Hawaii Life Real Estate Brokers » West Maui

Market Update – Honua Kai Resort in Ka’anapali, Maui

Jeremy Stice, R(S), Accredited Buyers Representative — Thu, 12 Jan 2012 06:00:51 +0000

I have been closely monitoring the real estate market at the Honua Kai Resort in Ka’anapali, Maui – things are hot and inventory has been moving quickly. Last summer, I blogged about how the developer drastically cut prices at the resort by as much as 45%. Since they did this, they have drastically increased sales, namely one bedroom units below the $600K range.

I have been personal witness that the developer is now raising prices on a lot of their lowered price inventory. There are a number of micro-economic factors that have played into this decision to raise prices. I believe that many of the units they have been selling in the last 6 months were below market value in comparison to the rest of the Ka’anapali condo market.

Honua Kai has some very distinct advantages, namely:

It is new. Honua Kai is the first beachfront whole ownership development on Ka’anapali Beach in 25 years. The resort is extremely well built and finished, the amenities are un-rivaled in West Maui, and buyers gernerally really like “new” real estate.
The maintenance fees are extremely reasonable for all of the amenities that the owner receives. At $1.10/sq. ft., this amount is less than half of many of the surrounding beachfront properties, namely because of the age of the building and the fact that it will likely not require costly upgrades for quite some years to come.
There is a real “buzz” at Honua Kai. Many of the online travel sites rank the resort as the top destination in all of Maui and I think this will improve even more as the resort gets more established, and they build the new spa and five star restaurant in the Konea Tower. I firmly believe that rental occupancy at Honua Kai is going to be the best in all of Ka’anapali and probably should get up to averaging around 80% for the entire year.
Qualified buyers can obtain financing on a unit at Honua Kai with as low as 25% down payment, whereas for all other comparable buildings and operations are going to require 30-35% down payment.

There are about 200 or so remaining developer units for sale. It is very easy for me to help you as a buyer working within your budget (I will help you obtain financing should you require this) to help you identify what residence is going to be the right fit for you; I do not work for the developer, so my job is to promote your interests as a buyer above all else. I have many videos of units that are available for sale and if I don’t have one you require, please reach out to me and I will be happy to get one for you. Additionally, I have had success in helping buyers secure units that are noted as “unavailable” by the developer before they are released to the rest of the market.

Here is what is available in the Hokulani Tower (the elder of the two):

Here are the prices for the Konea Tower. Should you be interested in learning about the differences in the two towers, I would recommend that you consider exploring this post as a general introduction to the resort: Honua Kai Resort Overview Blog.

My Prediction

I think that the developer cut the prices on the lowered price inventory because this is what is moving (for the most part) in the market right now and it helps them to increase their overall cash liquidity. There are strong indications that our market is in the process of recovering and they are banking on making bigger cash margins on their higher priced inventory as prices begin to climb in the next market up cycle. I do think that they will need to cut prices on their higher priced inventory in the next year or so if they want to maintain the same level of sales activity that they have been seeing. The market is just not there yet to demand these type of prices.

Here To Help

I live a couple minutes away from Honua Kai Resort, and my fiance and I regularly enjoy the same facets of lifestyle whether it’s playing golf at the Ka’anapali or Kapalua Golf Course, snorkeling and time at the beach on Ka’anapali North Beach where I recently proposed to Megan, or dining out at Dukes or other Kaanapali restaurants. I would be happy to share my personal perspective and insight to living in this area, as I was born and raised on Maui and really love this area and sharing the Maui life.

Here is my series of blogs that I have written on Honua Kai:

Honua Kai Resort in Kaanapali, Maui—Start here, as this blog will provide you with a good overview of the resort including video on its location, and its world class amenities and ownership offerings.
Honua Kai Resort Real Estate For Sale – Kaanapali, Maui Condos For Sale—This post focuses on the inventory actively for sale and where all the units are located.
Honua Kai Purchase Process- an owner’s perspective of purchasing and experiencing the resort.
35% Price Reductions on Condos For Sale at Honua Kai Resort—Read about how the developer dramatically slashed the prices at Honua Kai and where some of the best deals are at.
Price Reductions on Honua Kai Resort One Bedroom Units—video blog on 1-bedroom units that are Screaming Deals.
Honua Kai Resort in Kaanapali – Best Two Bedroom Deals—video blog on 2-bedroom units that are Screaming Deals.

