I’m looking at two recent sales in our Multiple Listing Service here on Maui and thinking we really do have it all…even when it comes to real estate. Check out these two tales of moneymaking investments.
On the low end we have Kalama Villa 103 – a 1 bedroom 1 bath condo with 640 sq. ft. of living area. It’s located one block from Kihei’s surf spot & is a quick walk to Kamaole I Beach, a local favorite. It was an REO which closed on August 24th, 2011 for $94,500 cash. It appears from the photos to be in decent condition, and I bet this condo could easily stay rented at $1000/ month, maybe even more. Factor in the low maintenance fees of only $265 and this becomes the kind of moneymaking deal that real estate investors are on the lookout for. In my opinion, someone got a great deal with this sale!
Are you looking for a deal like that? Then consider Kihei Shores A 102, a potential short sale listed at $129,900. This 600 sq. ft. condo with 1 bedroom & 1 bath was beautifully remodeled in 2005 with bamboo floors, nice cabinets, plantation blinds, new light fixtures – it’s a really great looking unit! Kihei Shores is located directly across the street from Kamaole Beach III, another top South Maui beach & park area. This complex has a pool & BBQ area for its residents and has low maintenance fees too – only $324 for this condo. I estimate this condo would rent unfurnished at $900 or $1000 per month easily, more if it were offered furnished. This represents a great buy for an investor, owner occupant, or someone who would use the condo for the same block of time each year and use rental income to help defray the costs. If you want to jump on this great opportunity contact me soon, this one will not last long!
On the other end of the spectrum we have Wailea Point 102, which closed on August 22, 2011 for $8M ca$h! At 3,172 sq. ft. with 4 bedrooms and 4 baths it is big enough to accommodate the whole family, but the price tag is not for the extra rooms included. WAILEA POINT IS ONE OF THE FINEST SPOTS ON MAUI! It offers access to both Polo Beach, Wailea Beach & the famous Wailea Coastal Walk. You’ll find panoramic ocean views, 3 swimming pools, tennis courts, paddleball courts, a pool pavilion with full kitchen, 24 hr. roving security and gated entry, fitness center & BBQ areas all on the property. A quick stroll gets you to the best resorts, restaurants, spas, shops, and beaches in South Maui. Hop in the car (these condos come with individual garages) and you’re minutes from some of the world’s best golf courses. Wailea Point is pet friendly and only allows rentals of 1 month or longer. We won’t mention the maintenance fees for this one…it falls under the category of “If you have to ask how much, then you can’t afford it.” But with those high fees come really high incomes! A 4 bedroom oceanfront at Wailea Point probably earns $35,000 per month! Now THAT’S making some MONEY!
If this is the type of investment you’re looking for then check out Wailea Point 1801. It is a FANTASTIC condo being offered at $3,150,000, and one of only a few rarely available that offers walk out access directly to Polo Beach! You can literally watch your family frolick in the surf while you relax on your lanai…IT’S THAT CLOSE!!!! It has 2 bedrooms, 2 baths with nice touches and upgrades including custom Koa desk & cabinetry, a wine fridge, outdoor hot/cold shower, automatic european lanai shutters, full laundry room, and a Viking gas grill. While this specific condo has not been used as a rental by the current owners, based on comparable info available I estimate this unit would rent for around $25,000 per month. I represent the seller as the Listing Agent of Wailea Point 1801, and he’s asked me to get it SoldOnMaui!!!
These are just a few examples of how the market is moving here! Good buys are available at all price levels – what we’ve mentioned and everything in between. Today we have 16 REO condos & 31 potential short sale condos available in Kihei or Wailea, but you have to act fast to get the best deals.
If you are interested in learning more about investing in real estate, buying Real Estate Owned (REO) or potential Short Sale property, oceanfront condos, residences, or just plain ol’ good deals then let’s connect…I’d love to get you into the Maui Lifestyle!