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Aloha
Market Update
Often times people ask us what leasehold means. Basically you own the unit for the duration of the lease but not the land the complex sits on. The land is owned by someone else whom you pay a lease fee to. Last year about 6% of condos sold on Maui were leasehold.
The main advantage of buying leasehold is since you do not own the land the prices tend to be much lower. Currently the median price of leasehold condos on Maui is $325K, as opposed to the median price of a fee simple condo which is around $649.5K. Fee simple means that you own the unit outright. Buying leasehold makes owning a well-appointed 2 bedroom oceanfront condo more affordable.
Retirees may enjoy the benefits of owning an affordable leasehold unit and not worry about when the lease expires. Purchasing leasehold can also be attractive to investors, especially in vacation rental complexes where they can buy for a low price and still rent out for a high nightly rate.
The obvious disadvantage to owning leasehold is you do not own the land and you have to pay an additional lease fee on top of your monthly maintenance fee. There is also a degree of uncertainty to owning leasehold because at the time of renegotiations, your lease fee may increase if the land appraises at a higher value. It can also be difficult to get financing on a leasehold purchase.
Have a wonderful week,
Lindsey for The Smith Team
Ken, Melissa, Greg and Lindsey
P.S. - If you think a leasehold property might work for you, check out our listing at Maalaea Yacht Marina. This is an upgraded 2 bed, 2 bath oceanfront unit in a vacation rental complex.
P.S.S. - Construction has begun at Kamalani, the new residential community in North Kihei. Kamalani condominium homes are for sale now, the first homes are expected to be completed by Fall.
Melissa Smith R (B), Ken Smith R (S), Gregory Smith R(B), Lindsey Taylor R (S)
Market Watch
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Active
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Pending
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Sold
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Change
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Homes
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567 (316)
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264 (54)
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1052 (225)
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+7 |
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Condos
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780 (190)
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283 (40)
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1348 (179)
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-14 |
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Land
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337 (136)
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62 (11)
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149 (19)
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-5 |
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Total
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1684 (642)
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609 (105)
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2549 (423)
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-12 |
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1. The numbers in parentheses reflect the number of listings over $1M
2. Sold listings are for the previous 12 months.
3. Change is the increase or decrease in number of active listings from the previous week.
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Homes Over $1M
275 Hoopalua Drive
Pukalani
$1.525M (FS) |
This spacious 4 bed, 3.5 bath home is located in Kula 200. The home features 2 very versatile family rooms 1 downstairs and 1 upstairs. There is a fireplace bordered by built-in bookshelves in the great room and an office with French doors leading to the deck. Remodeled kitchen with crown molding, monkeypod slab island, gas range, and cozy built-in breakfast nook with windows in the corner.
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 804 Jacaranda Way
Kapalua
$2.1FS) |
Magical Pineapple Hill, feel yourself drift back to Old Hawaii with ocean, sunset and Molokai views. This well designed spacious home offers 3 beds, 2 baths, chef’s kitchen and large family room overlooking the blue Pacific. Floor plan is perfect for entertaining. Resort amenities include golf, tennis, walking trails, fine dining and ocean activities.
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3933 Maalaea Bay Place
Maalaea
$3.75M (FS) |
Handsomely perched over the water’s edge with 160 feet of direct ocean frontage stands this immaculate residence and detached 1 bed, 1 bath cottage. Experience the finest materials & craftsmanship in a very special & private oceanfront setting. Vibrant hibiscus flowers & sounds of the ocean liven the senses as you approach the 4 bed, 3.5 bath home that is unequivocally the top valued oceanfront residence on Maui.
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Homes Under $1M
979 Hana Highway
Nahiku
$289.9K (FS) |
Bank Owned - Home in Upper Nahiku, just passed Mile Marker 27 of Hana Hwy, oceanside before the bridge for the Waione Gulch. This is a unique property. Very large house, 5 beds and 2 baths with potential ocean views sitting on a 17,990 sq. ft. lot, surrounded by much larger lots.
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235 Ohaa Street
Kahului
$399K (FS) |
Plantation style 3 bed, 1 bath house on level lot conveniently located near schools and mall. Storage room and bathroom next to carport. House is in need of TLC or tear it down and start anew.
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263 Mehani Circle
Kihei
$399K (FS) |
Nice single level home in need of renovation and someone with the ability to bring it back to it's original grandeur. This 3 bed, 2 bath home located in the Waimahaihai neighborhood sit's on a 7,795 sq ft lot. New roof and recently tented for termite prevention. R-2 zoning allows for a cottage to be built on the property. Convenient South Kihei location.
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12 Lokahi Place
Haiku
$425K (FS) |
Enjoy ocean views from the front of the property and through the large living room windows. This property is conveniently located nearby a school, park, community center, shopping, dining and more. Transform this hidden 5 bed, 1.5 bath jewel into your dream home.
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225 Puumakani Street
Kahului
$634.9K (FS) |
Bank Owned - Perched on a partially sloped lot with an excellent location on the North Fairways this home has 4 beds and 4 baths. This location allows for very good Haleakala views and partial ocean views in the distance. As you walk in the main entrance, 20' high vaulted ceilings and wood laminate flooring invite you in.
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529 Mililani Place
Maui Meadows
$998K (FS) |
Large 4 bed, 3 bath home with 2 bed, 1 bath cottage. This property has massive income potential with several other rental units on the large .5 acre property. Here’s some thoughts; owner/rental, manager/rental, owner-manager.
