Kaanapali Alii Continues to Surprise Me
My favorite hidden gem in West Maui continues to be the Kaanapali Alii. I love the location on Ka’anapali Point; it’s walking distance to surfing, Whalers Village, golf, restaurants, etc. In fact, I love it so much, I am going out this weekend for the Kaanapali Food and Wine Festival. You can read more about that in my weekend update blog.
Looking at the sales this year, they seem scattered compared to other complexes or other historical trends. I decided to dig a bit deeper into this and keep you all informed of what I learned.
I-504 is a Premium Unit in This Complex with Strings Attached
This 2 bedroom interior courtyard, great view unit was listed at $3.5 million. It went under contract in less than 2 weeks and closed for $2.5 million. This unit was encumbered with a long-term lease for 2 more years. As a hotel zoned property, this was far from the highest revenue and best use of the property. The new owners will have to wait this out, fix up the unit, and then enjoy the amazing view and space of the unit. With the lease and upgrades needed, this is an amazing long-term gem.
2-701 Excellent Location, High Views in the Corner Stack of Building 2
2-701 was one of the better units that I have seen in this complex for a while. The end unit courtyard location overlooks the pools out toward Lana’i behind surf breaking at Ka’anapali Point. Listed at $3.5 million and selling for $3 million was in line for the Sellers’ needs. We tried for this one but our timing was a bit off. This Buyer was able to snatch up this unit with a loan in this changing market. We have great stats on this property. If you are interested in researching your future loan options and comparing what a vacation rental in this area has done as an investment property. Great purchase!!
2-304 Leasehold Unknowns
A few of the units of Kaanapali Alii remain leasehold. Years ago, the owners had the option to buy the fee and have total control of the destiny of their unit. Owners that did not buy the fee have an additional lease fee payment to a third party. This fee is scheduled for renegotiations periodically. If you want the numbers, reach out.
I looked at this unit personally and backed away. The view was filtered in the trees on the mountain side of the building. It would be a great stepping stone into owning in the complex and enjoying the amenities. However, I was scared away from the additional fee that was currently over $1000/ month additional with a substantial increase coming. Good luck to the new owners. They are probably loving owning in the Alii. List price had been $1,050,000 and they closed at $1,020,000 cash. Lease negotiations were ongoing and scheduled to go up in 2023.
1-701 Views over the Westin toward Black Rock
I loved this unit. The corner stack unit offered relaxing views over Kaanapali and up the West Maui mountains, capturing a cool mountain tradewind breeze all day. The views took in kids jumping off of Keka’a Point, boats coming in and out from the beach area fronting Whalers Village. You could watch friends and family renting boards and kayaks from the Beach stand in front of the Westin. Not bad at all:). The unit needed some updates but it was a successful rental unit and I had trouble viewing this one for clients and friends. Listed at $2.425 million and sold for $2.225 cash in May 2022. I wish we had gotten this one.
2-903 Amazing Unit, Large Floor Plan, Top Notch Views
Enough said about this great property. Courtyard location in building 2. The larger floor plan on the 9th floor is hard to beat. Justifying the sale at $4,596,600 from a List of $4.75 million selling in May 2022.
Other Sales at Arms Length
The balance of the sales all seemed to be great transactions. I didn’t know the stories as well but they help to show more activity in this great complex. With so many intricacies in Maui Real Estate, I found it interesting to dive deeper and provide detailed information that most people look over. As a unique professional Maui raised Realtor, I have knowledge of the Island that is often missed by most Realtors. I am here to answer questions on zoning, leasehold vs. fee simple ownership, beachfront living, owning in different areas of Maui, etc.
How’s the Beach?
As most everyone has heard, Kaanapali Point lost a large amount of beach from the best Summer Swell in decades. I wanted to share a few photos here of my visits showing the beach before.
I also have a few photos of the beach starting to come back and I will continue to update everyone. Here’s the latest beach update video I posted on instagram. Beaches and sea level changes are a big topic in Hawaii and any coastal living area. We have changes to our Disclosure Statements in Real Estate transactions as well.
There is a lot of info to digest here. If easier, reach out with any specifics. I am happy to help. I still have Buyers looking for their Kaanapali Ali’i property as well. Reach out if you or anyone you know is interested in seeing what their property could be worth.