Just Under Contract
Fourteen vacation condos in South Maui and Wailea went under contract in April, with three cancellations likely resulting from news of the Minatoya list law. In all, 15 buyers cancelled their escrows after news of the law hit the media. In March, there were 9 new escrows. Demand for Maui vacation rentals, despite ongoing near-record prices, remains brisk.
Here are highlights of the new escrows:
Wailea Ekahi 45C, a 1-bedroom listed at $1,619,000, went into escrow shortly after its April 1 list date, but fell out on April 29, likely due to the uncertainty falling off the new legislation.
MAUI KAMAOLE M-205 – LISTED AT $1,500,000
A top South Maui performer (we manage 3 units at the property), Maui Kamaole is a low-density, low-level property that commands its own hillside across the street from the Kihei Boat Ramp and near Kamaole III Beach. M-205, a 2-bedroom unit on market for more than 90 days at $1,500,000, found a buyer.
KAMAOLE BEACH ROYALE 506 – LISTED AT $949,000
Located across from Kamaole I, Kamaole Beach Royale is tucked away off Kihei Road, and features great ocean views from oversized lanais. The four units we manage at this complex do extremely well, with 80%-plus occupancy, and are among our guest favorites.
This 1-bedroom unit went under contract approximately 60 days after list. Featuring stunning ocean views, the décor and remodel isn’t to everyone’s taste, and giving it a more mainstream look would make it a great rental.
HO’OLEI I-4 – LISTED AT $5,950,000
Last newsletter we discussed recent Ho’olei sales cresting the $6M mark, and unit I-4 – a 3/3.5 with 2619 square feet of living area, is the latest to approach that milestone price. Listed in mid-February, it went under contract in late April, off a list of $5,950,000. We manage 12-2, one of our most popular luxury rentals, which starts at $995 nightly.
HALE HUI KAI 205 – LISTED AT $1,495,000
Ten days after a $100,000 price reduction to $1,495,000, Hale Hui Kai 205 went under contract after one month on market. Hale Hui Kai is a lesser-known gem, a boutique vacation rental property located on the sand on Keawakapu Beach, one of Maui’s best and favorites. We manage three units at this complex, and all do extremely well.
Kevin Spaise is a Maui Realtor specializing in Maui vacation rental investment real estate. Kevin is an expert in Kihei and Wailea real estate and has been a full time Realtor for 20 years, with more than $120M transacted. He owns Vacation Maui, a property management company with 70+ investment condos under management, and delights in providing real-time performance data to future investors. See KevinSpaise.com, or call him directly at (808) 344-0624.
Stay up to date on the latest real estate trends.
Ocean Front Mana Kai 410 continues to rock 75% occupancy with ADR of $476
Mana Kai not targeted on Minatoya list, new law would have no impact
Beach front Mana Kai market active, with two units closing at over $2M
Vacation-Maui’s two luxury Elua units crush it in April, with 80% occupancy
Wailea Elua zoned Hotel, not targeted by Minatoya list
Low inventory, high demand drives strong Wailea Elua vacation rental condo market
Palms at Wailea hits 85% occupancy in April, despite soft visitor count
Quiet market at Palms of Wailea
Wailea Ekahi 4E books 28 of 30 available nights
Whether you're just starting to explore the options and want a quick overview of the areas and pricing, or specific properties have caught your attention, I would so appreciate the opportunity to share my knowledge and insight with you. Warm Aloha!