Aloha,

Jeremy Stice, R(S)
808.281.2178
Stice@HawaiiLife.com

Mahana One-Bedroom Condo For Sale in Kaanapali, Maui – 5 Value Propositions

Jeremy Stice, R(S), Accredited Buyers Representative — Thu, 01 Dec 2011 05:45:48 +0000

Mahana #608 (video tour of residence #608 at The Mahana) is a one-bedroom condo for sale in Ka’anapali displaying Maui lifestyle, convenience, and tremendous value. Recently, I have been enjoying this view from our new listing, which sits directly on the white sandy shores of Ka’anapali North Beach. I have been and will continue to be sitting frequent open houses at this location during this Holiday season.

I want to share with you the 5 value propositions of this particular unit that is perfect as a part time or vacation home that can either be locked up or used to derive rental income through the in-house Aston rental program, or another of your personal choice.

5 Value Propositions

1. Direct Beachfront Location: Residences at the Mahana offer a unique value proposition in that all 209 homes offer direct beachfront living. We are not making any more beachfront here on Maui. Beachfront real estate is a very rare commodity here and an important note is that if they were to rebuild the Mahana right now, there is no way it could be this close to the water.

New developments, like Honua Kai, have substantial setbacks from the ocean and the beach. There is no way that the price/sq.ft. of cost reproduction could be done at even close to these prices. The rarity of this important factor of value is a vital consideration for future price appreciation.

2. Unobstructed Ocean and Outer Island Views: View plays a huge factor of value in Maui real estate values, and with these unobstructed views, this unit will be enjoyed by owners, family/guests of owners, and vacation renters for many years to come.

3. Historical Values: The numbers really speak for themselves as to why Mahana #608 is a tremendous value at $689,000. Peak values for one-bedroom units at the Mahana were at $1,100,000 as recently as 2008. Mahana #608 is positioned $40,000 less than the last one-bedroom sale in the complex earlier this year.

Will it be a while before we reach values seen in 2006? Yes, of course it will, but there is no question that this particular unit has the right mix of high-quality ingredients to make a $1 million dollar cake again someday. Ask yourself this, where will the values be in 10 years from now?

4. Rated “A” by the Aston Program: Mahana #608 is rated as the top tier vacation rental by the in-house Aston program. Vacation rental occupancy rates average around 75% for the year. After the Aston takes their percentage and all costs are paid—property taxes, maintenance fees, and utility costs—the Mahana #608 averages about $1,500-$2,000 per month in net income (assuming that there is no mortgage).

At the current listing price, this represents a 2.6%-3.5% return on cash—certainly better than any U.S. cd will get you, plus you have a place to stay in Maui and build equity in your future and your generations to come. (Exact historical rental income to be provided upon request.)

5. Financially Sound Condominium Complex: The board at the Mahana prides itself on responsibly operating and running the complex. There are healthy financial reserves, the building is in excellent condition and very attractive physical condition, and the grounds are well groomed and beautiful.

Amenities at the Mahana include:

Tennis courts
Pool
Spa
BBQ area
Oceanfront shuffleboard

It’s time to leave your slippahs on Ka’anpali North Beach, let the silky Maui sand run through your toes, and plant your roots at the Mahana. This is the Mahana life, the Maui life, the Hawaii life.

Please let me know how I can be of service to you in any way.

Aloha,

Jeremy Stice, R(S)
Hawaii Life Real Estate Brokers
808.281.2178
Stice@HawaiiLife.com

$30K Price Reduction on Ocean View Kahana Ridge Home

Rustin Singleton, RS — Tue, 15 Nov 2011 23:00:42 +0000

Kahana Ridge is located up on the hill and has outstanding views of sunsets and the outer islands. It boasts the same views as the Kaanapali area, but at half the price.

This 3-bedroom/2-bathroom home (MLS# 349531) has only been on the market 2 months and just reduced its price from $629,000 to $599,000. This gives this listing a Hawaii Life Value Score of 83, which is above average.

This home was built 10 years ago and has over 1,600 square feet of living space. It also has a good size lot of over 8,200 square feet, central air, and a solar water heater. There are some great views from this home’s covered lanai.

If you love Kaanapali Hillside, but don’t want to pay those prices, come give Kahana Ridge a good look. I think you will like what you see.

