Overview of Makena Surf
Makena Surf was built in 1984 and further enlarged between 1990 and 1993. It has 107 units distributed across six buildings with two to three floors (they are walk-up buildings). The complex carries roughly a 10% owner occupancy rate. The project is spread across 10.81 acres. The south side overlooks an intimate beach cove, while the north overlooks the white, sandy Po’olenalena. It offers exclusivity, seclusion, first-rate amenities, and lush grounds.
Originally, the units were 2- and 3-bedroom condos; however, over time, many owners have purchased multiple units and combined them. You can expect anything from two-bedroom/two-bath up to five-bedroom and five-bath. Interior conditions vary as well. You can expect anything from the original materials to ultra-high-end remodels. Below are examples of the original layouts. Individual owner modifications may result in differences. For unit-specific confirmation, please feel free to reach out.
What We Love About Makena Surf
Makena Surf still has the quaint, low-key Maui mystique to it. The low-rise building, lush grounds, and native plant life set you back in time; you know you’re in Hawaii and not Malibu. Makena Surf is far enough from Wailea to feel removed but close enough to enjoy its nightlife and amenities. If a sleepy, quiet oceanfront complex is what you’re into, you may have found the right place.
What We Could Do Without
As mentioned above, Makena Surf is a walk-up. So for those 3rd-floor units, it can be a trek with luggage in tow. The benefit of this, however, is lower maintenance fees than other resorts with multiple elevators to inspect and service. So for some, it’s considered a benefit.
- Two swimming pools and spas
- Four professionally designed tennis courts,
- Basketball hoop
- Two herb gardens
- BBQ facilities
- Extensive on-site security.
Some of the most well-known Maui golf courses are only around the corner. If shopping is your favorite pastime, The Shops at Wailea offers extensive options. Not to mention the proximity to some of the world’s most magnificent beaches (Big Beach, Little Beach, and Keawakapu Beach).
Makena Surf Sales Statistics
Please feel free to reach out directly for active listings, pending sales, or any other data.
The below report is real-time data sourced from the Realtors Association of Maui. The statistics include Makena Surf’s average sales price and average price per square foot. These graphs will update automatically with the most recent data. Feel free to reach out for specific sales data or current price opinions.
For up-to-date information on Homeowner Association (HOA) fees and related matters, don’t hesitate to reach out via call or email. (This information is prone to regular updates and changes.)
Short Term Vacation Rental
Maui vacation rental demand has consistently performed well throughout the years due to the desirability of being in a tropical setting yet still within the United States. During the peak winter season, Maui’s population can shift from the baseline resident population of 165K or so to over 300K people.
Historically, the typical vacation rental condo averages 75-80% occupancy; we have some clients and property managers that consistently keep their units 90%+ booked. High-end units may see lower occupancy than mid to low-end vacation rental units.
As a guide for our clients, we apply the 10% rule to help them identify properties with a gross annual income of 10%+ than their acquisition cost. An example would be a $1M property grossing $100k or more yearly. The net income to the seller would be based on how they operate the unit and the work they’re willing to put in. Self-managed units net the highest income but also require the most work. Front desk management usually has the lowest income but less involvement and flexibility. Independent property managers are often the happy medium between excellent service and solid revenue. Please reach out if you’d like a proforma or rental projection for a particular unit. We’d love to help.
Long-term rentals are considered six months or longer here in Maui. You avoid some operations costs such as cleaning, higher management fees, and higher tax rates; however, you are likely to get more income running your unit as a short-term vacation rental. Long-term rentals also offer you less flexibility for owner stays.
If your goal is not to maximize your ROI and simply use the unit as you please, you can do so. You would pay the highest and best use for real property tax, but you would not be subject to the TAT and GET taxes (see below) associated with income-producing short-term units.
If Maui is where you want to call home, the owner-occupant is the one for you. If you spend 270 days out of the year on Maui and your unit is your primary residence, then you can apply for the Owner Occupant exemption (frequently asked questions).
The zoning for Makena Surf is H-M Hotel. As per Maui County Rules, both long-term and vacation rentals are allowed.
Taxes to consider when owning at Makena Surf:
- Transient Accommodations Tax
- General Excise Tax
- Real Property Tax (This rate will change depending on your use. You may fall under short-term vacation rental, long-term rental, or the base zoning if your unit is an empty second home or owner occupied.)
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Tim Stice | 808.268.8511 | email@example.com