Market Spotlight: Kapalua Ironwoods #62

Beautifully Remodeled Ocean View Condominium Residence for Sale

An aerial view of the Ironwoods, overlooking Kapalua Bay Course and Oneloa Bay to the South

The Ironwoods is a small gated community comprised of just 10 buildings, each with four residences (in building 9, the two top floor residences were combined to make one larger residence).  Each residence has a detached garage, a rarity for oceanfront condominiums on Maui.

Amenities at the gated Ironwoods community include a fitness center, recreation room, solar heated swimming pool and spa, as well as tennis courts and an onsite resident manager.  

Ironwoods 62 Upgrades and Finishes

Incomparable and casually elegant, this stylish and spacious

Each month, the Realtor's Association of Maui publishes updates on the Maui real estate market. 

The report notes:

U.S. existing-home sales fell for the second month in a row, sliding 1.9% month-over-month and 1.9% year-over-year, according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.

New Listings decreased 4.3 percent for Single Family homes but increased 101.9 percent for Condominium homes. Pending Sales decreased 18.3 percent for Single Family homes and 34.6 percent for Condominium homes. Inventory increased

Introducing Kapalua Bay Villa 37B2-4, Kapalua Resort, Maui

Where are the Kapalua Bay Villas located?

Situated along the dramatic West Maui coastline, you'll find the Kapalua Bay Villas.

The Kapalua Bay Villas has long been one of the Kapalua Resort’s favorite condominium communities. Consisting of 141 residences in 27 buildings, the Bay Villas are situated on 16.5 oceanfront acres in the heart of the Kapalua Resort.

Built in 1977, the floorplans include spacious single-level living as well as townhouse-style one and two bedroom residences. The oceanfront and ocean view villas overlook the Pacific ocean and the Kapalua coastline, with direct beach access to Oneloa Bay.  Amenities in this gated community include 3 swimming pools and two

Maui Property Taxes Fiscal Year July 1, 2024-June 30, 2025
Changes: Classifications & Rates

Each year, Maui County does two things: assesses the value of the property AND sets new rates for the upcoming fiscal year, which runs from July 1st-June 30th.  The Maui County Council has proposed the rates below for 2024-2025 as well as a summary of how they've changed over the years.

Maui County Property Tax Rates 2024 vs Prior Years

Rates are per $1000 of assessed value.  In 2020, the County introduced a new Tiered assessment.  Prior to that, there was a flat rate per the classification.

Each month, the Realtor's Association of Maui publishes updates on the Maui real estate market. 

The report notes:

U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.

New Listings increased 3.7 percent for Single Family homes and 36.6 percent for Condominium homes. Pending Sales increased 5.8

Maui's Resort Areas: a 9 Month Review of the Market for Condos and Homes 

How the past nine months compare with the same period in the prior year

Maui has been slowly recovering in the wake of the tragic fire of August 8, 2023.  Many buyers and sellers have asked me how the market is doing, so I've compiled some data for both condominium and home sales by area comparing the period from 8/8/23-5/8/24 with the same period in 22-23.

West and South Maui Condo Sales

The statistics show that sales are down primarily in West Maui, with the condominium market in Kapalua hit the hardest, with number of sales down -66% and dollar volume down 49%.  with uncertainty regarding the future of Short Term Rentals in the apartment zone, we are seeing more sales

Maui's Hotel Zoned Condominiums

On May 3, 2024, the Mayor of Maui County announced that he intends to submit a bill to the Planning Commission and the Maui County Council to phase out short-term rentals in the Apartment Zones. 

Per the County of Maui's website: "the bill would phase out and repeal decades-old transient vacation rentals (TVRs) operating in the Apartment District, also known as the Minatoya list TVRs. These TVRs – numbering 7,000 units (2,200 of which are in West Maui) – would phase out West Maui units by July 1, 2025, and all other units countywide by Jan. 1, 2026, with the bill’s approval."

Given this announcement, many prospective buyers who are looking for a property that can be used part-time and rented when they are not in

MAUI VACATION RENTAL (TRANSIENT ACCOMMODATIONS) & SHORT TERM RENTAL UPDATE: MAY 2024

Maui, like many places around the US that are popular vacation destinations, has grappled with affordable housing and workforce housing for decades. The wildfire that swept through Lahaina town on August 8, 2023 has highlighted the critical need for affordable housing in Maui County.

Since the fire, the Hawaii State Legislature passed SB2919 on May 2, 2024.  It was signed into law by Governor Josh Green on May 4, 2024. 

Per the governor's website,  "By addressing the issue of illegal short-term rentals, SB 2919 aims to alleviate Hawaiʻi’s housing crisis and increase housing levels throughout the state. This bill provides counties with home rule authority to see

WAILEA CONDOMINIUM MARKET UPDATE: Q1 2024

Wailea Resort Condominiums

Wailea Condominiums

Wailea is home to several different condominium resorts, including the Andaz, Grand Champions, Ho'olei, Kai Malu, Kanani Wailea, Keala O Wailea, Palms at Wailea, Wailea Palms, Makalii, Papali, Polo Beach Club, Wailea Beach Villas, Wailea Ekahi, Wailea Ekolu, Wailea Elua, Wailea Fairway Villas, Wailea Point, and Wailea Town Center.

Makena is home to the Makena Golf & Beach Club, Makena Surf, Na Hale O Makena

KAANAPALI CONDOMINIUM MARKET UPDATE: Q1 2024

Kaanapali Resort Condominiums

Kaanapali Condominiums

Kaanapali is home to several different condominium communities, with offerings ranging from studios to four-bedroom condominiums.  Located along Kaanapali Beach are the Kaanapali Alii and Whaler, and located on Kahekili are the Maui Kaanapali Villas, Honua Kai, Mahana and Maui Kai.  Surrounding the Golf Course, you'll find the Maui Eldorado, the Masters, Kaanapali Plantation, International Colony Club and Vintage.