Price Reductions at Maui Banyan
First listed at the end of January, Maui Banyan H205 is a 2nd floor unit located on the edge of the community with tropical private lanai views perfect for relaxing and enjoying the Kihei lifestyle. Completely renovated this year, the upgrades include: granite countertops, new bamboo wood cabinetry with soft closing system, stainless steel top of the line appliances, and new tile flooring throughout the unit. Complete with 1 bedroom, 2 bathrooms, 650 sqft of interior space, and 39 sqft of outdoor living, the unit is primed for short term rental demand.
The seller’s attention to detail during the remodel only enhances the property’s value and short term rentability factor. Maintenance fees per month hover around $530, which is not too bad considering the 8 acres the complex sits on. After a little over a month on the market, the sellers have decided to reduce the asking price by $20k. The property is currently listed at $545,000.
Brought to market around Christmas time last year, Maui Banyan Q206 is similar to the listing above with 1 bed and 2 baths, but with a lanai almost double the size. Although the unit looks a little dated, it was upgraded just a few years ago and only needs updated furnishings to establish the wow factor. Monthly maintenance fees cover: wifi, basic cable, AOAO insurance, water, trash, and sewage.
The unit’s strongest draw is the respectable amount of rental revenue the unit is able to generate. It is currently in the Aston Rental Program and has been able at least $50k in gross revenues over the last 3 years. The sellers have reduced the asking price reduced by $20k to $455,000.
Maui Banyan Market Update 2018
The Maui Banyan market got off to a quick start in 2018 where it saw 3 closings in 3 week early on in the year; the most recent closing came just a week ago. The units here fair a decent amount of time on the market with 75% of listings being sold within 4 months of coming to market, while another needed close to 10 months.
The lowest priced unit sold in the upper $300k price range where it was a more or less an original unit that could benefit from some TLC. The highest priced unit sold in the low $500’s and was a full blown remodel on the 5th floor of the H building where the craftsmanship was evident throughout. The remaining two units sold were in the mid $400’s an represented an average unit.
- Number of Maui Banyan condos sold: 4
- Average sold price: $437,500
- Highest priced listing: $530,000
- Lowest priced condo for sale: $375,000
- Number of units in escrow: 3
At this time, interested buyers in Maui Banyan have a pretty decent selection of inventory to choose from. With the exception of 1 unit, all of the units for sale have come to market within the last 90 days. Based on recent sales data, there is wiggle room in the list price, especially since the seller’s know there is other Maui Banyan inventory available.
The market is split evenly between the $400k and $5ook price points. While all of the units for sale are all of the same floor plan, they are not equal to one another. Some units have better upgrades than others, some have better locations, and others may come sold fully furnished.
The best way to stay in touch with the market is by subscribing to our Maui Banyan new listing alerts.
- Number of Maui Banyan condos for sale: 4
- Average asking price: $481,166
- Highest priced listing: $549,000
- Lowest priced condo for sale: $419,000
Contact a South Maui Real Estate and Lifestyle Specialist
Ho’olei villas, we are also currently the in house “Sayles” team at Ho’olei Grand Wailea
Please interview me to be your trusted Maui Real Estate and Lifestyle Advisor. I was born in South Maui and raised on the island, and spend a considerable amount of time to inform my clients about the best deals currently on the market. Please do not hesitate to call me for your Maui real estate needs. I am more than happy to assist you in your home search.
Aloha,Anthony Sayles R(S) 808-280-6532 Anthony@DanoSayles.com