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Vacation Condos Over $1M
Honua Kai - Hoku Lani #341
Kaanapali
$1.875M (FS) |
A rarely seen premier 2 bedroom ocean-view floorplan Honua Kai Hokulani 341. This 2 bedroom, 2 bath residence is without doubt one of the most sought after floorplans. Two walls of the living room offer floor to ceiling glass nano doors that fold completely open creating a true indoor/outdoor living experience to an expansive wrap around lanai.
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Kaanapali Alii #3-404
Kaanapali
$2.195M (FS) |
Exceptional location only one unit back from direct oceanfront on the famous Kaanapali Beach. Spacious floor plan with 2 bed, 2 baths plus a den ideal for families and nice upgrades with granite counters, tile floors, newer appliances. Southwest exposure offers protection from the tradewinds, and nice ocean and mountain views.
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Makena Surf #F110
Makena
$2.685M (FS) |
Unit F-110 combines luxury, size and premiere oceanfront location. Located on the ground floor of Makena Surf's "F" building, the beach is just steps away from the covered lanai. Enjoy magnificent ocean views and watch the sunset from the dining, kitchen, and living rooms. Glass sliding pocket doors combine both indoor and outdoor living spaces, and the open floor plan and high ceilings invite plenty of natural light in.
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Hoolei #69-6
Wailea
$2.95M (FS) |
Fabulous end unit with the largest and most desired Hibiscus floor plan with 3 beds and 3.5 baths. Great ocean view. Second row from the top, very short walk to pool and recreation center. High quality window treatments and furnishings. Excellent vacation rental income potential.
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Wailea Point #301
Wailea
$4.4M (FS) |
Nestled between Wailea and Polo Beach, this front row oceanfront unit at Wailea Point has phenomenal ocean views. This ground floor 2 bedroom / 2 bath residence was remodeled with the finest limestone, granite, and wood materials. The open kitchen includes top of the line appliances and beautiful Hawaiian Koa wood cabinetry.
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Vacation Condos Under $1M
Maalaea Yacht Marina #106
Maalaea
$350K (LH) |
Leasehold - Oceanfront concrete building features breathtaking panoramic views of Maalaea Bay, Haleakala and the twinkling lights from Kihei at night make this two suite unit a highly desired property. Enjoy gorgeous sunrises and watch whales breaching right from the comfort of this lanai. Kahoolawe and Molokini in the background gives the impression that this property is situated on a giant lake not in the middle of the Pacific Ocean.
Agent Listing Synopsis
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Hale Kai O Kihei #314
Kihei
$499.5K (FS) |
This is the unit you have been waiting for to come on the market. This unit has a straight on oceanfront unobstructed view to see the most beautiful sunsets in the world. Watch the whales breach during whale season from your lanai. This 1 bedroom, 1 bath unit has a history of excellent rental revenue and is being sold turn-key.
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Kaanapali Shores #223
Kaanapali $699K (FS)
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Kaanapali Shores 223 is located above the beautiful grounds and new garden pool. This 2 bed, 2 bath unit offers granite counter tops in the kitchen and bath, custom cabinetry, spacious kitchen counters and all the comforts of home. If you are looking for incredible value on Maui's West Side, chose the Aston Kaanapali Shores Resort.
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Wailea Ekolu #204
Wailea
$875K (FS) |
Prime front row upstairs 2 bed, 2 bath unit overlooking the Wailea Blue course plus dramatic ocean views. This unit has been extensively remodeled with all the right improvements. Nicely furnished and has a very good rental history. Walking distance to Shops of Wailea and some of the best beaches on Maui.
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Residential Condos
Kihei Villages #52-202
Kihei
$270K (FS) |
Beautifully remodeled upstairs 2 bed, 1.5 bath condo. Brand new kitchen with cherry cabinets, granite counters, and new stainless steel energy efficient appliances. Unique design with French Doors leading from living room in 1st bedroom allows for flexible living. Close the doors when using as a bedroom, or open up to create a larger living room area.
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Flats at Kamalani #3908
Kihei
$350K (FS)
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A great opportunity in North Kihei – brand new condominium homes. Full-equipped, with gas range and oven, refrigerator, full-size stacked washer and gas dryer, fiber-optic high-speed internet, private yards and two assigned parking stalls. The 2 bed, 2 bath units are approximately 804 sq ft indoor living area and private yard of approximately 74-115 sq.ft.
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Kalama Kai #206
Kihei
$447.1K (FS) |
Conveniently located in the very heart of Kihei and just 200 feet from Cove Park, this well-designed, amenity-rich, 3-story complex offers 39 three-bedroom units and a single one-bedroom unit. This 3 bedroom, 2 bath unit has an open living/dining area, approximately 844 sq ft interior and covered lanai of approximately 63 sq ft.
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Kapalua Golf Villas #24T1
Kapalua
$789K (FS) |
This beautifully renovated 1 bed, 2 bath town-house style floor plan is situated at the top of the Kapalua Golf Villas. Two stories allow for panoramic views of the Pacific and outer islands of Molokai and Lanai from both the living room and the bedroom. This is a perfect orientation for Maui’s spectacular sunsets. The end unit location provides windows along the side, which allows for more light.
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Vacant Land
50 Naniuka Place
Makawao
$480K (FS) |
Olinda Ranch Estate is just 10 minutes from quaint Makawao town. The Ranch Estate is a gated 10 Lot Subdivision just past mile marker 4 on Piiholo Road. This 2.2 acre lot has a gentle slope with building sites for a main house and cottage. All utilities are available at the site. An 8 inch County Line supplies substantial water pressure to the water meter and fire hydrants within the subdivision.
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