Price Reductions at Maui Banyan
Just brought to market, Maui Banyan G406 is a completely remodeled unit with 1 bedroom, 2 bathrooms, and 650 sqft of interior living space. Located just across from Kamaole Beach II, the beach lifestyle awaits! With tile floors in the main living area, cleaning is a breeze and any sand tracked into the unit can be easily wiped up. With a large lanai just off of the living area, it offers floor to ceiling doors for plenty of natural light. The lanai is the ideal place for catching those famous South Maui sunsets.
A big plus of the unit is its ability to be rented out as a short term rental unit. A maintenance fee of $530/month is quite modest considering it includes: basic cable, water, trash, wi-fi, general liability insurance, and common area maintenance. Property amenities include 2 pools/spas, 2 BBQ areas, tennis court, covered parking, and 24-hour security. Located within walking distance of Kihei’s favorite restaurants, shops and beaches, this property is adored by its annual returning guests.
Listed at $549,000
Brought to market in the middle of last month, Maui Banyan Q408 sits 4 floors up and offers wide open ocean views of the island of Lanai and the West Maui mountains. With a total of 194 sqft of outdoor living space, it is a real bonus to the interior living area. Totaling 2 bedrooms, 2 bathrooms, and 890 sqft, the floor plan is conducive to open concept living with the kitchen and main living area being in 1 conjoined but distinctly different layout. A recent remodeled was just completed this year with a brand new kitchen and baths, with granite counters and maple cabinets.
For the most part, what you see is what you get as the unit is being sold fully furnished but should be cross referenced against the inventory list. Conveniently located directly across the street from Kamaole Beach II, all your ocean activities await!
Listed at $675,000
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 and his since slowly tapered off to a more consistent pace. Late spring saw some strong success with 4 sales total in the months of April and May. The summer months only saw 2 sales with 1 recent closing in September. All 11 units sold in 2018 were able to find a buyer within less than a year, while 1 transaction took about 3 months on average to close.
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.
Sale prices favored the $400k and $500k with 4 and 6 units sold in each price point. The $500k was by far the most dominant in production and is more or less the sweet spot of the community. Only 1 unit sold in the $300k price point and it was an absolute steal for being able to buy into the Maui Banyan market.
For a better idea of sales, check out our Maui Banyan sold data.
- Number of Maui Banyan condos sold: 11
- Average sold price: $496,909
- Highest priced listing: $589,000
- Lowest priced condo for sale: $375,000
- Number of units in escrow: 0
At this time, interested buyers in Maui Banyan have a handful of units to select from but still are able to see the variety of units at the complex. All 4 listings have come to market within the last 4 months, so buyers should carefully be evaluating their options ahead of the winter busy season. Once the busy season rolls around, buyers will have to compete with more demand in the market and be ready to write an offer.
75% of the units for sale are the 1 bedroom unit, however, some units have better upgrades than others, some have better locations, and others may come sold fully furnished. The last remaining unit for sale is a 2 bedroom. Each of the $400k, $500k, and $600k units are represented with at least one unit for sale. According to the listing data, sellers are asking for $750-$850/sqft.
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: $565,500
- Highest priced listing: $675,000
- Lowest priced condo for sale: $489,000
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