Maui County Luxury Condo Market Report
Condominiums sold at 2 Million and up
Maui Condominiums are in demand with buyers. With so many of our buyers using it as a vacation home and/or investment rental property the “lock and go” ease of a condominium is the draw. There are several types of Condominiums on Maui, Hawaii. There are condominiums that allow “vacation rentals” (daily, weekly, monthly), or long term rentals (6 months or longer) and/or a combination of both. If a condo allows vacation rentals it will almost always allow long term rentals, just rarely the other way around. Property tax is different for each type of usage. Of course, one has the option to not rent out at all and live in it as an “owner occupant” or simply as one’s private vacation home.
With the plethora of options to choose from, Maui’s luxury condos comes with an array of amenities, with locations that offer different climates. The vast majority of the condos are located in the resort areas of Maui. Maui County is a collection of islands with a variety of nuances so contact your local real estate expert to help you navigate and find the right property for you.
Maui County Luxury Condominium Market Report | Mid Year 2016 (January 1, 2016-June 30, 2016)
The market data is organized by the condominium complexes sold at 2 million and up.
Honua Kai Resort and Spa Condominiums is leading the charge of Maui’s luxury Condominium with 13 closed sales in the first half of the year in 2016. It is no wonder as Honua Kai is one of the newest Beachfront whole ownership condos built on Maui. I represented quite a few investors who bought at Honua Kai during the downturn period of US economy. There were great deals to be had and with the turbulence in the economy it was a good opportunity for savvy buyers. Honua Kai allows an owner to offer their condo as vacation rentals. It runs and feels like a “hotel” and these types of properties on Maui are called “condo-tels”. One can get financing with an experienced lender with these hydrids. These properties are quite flexible as owners can rent out the condos as vacation rentals and take advantage of daily rate revenues and then block off dates for their own use. Most of the units are managed by the front desk management called Intrawest Hospitality. However an owner does have other options. Call me, Jeannie Kong R(S) for more information. I will be writing a dedicated Honua Kai Market report as well in a later post. Honua Kai currently has condos for sale starting in the $700,000 range and up. I have Honua Kai 522 located in the desirable Konea building. Visit www.HonuaKai522.com for more info or just contact me.
The Maui Condominium Luxury market had an increase of 32 sales from 29 sales year-to-date same time period last year. Average price sold this year was $2,923,738 compared to $3,323,689 same time period last year. Median price was $2,625,000 compared to $3,069,900 same time period last year. As of todays date July 7, 2016 there are currently 11 condos under contract at list price 2 million and above.
Lets look at the bigger picture where Maui’s luxury condo market is trending.
Maui County Luxury Condominium Market History 2000-2015 (sold at 2 Million and Up)
Wailea Point is a Classic Luxury reknowned Hawaiiana Property. Known for its superior construction and world class amenities (the only condo complex with boat garages-rarely comes available for sale). Perfectly situation on the oceanfront between Polo Beach and Wailea Beach. Neighbors are the Four Seasons Resort and Fairmont Kea Lani Hotel. One of the best buys at Wailea Point is my listing at Wailea Point 2303. Click here for more information.
Please call or email Jeannie Kong for more information.