Kaanapali Shores Bulletin – Q2 2015
Issue 33, Q2 2015
Presented by AlohaPotts Team of Aloha Realty Group in Lahaina, HI
SUMMARY & ANALYSIS
All is quiet at Kaanapali Shores. At least as far as sales are concerned. Occupancy has been great, but sales have slowed to a proverbial snail’s pace.
Through the first half of 2014, Kaanapali Shores was hot with 10 sales. So far, in 2015 there have been only 5. In the second quarter there were only 2 sales and neither of those were what we think of as “standard” units that usually make up the bulk of K. Shores sales.
One was a leasehold 1 bedroom, “C” floor plan. It’s a nice unit and sold for just $220,000. The other was an Aloha Suite that went for $1,350,000, a virtual steal.
In the meantime, there are 26 other units for sale a Kaanapali Shores. At the current rate of sales, that’s enough inventory to last for over 2 years if nothing new comes to market.
Kaanapali Shores is undervalued and underappreciated. The interiors of most of our units are virtually new. The building just went through a major facelift with new paint spalling work.
It’s not slow just at Kaanapali Shores. The whole area where Kaanapali Shores is located, Kaanapali – Honokowai/Kahana area, is off significantly this year.
Kaanapali area condo sales are off by 37% through the first half of the year, and Honokowai-Kahana sales are off by 29%. Higher prices and rising interest rates, particularly for condo-tels like Kaanapali Shores, are one reason. And, unlike many parts of the country, people aren’t lining up to buy and we certainly are not getting multiple offers.
So, what can we do? We can be your cheerleader and let everyone know that K. Shores is absolutely the best value on Kaanapali Beach – no argument.
During Q2 2015, there were 2 sales (none of which were distressed properties). There were 4 properties in escrow at the end of the quarter. There were two listings that expired and one that was cancelled without being re-listed. The average number of days on the market for listings during this time was 364 days.
Total number of units for sale at Kaanapali Shores (Q2 2015) : 33
Total number of units sold at Kaanapali Shores (Q2 2015) : 2
Total number of units ACTIVE for sale at end of Q2 2015: 24
Number of studios for sale : 4
Number of 1 bedrooms for sale : 9
Number of 2 bedrooms for sale (incl specials) : 11
Watch for our quarterly Kaanapali Shores Bulletins. You can reach us or comment at info@AlohaPotts.com. To keep track of all the real estate trends on Maui subscribe to the Maui Real Estate Advisor below:
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