PRESS RELEASE: HONUA KAI
Honua Kai: Ka’anapali Beach, Maui, Hawaii
Current Maui Real Estate Situation
It is no secret that the real estate market across the nation isn't as hot as it has been, but what is really impressive is the resiliency of our local market on Maui. Without a doubt, purchasers today are much more trepid about entering the market; however looking at year over year stats since 2005, the number of transactions has remained relatively constant. As a Honua Kai insider we want to keep you ‘in the know’, so we have provided you with a market summary of the current Ka'anapali condominium sales.
With Maui continuing to be the top destination spot for visitors and those purchasing vacation condos in Hawaii, the condominium prices overall for Ka’anapali Beach have not had a significant decrease as has been the case in other communities across the nation. Based on the information below, sales prices on Ka’anapali Beach have actually increased since the peak of the 2005 market.
4-Year Sales Summary for whole ownership beachfront condominiums in Ka’anapali (based on information from Maui MLS):
This year January 1 to August 26 there were 27 sales with an average sales price of $1,147,185. The highest sale was $3,500,000 and the lowest sale was $395,000.
During the same period in 2007, there were 30 sales with an average sales price of $1,305,822. Highest sales price was $4,600,000. Lowest sales price $240,000.
In 2006 (January 1 to August 26) there were 31 sales with an average sales price of $1,667,580. The highest sale was $5,000,000 ($500,000 more than the listing price) and the lowest sale was $315,000.
In 2005 what was considered the peak of the real estate market, there were 27 sales on Ka’anapali Beach with an average sales price of $939,464. The highest sale being $2,200,000 and the lowest being $395,000.
With the completion of the Honua Kai Hokulani Tower scheduled for early 2009, the public will have the opportunity to tour the property and experience the spectacular lobby, first-phase amenities and the beautifully appointed rooms, situated on this world-class beach. We anticipate an increase in visitors who hope to call Honua Kai their second home so until then, take advantage of preconstruction pricing to secure your place in paradise.
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