Rustin
808.281.1625
rustin@hawaiilife.com

$54K Price Reduction on 1/2 Acre Lanikeha, Kaanapali Custom Home Site

Jeremy Stice, R(S), Accredited Buyers Representative — Thu, 10 Nov 2011 01:00:23 +0000

Looking for a custom home site in Maui with sweeping unobstructed ocean, mountain, and outer island vistas? Look no further than 317 Anapuni Loop in Lanikeha at Ka’anapali Golf Estates in beautiful West Maui.

We just recently reduced the price of 317 Anapuni Loop (MLS# 348003) from $649,000 to $595,000, which is in-line with the two most recent comparable closings for 1/2 acre lots in Lanikeha in this location.

We are presenting you with 3 ownership options on Hale Bali:

Purchase one of the finest ½ acre lots in Lanikeha and build this already designed and AOAO approved Balinese estate.
Purchase the lot sitting on the southern rim (protected from the trade winds) of the subdivision possessing 135 feet of frontage and view plane protected awe-inspiring ocean, mountain, and outer island views and build the dream home that you choose.
Partner with the current owner and come to an agreement on how to best build out a “turn-key” residence, or possibly “land bank” this lot.

Read about the Value Proposition of 317 Anapuni Loop.

Did you know that Lanikeha is an amazing location to watch a gorgeous Maui Sunset? Watch a Maui sunset from this lot.

Check out my fiance, Megan, enjoying The Fit Club-Ka’anapali Maui Golfing with Lanikeha in the foreground as she tees off from the 7th hole at the Kai Course. Want to get acquainted with Ka’anapali Golf Estates as a whole? Be sure to check out my Ka’anapali Golf Estates-Subdivision Real Estate Guide.

I am here to be of service to you in any way that I can. Live and love your Ka’anapali life, the Maui life, the Hawaii life.

Aloha,
Jeremy Stice, R(S)
Hawaii Life Real Estate Brokers
808.281.2178
Stice@HawaiiLife.com

Front Street in Lahaina, Maui Named One of 10 “Great Streets” in America

Ken Molina, RS — Wed, 02 Nov 2011 02:45:03 +0000

The American Planning Association has issued its Great Streets for 2011, and Front Street in Lahaina town has captured one of the coveted spots. Others, including Santa Monica Blvd. in West Hollywood, U Street NW in Washington DC, and Main Street in Nantucket, Massachusetts have also claimed the honors.

The program featured places that “exemplify exceptional character and highlight the role planners and planning play in creating communities of lasting value.” Front Streets’ contribution to Lahaina as the “jewel in the crown of Maui” includes scenic ocean and mountain views, historic architecture, a vibrant mix of retail shops, restaurants, and other businesses.

2012 marks the 50th anniversary of the Lahaina Restoration Foundation, the lead group responsible for preserving and maintaining the historic integrity of Lahaina and Front Street.

Lahaina was recognized as the first capital of the Kingdom of Hawaii in 1802 by King Kamehameha I and remained the capital until 1845 when King Kamehameha III named Honolulu the new capital…lucky for us, as Lahaina town never got overbuilt.

The designated area on Front Street are the 5 blocks between Shaw Street to the southeast and Baker Street to the northwest. Two-story building height restrictions ensure human scale streetscapes and 5 parks border Front Street. Front Street is also home to the largest banyan tree in the U.S.

Wide sidewalks made from an eclectic mix of materials reflect differences, as they were built and rebuilt over time. Remnants of Hawaii’s whaling era (1820-1860) still exist close to Front Street today and plaques along the street highlighting building sites from the period are sprinkled throughout. The site where sailors used a freshwater pump to fill kegs during layover in port to re-provision also still exists today.

Mahalo to the Lahaina Restoration Foundation for providing a photo for this blog.

New Listing – Summit at Ka’anapali Golf Estates Home For Sale

Jeremy Stice, R(S), Accredited Buyers Representative — Thu, 20 Oct 2011 22:42:07 +0000

Today, I had the pleasure of viewing a new listing at The Summit at Ka’anapali Golf Estates on our weekly West Maui broker’s tour. 389 Wekiu Place (MLS# 349588) is a beautiful home that was built and is currently owned by David Ferrebee, a prominent and well respected West Maui luxury general contractor.

I shot this video today with my iPhone 4, and you can see that the home does have nice views of the ocean and the islands of Molokai and Lanai. What you can’t see is that the home backs up to wide open agricultural land and the beautiful West Maui mountains, providing privacy and a nice contrast.

