Back in February, I wrote a blog post highlighting four listings that I thought constituted pretty interesting opportunities in this market. Their current asking prices stood out in the market. I make these type of posts with a little bit of hesitation. I am but one man’s opinion. What matters most is the overall feedback from the market. Well, the market agreed with me on my last four picks as all four are either closed or currently under contract.
The current market conditions continue to create opportunities for buyers. The luxury market is an area where we are seeing some nice price adjustments and some good values. We are starting to see a few more some short sales and bank owned properties in this segment. These properties are facilitating some of the bigger price adjustments. Here are a few luxury properties that have caught my eye of late.
This is a brand new listing out in Haiku. If someone is looking for a secluded, green, off the grid, luxury home; this is a great opportunity. This home is a spacious 4,828 square feet. It features a pool, high end appliances, marble and hardwood floors. Powered by a huge solar photovoltaic system with water by catchment, you can live off the grid in luxury. This bankruptcy sale is offered by Moffett properties for $1,200,000. The Jalbert brothers may represent you as buyer’s agents. This one should go quick.
Kai Malu is a newer town home development in the heart of the Wailea Resort. This three bedroom/two bath townhome offers a lot of luxury in a great location. It features high quality materials and beautiful ocean views from the second floor. This is a short sale. The bank is waiting and in a position to make a quick response on offers. This beautiful condo is listed by Wailea Realty Corp for $885,000. The Jalbert brothers may represent you as buyer’s agents.
Ho’olei is another new high end condo development in Wailea. Located across the street from the Grand Wailea Resort, these vacation rental friendly condos feature community amenities like waterfall pools, concierge, shuttle service, fitness center and more. The condos themselves feature top of the line materials, appliances and quality construction. Unit 3F at Ho’olei is a 3 bed/ 3.5 bath home that is in the coveted top row of Ho’olei. Top row condos have spectacular views of the Pacific, neighbor islands, sunsets and the West Maui Mountains. This short sale is listed for $2,500,000 through the Wailea Group. The Jalbert brothers may represent you as buyer’s agents. The bank is strongly encouraging qualified buyers to present offers on this listing.
Last but not least, we wanted to plug one of our own listings. This beautiful luxury home in the Summit at Ka’anapali is a West Maui stand out. This short sale offers top of the line materials, beautiful views, a pool, spa and more all in the heart of Ka’anapali. This property is co-listed with Coldwell Banker Island Properties. It is currently listed at $1,795,000. The bank has encouraged us to have potential buyers submit offers.
These four properties offer some of the better opportunities in the current luxury market on Maui. The luxury market is not the only segment of our market offering opportunities. We are seeing buyers find values from entry level condos, to vacation rentals, to basic single family homes. Not all opportunities are short sales or bank owned properties. In fact, there are some great new developer offerings and conventional home resales. Savvy sellers are pricing their homes and condos well to better the chance of sales.
It is also worth noting that there are a few too good to be true listings. We receive tons of inquiries on Hale Ono Loa condos. Hale Ono Loa is an oceanfront vacation rental friendly condo that has prices starting at $50,000. Comparable condos are priced starting at $300,000. What accounts for this discrepancy? This condo is converting from leasehold to fee simple. Prospective buyers will need to pay over $230,000 for the conversion or expect monthly payments for maintenance, lease fees, and lease interest to exceed $2,000 a month. It may still be an opportunity for condo buyers looking for condos in the $400,000 and under phase, but the monthly expenses are a deterrent for buyers looking at lower price points. Contact us today if you need assistance navigating the Maui Real Estate market and sorting out the good opportunities from those that are too good to be true.
