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Maui

Kihei Vacation Rental Condos Include Bargains in $100K-$200K Range

On an island known for its spectacular beaches, most visitors opt to stay in condominium properties located within a two-minute walk of the soft golden sand, and pristine snorkeling, swimming, and surf.

Most of these condos are privately held, with their owners offsetting their capital investment with rental income. Most of my clients who own these condos hope to retire on Maui, or springboard their investments into something else when they reach retirement age.

In recent years, pricing in Kihei has dipped to levels not seen since 2003, creating an opportunity that many of my qualified buyers have been waiting for. At my favorite of the lower-end condo properties, The Maui Vista, there is presently an active listing located in my favorite of the three buildings (Building 3), at $229,000 (MLS# 345761).

It’s definitely one of the best deals in Kihei right now (no, it’s not my listing), and will go fast. This is a turn-key rental, in good condition, on a very well-kept property, with three pools, tennis courts, and a reasonably maintenance fee. Kamaole I and Charlie Young beaches, two of Kihei’s best, are right across the street.

Maui Vista’s three buildings are located across the street from Charlie Young and Kamaole I Beach

Just south a couple of buildings, The Kihei Kai Nani—across from Kamaole II—has another listing that will, in my opinion, go fast. It’s a 1-bedroom unit located in my preferred location on the property (all the way back, away from the road noise that can pollute the atmosphere in the front units), listed at $217,000 (MLS# 346755). It’s a ground floor unit that shows beautifully and is ready to rock as a vacation rental.

Kihei Kai Nani, value in a vacation rental, in the $200K range

Interestingly, neither of these deals are foreclosures or short sales—they’re just priced properly to sell, by motivated owners. On the very low end of the scale, I just put a unit into escrow at the Kihei Bay Surf, located in North Kihei.

Remarkably, this studio unit is under contract at $101,300—and it is vacation rental legal. The beaches in North Kihei aren’t as swimming and snorkel-friendly, but Sugar Beach (right across the street), is Kihei’s longest crescent walking beach and it’s beautiful.

The MOST beautiful thing about the unit, according to my buyer, is that he’s actually going to be able to make it cash flow if he hits his rental projections. Check online at VRBO.com; you’ll see units at this property renting very well at $60 to $95 per night. (There are two more listings here offered at between $116K-$119K—call me.)

It goes to show—you don’t have to spend a million to own on Maui.

Note: Kevin Spaise is the author of The Maui Condo Book, the reference directory used by most Maui Realtors. It is a 400+ page book that profiles every condo property on Maui.

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