389 Wekiu Place is a two-story home with a reverse floor plan, as many of the homes on the back row at The Summit are

This home sits on the back row at The Summit, I would encourage you to take a look at my subdivision blog on the Summit at Kaanapali Golf Estates to better acquaint yourself with the differences between the locations.

This seamless transition between indoor and outdoor living is ideal for the perfect Ka’anapali living climate

This particular home has a reverse floor plan with the majority of the living area and the master suite on the second level to take advantage of the views. 389 Wekiu is built to a very high standard (extensive use of granite, marble, Brazilian teak, and travertine) and has a decent sized saltwater pool and spa.

A couple of things that I really like about this home are the attention to detail in the kitchen and upstairs living area that nicely transitions to the outdoor lanai and view. The master bedroom is very spacious as is the master bathroom.

I wouldn’t mind cooking in this chef’s kitchen with top-of-the-line appliances, would you?

Our Hawaii Life Value Score gives this home a score of 93, which personally, I feel is a little high. There have been 3 recent comparable sales in the Summit—one at $2.2 million for a similarly equipped home on Wekiu Place, but this was a front row home, thus significantly enhancing the view.

There were two back row Summit home closings, one at $1.95M and one at $1.845M—I feel that both of these homes were slightly inferior to the subject property. For all The Summit at Ka’anapali Golf Estates homes and custom home sites currently for sale, click here.

Concluding thoughts—beautiful home with superb construction and attention to detail, very nice views, and great neighborhood—my guess is that it will close at about $2,100,000 or so. What do you think?

Did you happen to catch my Ka’anapali Golf Estates Subdivision Real Estate Guide? If I can help provide you with any detailed insight on this home, or anything on Kaanapali Golf Estates, I am here at your service.

Aloha,

Jeremy Stice, R(S)
808.281.2178
Stice@HawaiiLife.com

Great Value – Price Reduction on Launiupoko Ocean View Luxury Home with Land

Rustin Singleton, RS — Tue, 18 Oct 2011 03:30:54 +0000

There are beautiful views from every corner of this Launiupoko charmer. Located on a corner lot, you have views of 3 islands and the ocean forever.

This home (MLS# 347169) sits on more than an acre of land and has an extra 500 sq. foot building with bamboo floors, A/C, and a separate driveway. There are 3 bedrooms, 2.5 bathrooms, and a huge great room with expansive windows to catch the views. On our Value Score system this home received a 99 with a price of $1,795,000. Today, this home is being reduced even further to $1,659,000, which should give it a perfect score of 100.

Launiupoko is located up on the mountain side before Lahaina town and has expansive views of sunsets and the outer islands. There are a number of great properties for sale up here and I will be showcasing some others in the coming days.

Launiupoko is great place for those looking for luxury and room to breath. Most of these lots are zoned Ag and some people have horses. Ask me for more photos.

Rustin
(808)-281-1625
rustin@hawaiilife.com

Two Stand-Out Deals – Newly Listed Maui Homes For Sale

Kevin Spaise, RS — Tue, 11 Oct 2011 01:38:19 +0000

Each week, I look at all of the new listings to hit the market and pick two stand-out deals. Featured this week, a 4-bedroom, 3-bathroom home in South Kihei (MLS# 349593) with a legal income producing studio, listed at $550,000, and a foreclosure that just fell out of escrow (MLS# 348221) and is back on the market—a single-story home in a great west Maui neighborhood with a backyard that defines Maui family living.

If you really want an up-to-the-minute list of foreclosures, it’s best to contact me personally—often, I have a list of 5-6 foreclosures that aren’t even in MLS yet. Or for an overview, check the most actively-clicked real estate site in the state of Hawaii by clicking here.

The Pinnacle at Kaanapali Golf Estates – Maui Homes for Sale

Jeremy Stice, R(S), Accredited Buyers Representative — Fri, 07 Oct 2011 02:23:12 +0000

Aloha and welcome to The Pinnacle at Kaanapali Golf Estates—a gated, luxury home community that represents the highest level of present day consistency and quality in all of Ka’anapali Golf Estates.

Residences and custom home sites at The Pinnacle at Ka’anapali Golf Estates are situated on 18,000-24,000 sq. ft. lots with almost all having outstanding vistas of the ocean, mountain, Ka’anapali Resort, golf course, and outer island views of Lana’i and Moloka’i. View all custom homes and custom home sites at The Pinnacle at Ka’anapali Golf Estates.

