This morning there were 11 properties on caravan; 10 vacation rental condos and 1 house. Although South Kihei caravan often has many condos, this isn’t quite normal. I did a quick query of the proportion of properties listed in South Kihei (total of 376) and 72% are condos. I previewed 9 properties although a few of them weren’t on caravan.
If you want to take an old vacation rental with nice square footage and a view and fix it up, look at Haleakala Shores condos. All 76 units are 2 bedrooms and have 1048 square feet. The units are actually a 1 bedroom with a living room that has large shoji screen dividers that can be closed to make a second bedroom. It gives flexible use and a nice open feel. Prices range from $495k – $650K with the average sold price in last 12 months being $509k. Many units have ocean views and it is right across the street from Kamaole 3 beach. The complex was built in 1974. The unit on caravan was in poor condition and is priced at $510,000, so I wouldn’t even consider showing it. There was another unit open that was in much better condition and although it could use some updating, it was a good vacation rental. Unit A207 is priced at just $495,000 and although it has been on the market for a 424 days it is still a good deals.
I saw 2 1-bedroom units in Kihei Kai Nani. Unit 215 has gorgeous tile and nice upgrades but no view. It is a 2nd floor unit in quiet location. It is priced at $411,000 which still sounds a little high when the average sales price in last 12 months is $392,500. I also thought it was strange that in the remodel, they removed the washer/dryer and the dishwasher. Those are conveniences in a vacation rental that are important to me… what about you? Unit 106 has a great view with a nice yard area. Sit out on the lanai and enjoy the view and watching people walk by. It is slightly set back from the road but directly faces S. Kihei Road. It is listed at $409,000 which still high because the unit could use some upgrading. Unit 103 also has and ocean view from grassy lanai area and is in similar condition but it is listed for just $365k! It isn’t quite as nice of a view but that is a big price difference.
Kihei Alii Kai is often forgotten when people talk about South Kihei vacation rentals. It is set back from Kihei Road behind the Sports Page Grill and Bar and near Fred’s. (The google map make it looks like S Kihei road goes up the hill when it is really just a dead end alley.) Kihei Alii Kai has 127 units in 4 intertwined buildings; I feel like its a maze trying to find a unit! But a very nice maze with gardens and a pool! The majority are 1 bedroom units with large lanais. Units near the elevators have an extra bedroom and bath and many 4th floor units have created a second bedroom in the loft. I saw units A306, D202 and C401. A306 was a nice unit with nice view. Priced at $399,000 it is a reasonable asking price. One thing that concerns me a bit is that there has only been 1 sale of a 1 bedroom unit at Kihei Alii Kai in the last year. With 10 units on the market that’s not a very good ratio. Unit D202 had less of a view over “undeveloped land” but was a nice unit priced at $379k. You need to investigate what is on the books for undeveloped land or risk your view going away. C401 is a deal at just $135,000! And it’s a 2 bedrooms to boot with nice views. So there must be a catch- right? Yes, $135,000 buys you 1/6 ownership. It is a fractional deal and $135k buys you the peak season of Dec 3-Jan 31. Fractionals are new in Maui and I think they will become pretty big. But right now, there is no one I know that is providing financing on them which is a problem. The unit has had some upgrades with beautiful slate tile and great kitchen cabinets but needs all new furnishings. In addition, the 2nd loft bedroom lacks any privacy though I’m sure it is fine for kids. The views are very nice though! This same unit is available for as low as $115k during non-peak seasons.
And last but not least is a great house on Ka’ahele Place which is just up from Foodland and still a short walk from the beach. It is a spacious 5 bedroom, 3 bath house that is usable as a 3/2 upstairs and a 2/1 Ohana downstairs. Both are in very good condition so you could easily bring in $1800+ from the Ohana. And there is room on the lot to add a detached Ohana! Of course you would need to remove the water garden to do that! This is not your typical attached Ohana. The owner/builder made sure it was quality construction and put in upgrades at every turn. Check out the Kohler Chromo Therapy Infinity Spa/Pool in the master bath! For just $695,000 this is a great deal… wait I’ve got to put this one on my BEST BUYS.