Just brought to market a few days ago, Kihei Bay Surf B121 is a highly upgraded 445 sqft studio unit. The layout of the unit was designed well to maximize flow and living space; although there is no bedroom, the living room and sleeping area have distinct feels. The dark wood flooring plays nicely off the lighter walls of the unit, so the wood has a more elegant feel than most. Maintenance fees of $500/month include electricity which is nice considering there is A/C in the unit.
The covered lanai off the back of the unit is a nice addition tot he space and helps add another dimension of outdoor living to the unit. Only a few minutes to the beach, Kihei Bay surf offers itself as a great vacation rental unit and certainly goes a long way when used as a short term rental unit. This particular unit is rented out on VRBO, so the unit does come with proven rental history.
Listed at $265,500
Latest Closings at Kihei Bay Surf
Kihei Bay Surf 143 was brought to market in late August and didn’t even need a week before the unit entered escrow. As a 2nd floor unit, it comes with a very private and relaxing outdoor lanai that adds close to another 100 sqft of living to the unit because the floor to ceiling windows at the back of the unit allow for plenty of natural light and ease of flow. Although a first floor unit, the unit sits about 5 feet from the ground, so it feels like a 2nd floor unit even though it is set a few feet up.
The elevated placement of the unit allows for more privacy than the units that are even with the ground. With a galley style kitchen, most of the living area is at the back of the unit. Improvements continue with new counter tops, kitchen sink and faucet.
Sold for full list price at $248,000
Kihei Bay Surf 214 is an upgraded second floor unit that was first listed in late October of this year, this unit was able to garner some interest from buyers and only needed 5 days to enter escrow. A huge selling point of the unit is the upgraded kitchen that some of the other units don’t have. From its 2nd floor location, the unit has a nice of the tropical greenery in the complex and the newly resurfaced tennis court.
Another special feature of the unit is the retractable divider that separates the living room and sleeping area. The unit was also upgraded with a new ceiling and removed the outdated and unattractive popcorn style ceiling. At 445 sqft plus just under 100 sqft of lanai space, the unit is actually a decent size and can accommodate up to 3 or 4 people comfortably.
The unit was sold close to full asking at $255,000, $4k off asking
Kihei Bay Surf Market Update 2017
Kihei Bay Surf complex is desirable among buyers because of the reasonably maintenance fees (that cover water, electricity, and trash), across the street location to the beach, ability to be rented out as short term rentals, and very attractive list prices. Seven out of the eight units sold came to market this year, while the 8th one was first listed 2 years ago in 2015. All 8 of the units sold this year were studio units because there are only studio units in the complex; considering this fact, many buyers are investors and part time users.
The demand for Kihei Bay Surf is extremely high and boast a very impressive turnover rate; with the exception of the listing listed in 2015, 7 of the units have sold within 90 days of coming to the market. Part of their quick turnover is their closing prices, all of the units have sold for under $300k; 7 units sold in the $200k range and 1 unit sold in the $100k price point. The year started off slow with only 2 sales through the first 6 months of the year; once July rolled around, 6 closings came in quick succession. On average, the market here sees about 10 sales per year give or take a few closings.
- Number of Kihei Bay Surf condos for sale: 8
- Average asking price: $241,053
- Highest priced unit sold: $260,000
- Lowest priced condo sold: $187,425
- Number of units in escrow: 0
At the moment, there is very little inventory in the Kihei Bay Surf market.
- Number of Kihei condos for sale: 1
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