My fiance, Megan, and I regularly enjoy sunset and starry nights walking along Kualapa Loop, which bisects the two phases of the Pinnacle, as this is right above our home in Ka’anapali Golf Estates.

The relative rarity of lots and custom homes of this size and luxury in Ka’anapali make the Pinnacle a very special offering. Winding throughout The Pinnacle’s 19 acres, stamped concrete is inlaid in calm landscaped boulevards, creating a pleasing venue for both vehicles and pedestrians.

Let’s start with West Mahi Pua Place, or the golf course frontage homes. These homes sit directly mauka (mountain side) of the The Vintage at Kaanapali and front the 8th hole at the Ka’anapali Kai, or South Golf course.

This is usually one of the last holes we play when we are golfing through the Fit Club at the Ka’anapali Golf Course.

These are the same homes on West Mahi Pua Place, but just taken from a different angle looking south, and historic Lahaina Harbor.

Looking North, you can see the great view of Moloka’i

There are a total of 21 homes and/or custom sites on West Mahi Pua Place, and all have basically unobstructed views of the ocean, vistas toward Lahaina Harbor, and the silhouettes of Moloka’i and Lana’i, and many of them front the 8th hole on the Ka’anapali Kai Course.

West Mahi Pua is directly above the Vintage at Ka’anapali. The 8th hole bisects The Pinnacle from The Vintage, a residential town home community with prices starting at $800,000. Read all about the Vintage at Ka’anapali here.

In the above photo, you can see the two gated entrances of The Pinnacle—East Mahi Pua Place on the left or Mauka (mountain) side of Kualapa Loop, and West Mahi Pua on the right or Makai (ocean) side.

If you were to continue South on Kualapa Loop past the Pinnancle, you would dip down into a lower lying plateau area, which is the site of Lanikeha, the newest residential neighborhood in Ka’anapali Golf Estates. Read all about the custom homes and custom sites in Lanikeha here, Lanikeha at Kaanapali Golf Estates-Heaven on Maui.

There are 12 homes and/or custom sites on East Mahi Pua (the southern end cul-de-sac shown above). The lot configurations are designed so that the widest portions of the lots face the panoramic vistas that make this location so spectacular.

The green belt on the right side of this photo divides East Mahi Pua place from homes in The Summit at Ka’anapali, another one of the distinguished neighborhoods of Ka’anapali Golf Estates. Read all about The Summit at Ka’anapali Golf Estates here.

I truly believe that Mauna Kahalawai, also known as the West Maui Mountains, serving as the majestic backdrop of East Mahi Pua Place at The Pinnacle, are one of the most under-appreciated facets of Maui’s natural beauty and provide a dreamy contrast to the ocean/outer island views.

In The Pinnacle, the utilities are underground—protecting the view planes, which are also enhanced by stringent height elevations on the construction of homes. Both neighborhoods are enclosed by cast metal fencing atop natural stone walls accentuated by tropical palms and low hedges for a lush yet understated look.

Come call The Pinnacle home and experience the understated yet elegant luxury where privacy, serenity, and gorgeous vistas are omnipresent, as is the short distance to world-renown white sand beaches and Maui’s most acclaimed winter spectator sport—humpback whale watching.

If you’re looking to buy or sell in The Pinnacle at Ka’anapali Golf Estates or if you have any additional questions/requests, I’m here to help.

Live and love the Ka’anapali Life, the Maui Life, the Hawai’i Life.

Aloha and A Hui Hou,

Jeremy Stice, R(S)
Hawaii Life Real Estate Brokers
808.281.2178
Stice@HawaiiLife.com

Hot Deal on the West Side of Maui – Kahana Ridge Home

Rustin Singleton, RS — Sat, 01 Oct 2011 01:50:43 +0000

A new price reduction today on this beautiful REO home (MLS# 349108) in Kahana makes this the best deal on the west side of Maui. This home is now priced at $725,000 in Kahana Ridge.

With the new price, this huge home has a value score of 99 out of 100. You just can’t get much better than that! Be sure to check out our value score system. This is a huge 5 bedroom and 4.5 bathroom home with major improvements. With this new price, this will not last long.

Please let me know if you want more information or photos on this hot deal.

Rustin
(808)-281-1625
rustin@hawaiilife.com