Originally posted in 2008. Contact the Maui Real Estate Team for the latest entry level condo prices around the island and specific to certain communities.
Maui has a very diverse range of condos. There are over 210 condos on island and they are by no means created equal. In addition to geographic variability, there are properties that offer vacation rentals and properties that prohibit vacation rentals. Most condos offer conventional or fee simple ownership, but Maui also has leasehold ownership. There are condos geared towards those with modest incomes and there are ultra luxurious condos. Like most real estate markets, the Maui Condo market has been pretty dynamic over the last couple of years. Different segments of the condo market have seen various rates of adjustment. With so many different condo types and a shifting market, I thought it might be helpful to provide some information on the current entry prices among some of the different segments of the condo market. The numbers listed below represent asking prices.
- Entry Level Condos (Fee Simple)- List prices start at around $60,000 for a condo at Harbor Lights in Kahului. The lowest priced listings in the complex are short sales, but they are priced relatively close to recent comparable sales. This condo complex prohibits vacation rentals. We get a lot of inquiries about Harbor Lights from buyers looking for second homes, but this complex is geared towards island residents. This condo complex is priced significantly lower than other entry level condos on island. Currently, the bulk of the market starts in the $160,000 range.
- Vacation Rental Condos (Leasehold)- List prices start around $150,000 for leasehold oceanfront in West Maui or Kihei. These condos have a lower price point than conventional fee simple vacation rental condos due to long term uncertainty and higher monthly costs. These condo tend to have a little lower occupancy rates than the premier vacation rental condos.
- Vacation Rental Condos (Fee Simple)-List prices currently start at $159,000 for a studio across the street from the ocean in Kihei at Kihei Bay Surf. The entry point for one bedrooms starts in the low $200,000s. Here is the current inventory in the $200,000 range. Typically, these condos tend to have lower occupancy due to fewer amenities or location.
- Vacation Rental Condos (stronger rental history)- Current list prices start at $359,000 at Maui Banyan in Kihei. We frequently get inquiries regarding properties that have strong rental history. This condo complex combines strong management, newer construction, a good location and nice amenities to draw one of the highest occupancy rates in Kihei.
- Beach front vacation rental condos (Fee Simple)- The lowest priced beachfront condo is a studio at Ka’anapali Shores listed for $306,900. One bedrooms start at about $350,000. There are two one bedrooms for sale on the opposite ends of Sugar Beach in South Maui. The lowest priced two bedroom on the beach in Maui currently goes for $399,000 for a very nicely remodeled two bedroom in Ma’alaea. This is a true standout price with most of the rest of the market starting in the $500,000+ range. To be clear, the lowest priced beachfront condos are generally not direct beachfront, oceanview units. Prices go up as the view gets better and proximity to the water increases. That being said, there is still something to be said for just having the beach as the backyard for your condominium complex.
- Kapalua Condos-The lowest priced condo available in Kapalua at this time is a one bedroom/two bath at Kapalua Golf Villas listed for $575,000. The lowest priced two bedroom in Kapalua is also located in Kapalua Golf Villas. It is listed for $795,000. The lowest priced condo in an oceanfront complex in Kapalua is a one bedroom/one bath at Kapalua Bay Villas for $899,000.
- Wailea Condos-The lowest priced condo in Wailea is $545,000 for a one bedroom unit at Grand Champions. The lowest priced two bedroom is a bank owned listing in the same complex currently on the market for $549,900. The lowest priced condo in a beachfront complex is a one bedroom at Wailea Ekahi listed for $785,000.
The list above represents some of the condo property types that generate the most inquiries. There are of course many other varieties and geographies available on island. If you don’t see a type of condo that suits your needs, you can do a free custom search of the current Maui listings. You can also contact us directly for personal assistance.