Across the island, Maui condo maintenance fees have increased notably over the past year. Rising insurance costs, aging buildings/amenities, increased utilities (gas, water, electric, sewer)… these all are contributing factors. Understanding these changes is crucial for current owners, prospective buyers, and investors. For this in depth analysis, we will compare maintenance fee data from October 2022, 2023 and 2024, focusing on the median maintenance fee per square foot as the primary metric.
Methodology
This data analysis examines fee simple condo sales over two consecutive 12-month periods: October 2022 to October 2023 and October 2023 to October 2024. The median maintenance fee per square foot was selected as the key measure for aggregating and comparing data, providing a clear picture of cost trends across different regions and condo types in Maui.
Maui Condo Maintenance Fees: An Island-Wide Increase
Overall, maintenance fees island-wide have surged by 20.16%, rising from a median of $0.91 per square foot in 2023 to $1.09 per square foot in 2024. Let’s take a closer look at a few different sectors of the condo market, starting with the areas on Maui that have the highest density of condominium complexes:
Regional Breakdown
Maintenance fee increases vary significantly across different regions of Maui:
South Maui: Leading the charge with a 24.20% increase, maintenance fees rose from $0.85 per square foot in 2023 to $1.06 per square foot in 2024. This region’s premium properties and high demand contribute to the steep rise.
West Maui: Showing a more moderate increase of 14.08%, these fees are still much higher than their South Maui counterparts. They went from $1.51 per square foot in 2023 to $1.73 per square foot in 2024. Notably, this analysis excludes Lahaina, focusing on areas such as Kaanapali, Napili/Kahana/Honokowai, and Kapalua.
Waterfront vs. Inland
An unexpected trend emerged when comparing waterfront and inland condominiums:
Waterfront Condos: Experienced an 11.25% increase, with fees rising from $1.73 per square foot in 2023 to $1.92 per square foot in 2024. These properties typically feature concrete buildings with higher density and are often located on smaller parcels of land, which could be contributing factors with regard to insurance costs and subsequent maintenance costs.
Inland Condos: Saw a more substantial 20.33% increase, climbing from $0.77 per square foot in 2023 to $0.93 per square foot in 2024. Again building configurations could be a main factor here, as we can think of multiple two-story wood buildings spread over larger parcels for many of these inland complexes.
What are the Areas and Condos with the Greatest Increases?
Certain places around Maui have experienced more pronounced hikes in maintenance fees, headlined by the resort areas:
- Kapalua: Leading with a 37.86% increase, fees jumped from $0.87 per square foot in 2023 to $1.20 per square foot in 2024.
- Kaanapali: Followed by a 26.48% increase, rising from $1.75 per square foot in 2023 to $2.21 per square foot in 2024.
- Wailea/Makena: Not far behind with a 25.34% increase, fees increased from $0.89 per square foot in 2023 to $1.11 per square foot in 2024.
Notable Condos with Significant Increases
Several condominium complexes have seen extraordinary rises in their maintenance fees:
Grand Champions: Experienced the highest increase at 54.70%, with fees soaring from $0.77 per square foot in 2023 to $1.19 per square foot in 2024.
Kihei Alii Kai: Followed closely with a 53.43% increase, rising from $0.94 per square foot in 2023 to $1.44 per square foot in 2024.
Luana Kai: Saw a 48.14% increase, from $0.80 per square foot in 2023 to $1.19 per square foot in 2024.
Kapalua Golf Villas: Maintained a significant rise of 45.51%, increasing from $0.82 per square foot in 2023 to $1.19 per square foot in 2024.
Haleakala Shores: Had a 29.53% increase, moving from $0.85 per square foot in 2023 to $1.10 per square foot in 2024.
Wailea Point: Noted a 28.79% increase, with fees climbing from $1.48 per square foot in 2023 to $1.91 per square foot in 2024.
Wailea Palms: Increased by 28.06%, from $0.84 per square foot in 2023 to $1.08 per square foot in 2024.
Kapalua Ridge: Saw a 25.91% increase, rising from $0.77 per square foot in 2023 to $0.97 per square foot in 2024.
For buyers and investors, these increased carrying costs highlight the importance of budgeting for higher maintenance fees and considering the long-term financial implications of purchasing property in high-demand regions. Understanding these trends is essential for making informed decisions, whether you’re purchasing a new property, managing an existing investment, or planning for future real estate needs. As maintenance fees continue to climb, particularly in sought-after areas like South Maui and West Maui, prospective buyers should carefully evaluate the costs associated with their investments to ensure sustainability and financial viability.
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