Maui Real Estate – Honua Kai Sales Picking Up Again

When sales for the Honua Kai condominium complex on the island of Maui originally started in 2005, all 318 units in their initial building were sold within the first two months for a total of $425 million. However, due to the recession, sales dramatically slowed and from 2005 to 2011 only 112 additional unit in the 700 unit project had been sold. However, in 2012, sales began to increase and the developer noted that 40 properties record and another 22 units are currently under contract in 2013.

It should be noted that prices for Honua Kai units have decreased by 10 percent to 25 percent since the peak in 2005. Maui Real Estate analyst Ricky Cassiday commented that Honua Kai is doing better then the broader condominium market on Maui since investors like the idea of being able to rent out their units in the project’s hotel program. Cassiday remained optimistic about Honua Kai’s increasing sales and added, “Honua Kai provides insight to a leading edge of a broader Maui condo market recovery.”

There are currently about 130 units remaining in Honua Kai and range in price from $500,000 to $3.8 million. The developer also has plans to build 72 additional townhouse units at some point.

Source: Honolulu Star Advertiser, 3-4-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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