful ocean and golf course views. Access to resort amenities, a beautiful natural environment, peace and quiet and world class golf make for some very desirable luxury properties on the island of Lanai.
That being said, Lanai has not been immune to the real estate downturn. Sales volume has been low over the last couple of years in the Lanai Luxury Real Estate Market. This is why luxury buyers may find opportunity. To help entice buyers, Castle and Cooke will be holding an auction of 14 properties on January 16th. The properties to be auctioned include six units at the Pines at Koele, three lots at Pu’upehe Estates, one unit at the Terraces at Manele and four units at the Palms at Manele. Opening bids for the Pines units start from $435,000. Opening bids for the Pu’upehe Lots start at $550,000. The opening bid for the unit at the Terraces starts at $695,000. Buyers interested in the Palms at Manele will find opening bids start at $845,000. These opening bid prices are all well below previous asking prices. The Maui Real Estate Team may represent interested parties as buyer’s agents. Contact the Maui Real Estate Team for additional details on the properties being auctioned.
Maui Real Estate Blog
Bank Owned Opportunity in Wailea
We are continuing to see some good opportunities on REO or bank owned properties on Maui. There was a big price reduction on a bank owned unit at Kanani Wailea today. The new price makes this listing one of the more compelling luxury values on the market. Wailea has seen some of the strongest buyer demand on the island over the last couple of years. This Kanani Wailea condo represents the lowest entry point for a three bedroom home in Wailea. It is priced at less than half of its 2007 purchase price.
I had the opportunity to preview this condo a few weeks back. It is two stories with three beds/ 2.5 baths and a two car garage. The unit is in good condition. The beautiful hardwood floors, granite counter tops and top of the line appliances are all something you would expect in a condo at a higher price point. Kanani Wailea is a gated community with a recreation pavilion that features an infinity edge pool with spa, an athletic center, BBQs and a kitchen. The complex is pet friendly, but prohibits vacation rentals. This is a good community for second home owners who don’t want to rent, retirees or local professionals. You can check out the MLS listing for pictures and additional information on this Kanani Wailea Value. This property is listed through Jim Sanders Realty, Inc for $616,900. The Maui Real Estate Team, Inc may represent you as buyer’s agents. Contact us quickly if you want to take a shot at this Wailea opportunity. At this list price, I can’t see this one being on the market much longer.
Maui Real Estate Blog
A few really interesting bank owned (REO) properties on Maui
There were two bank owned (REO) listings that were just updated on the MLS tonight that caught my eye that I thought were worth sharing. One is a neat two bedroom two bath vacation rental condo at Kahana Villa. Kahana Villa is a Fee Simple complex in the heart of Kahana across the street from the beach. The condo appears to be in pretty good shape with a recent remodel and all of the appliances included. The price was just lowered to $299,999.
Here is a link to the Kahana Villa REO
The second REO listing is a massive home in Haiku Makai which is one of the better subdivisions in Haiku. The property is just over two acres and includes a 7,400+ square foot home and a 2,312 square foot cottage. Priced at $1,373,000, it looks like a major reclamation / restoration project, but with that square footage someone could turn it into one heckuva a private compound. The property features outstanding views and is less than 5 minutes to Hookipa State Beach Park. 100 Piialii, which is just down the street, sold for $1,688,000 on October 15, 2010. That total square footage of the house and cottage on that property was just under 3,500 square feet versus over 9,700 square feet of space at 166 Apuwai.
Here is a link to the Haiku Makai REO
Pete and I have both sensed an uptick in REO listings recently. We’ll have to do a little research to see if the facts match our thinking.
Here is a link to the entire REO inventory. All Maui REO’s
In the meantime if you have any interest in these properties or any other REO listings on Maui, please do not hesitate to contact us today! (more…)