Welcome to Volume #03 of my review of the Kihei condominium market, this time recapping notable activity from February 16th through 28th. This time I’m highlighting several record high sales that closed in a few Kihei vacation condo communities such as Luana Kai and Pacific Shores as well as some notable pending sales at Maui Vista and Royal Mauian.
Without further ado, let’s begin with a few record sales which closed in the last half of February…
Notable Kihei condo sales
Luana Kai Unit 305C sold on February 24th for $1,153,000 which is the highest sale seen in that community ever! I showed this unit when it first came on the market and thought it was a highly desirable unit but I had no idea how much buyers would be willing to pay for it. This 2 bedroom unit was listed for $1,130,000 but received multiple offers and sold for $23k more than asking price! The key insight to take away from this sale is this: despite the perception that the market is contracting, certain condos are still fetching top dollar with there’s limited inventory.
Read my guide to Kihei oceanfront condos for sale
Speaking of record sales, Nani Kai Hale, another Kihei oceanfront condo, also had the highest sale in that community. Nani Kai Hale Unit 609 closed on February 24th for $1,195,000 (sold for list price) which is remarkable considering it’s a 1 bedroom unit with only 675 square feet of living area. It’s worth mentioning that this unit has one of the best locations in the entire building with panoramic ocean views and the interiors have been very nicely upgraded.
Pacific Shores Unit B203 is yet another example of a record sale, this unit closed for $900,000 on February 22nd and this is the new high watermark for this community. It’s worth mentioning that this unit was listed for $925,000 so this 2 bedroom vacation condo did sell $25k below list price. Still though, this sale is remarkable considering that the highest price seen at Pacific Shores in the first quarter of 2022 was $705,000.
Pending sales in Kihei
Koa Resort Unit 5E went back under contract within 7 days after the previous buyer canceled their escrow. This is a ground floor 1 bedroom unit that was listed for $655,000 at the time it went under contract.
The right price makes all the difference which is especially true of Unit 4M at Villas at Kenolio. This unit originally debuted on the market in December 2022 listed for $799,000 and had 5 price adjustments in the span of 30 days and finally went under contract on February 26th just 11 days after the price reduced to $750,000.
Sometimes it’s not about price but it is all about desirability of the unit type. Many buyers have been eagerly awaiting the moment when another 2 bedroom condo at Maui Banyan comes on the market so when Unit P-104 listed for $1,185,000 on February 22nd, it’s no surprise that we went under contract after only 2 days!
Royal Mauian Unit 419 went under contract on February 20th after only 13 days on the market. This is a spacious 2 bedroom unit with 864 square feet in and oceanfront complex, although this unit in particular has only a corridor ocean view due to it’s location.
Maui Vista Unit 1306 went under contract on February 20th just 5 days after it debuted on the market. This is a 1 bedroom unit that was listed for $740,000. As I’ve wrote before about Maui Vista, upper floor units Building 1 tend to offer the best quality ocean views so it’s not surprising this unit is selling so quickly. The current record high sale for a 1 bedroom unit is currently $729k so it’s possible we might see a new record sale at Maui Vista in the next few weeks!
New Kihei condo listings
Recent price reductions for Kihei condos
Kihei Villages Unit 37-103 has had a series of price reductions and is now priced at $760,000 (it was originally listed for $795,000).