Luana Garden Villas Late Summer 2018 Construction Update
Much excitement has been growing around Honua Kai’s 3rd phase, Luana Garden Villas. These units offer a nice contrast to the current units because they are built more like town homes and will offer more of a single family home feel.
Over the last month, a significant amount of work has been completed even with last week’s Hurricane Lane scare and the simultaneous Lahaina brush fire.
Naturally, building 1 & 2 has seen the most progress with the shape of it coming together as the framing has been completed, which buyers can now see the floor plan renderings coming together.
Buildings 3 & 4 are seeing their foundation go in. Building 5 is currently finishing up laying all of its underground utilities. Building 6 is the most far off with the prep work for footings being almost complete.
Each building enclave is really coming together and progressing nicely along the construction timeline.
Rendering showing the latest edition to Honua Kai – Luana Garden Villas
What Is Luana Garden Villas at Honua Kai?
Over the years, Honua Kai has developed a strong reputation for itself in the Kaanapali real estate market. Every year, the condo sees strong demand for resale units because of its modern and elegant style, but also because the units can be rented out as short term rentals.
From the original master plan, Honua Kai was to be built in three phases. However the initial build of Honua Kai started in 2006 with the Hokulani and Konea Towers. But once 2008 hit, the recession put the 3rd phase on hold until the developers could decide what they wanted to do with the 3rd phase.
Condo living with a resort atmosphere
It was announced earlier this year, the developers will go ahead with a 3rd phase at Honua Kai, Luana Garden Villas. Planned to be built in the large grassy area behind the two existing towers, the new units will be offered in a style other than a tower. The 72 villas are intended to be built in 18 separate buildings with 4 units in each.
Luana Garden Villas is planned to be built around an inclusive environment with community pools and fire pits to foster resident engagement. Monthly maintenance fees have not be nailed down yet, but Luana Gardens will also have the ability to be rented out as short term rentals.
Pricing is still in the early stages and can be estimated to be in the high $1 million range.
Luana Garden Villas Features
It is speculated the units will be around 2000 sqft in interior living and designed to maximize open concept living. Each unit will be 3 bedrooms, 3 bathrooms, and at least 500 sqft in outdoor living which will definitely help increase the short term rental rates.
As an added bonus, all units will come with their own private entrances, garages, and additional storage space. Buyers in Luana Gardens will also have access to all of the same amenities and features as the current Honua Kai owners.
Units can be bought fully furnished at each buyers discretion and removes the hassle of having to spend the time furnishing and designing the interior.
Honua Kai Market Update
With a staggering $45+ million sold in running sales volume, Honua Kai has seen an outstanding year with solid production in each month in 2018. Most impressively, 66% of the units sold were able to find a new owner within 3 months of being listed including time in escrow.
While prices have been creeping up at Honua Kai, 40% of all of the units sold were for under $1 million with 4 of them even selling in the $700k range. On the upper end of the market, 2 units sold in excess of $3.1 million.
In terms of price/sqft., buyers should expect to pay anywhere from $1000-$2000/sqft.
To get a better idea of the market, check out our Honua Kai sold data over the last 10 years.
- Number of Honua Kai condos sold: 30
- Average sold price: $1,502,209
- Highest priced condo sold: $3.9 million
- Lowest priced condo for sale: $695,000
With a ton of inventory to choose from, buyers will have look to capitalize on the variety of options at their finger tips. Once known for having an attractive barrier to entry, Honua Kai has seen its stock rise quickly over the last few years. The strong rental demand from visitors makes the cash flow aspect very appealing to buyers. More than 70% of the units listed are priced over $1 million, while only 4 are listed under $1 million.
If none of the units catch your eye, stay up to date with our Honua Kai new listing email alert.
- Honua Kai condos for sale: 18
- Average asking price: $1,794,250
- Highest priced condo for sale: $3.5 million
- Lowest priced condo for sale: $750,000
- Number of units in escrow: 4
Contact a Maui Real Estate and Lifestyle Specialist
Please consider me to be your trusted Maui Real Estate and Lifestyle Advisor. I was born 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