Maui Real Estate Blog

Ray chin-8

With great passion and pleasure, I am pleased to announce my oceanfront Kahana estate listing at 49 Hale Malia Place is available for showings and purchase! As a sponsor of this year 2016 Kapalua Wine & Food Festival (June 9 -12), 49 Hale Malia Place will be a featured property at the event.

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Nestled in one of the most private and dramatic stretches along the West Maui’s Kahana coastline, known as Keooni Bay, the direct oceanfront estate at 49 Hale Malia Place is listed for $12,800,000 US DOLLARS. Completed in 2003, the estate was built during a time when the minimum shoreline setback requirement was less than it is today. Thus, in the current building requirements, this estate could not be built this close to the ocean. Lucky Bennett was the architect and Dixon Home Construction was the builder. A 2013 custom renovation was completed. When you dream of Paradise, you will dream of 49 Hale Malia Place.

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For a video perspective, please visit the YouTube’s 49 Hale Malia Place. To experience a fully immersive online virtual tour, please visit 49 Hale Malia Place’s 3D Virtual Tour

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Recently featured on the cover of Homes and Land Magazine and extensive featured on the current Luxury Home Magazine edition, the estate is featured on CHRISTIE’s INTERNATIONAL REAL ESTATE global site.

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Available upon email request: Monthly expenses, community overview, renovation summary & property layout.

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Honua Kai, Hoku Lani 530 – Highlights 

  • Unit 530
  • Hoku Lani tower (south building)
  • List Price: $759,000
  • Offering: 1-bedroom / 1-bathroom, 765 living square feet & ADA / wheel chair accessible

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Video: For an intimate view, please view: YouTube’s Realtor’s Cut Video of Honua Kai Hoku Lani 530

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Vacation Rental History 

  • YTD June 2016 – $48,085.08 (gross revenue), $34,885.08 (direct deposit)
  • 2015 – $80,354 (gross revenue), $57,702.32 (direct deposit) – 86% (305 / 354 available days)
  • 2014 – $91,220 (gross revenue), $56,438 (direct deposit)
  • 2013 – $94,342 (gross revenue), $55,137 (direct deposit)

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Both listings at Valley Isle 707 & Valley Isle 1004 are unoccupied for most of the month of August. For a showing appointment, please contact Ray@RayChin.com, 808 344 2677.

 

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Enjoy the new video of the 1-Bedroom property at Valley Isle 1004, Kahana, Maui.

 

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Enjoy the new video of the Studio at Valley Isle, 707, Kahana, Maui.

The best direct-west-facing 2-bedroom oceanfront condominium at Napili Point C6 was recently listed for $899,000.

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Napili Point C6 Overview

  • List Price: $899,000
  • Bedrooms: 2, Bathrooms: 2
  • Living area: 958 square feet
  • Tenure: LEASEHOLD

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YOUTUBE Video of Napili Point C6: RayChin.com, Realtor’s Cut, Napili Point, C6

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Napili Point Overview

The coastline community known as Napili Point phase 1 & 2 consists of 115 apartments in ten 1-story, 2-story and 3-story buildings. This condominium community is situated on a 3.39 acres parcel and was completed in 1978. The community is zoned for transient vacation rentals, includes a pool, BBQ and front one of the world’s finest coastlines for snorkeling.
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Leasehold Overview

Napili Point C6 is a lease hold property. It is part of Napili Point, Phase 1.

Included in the following DROPBOX LEASE DOCUMENT LINK is the Reiman Rand lease and the Napili Point C6 Amended lease.

Summary of key terms of the lease agreement:

  • Expiration date of lease is November 30, 2046
  • There is no renegotiation date
  • Lease rent schedule payable per month under said Apartment Lease
    • $8.45 from December 1, 2009 to November 30, 2024
    • $6.78 from December 1, 2024 to November 30, 2046


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Items of Interest

1031 Exchanges

After November 30, 2016, it will be less than 30 years before the lease term expires. A Buyer cannot buy a Leasehold property who’s lease is less than 30 years.

 

Per Julie Tumbaga:

“If a Buyer sold a FS property, Buyer can buy FS property or LH with 30 years or more remaining in an exchange.  Buyer CANNOT buy LH with less than 30 as his replacement. LH sellers with less than 30 years on lease can only buy LH property for their replacement with the similar amount of years remaining.  Buyer cannot buy FS property.

For more information on exchanges: Julie Tumbaga, Vice President | Old Republic Exchange Company, D:  808.524.6737 | T:  877.591.1031 | F:  866.250.8530 I Shortel:  45742, JTumbaga@orexco1031.com, Old Republic Exchange Facilitator, www.orexco1031.com

 

Lending

From a lending perspective, if a Buyer needs a mortgage to the purchase C6, per Fran Peart Mitsumura:

  • Loans must mature 5 years prior to expiration of master lease
  • 30% down payment is required

 

For more information on loans: Fran Peart Mitsumura, First Hawaiian Mortgage Co. of Hawaii,  910 Honoapiilani Hwy, Suite #2, Lahaina, Hawaii 96761, (808)-661-8886, (808) 276-3697 , direct, Fran@FirstHawaiianMortgage.com

 

 

Rental History

Napili Point Resort Rental LLC manages Napili Point C6. This Napili Point C6 Rental Link includes

  • 2015 summary statement
  • 2016 YTD April 30, 2016 statements,
  • 2014/2015 (ytd Sept) Revenue Comparsion Report for all Napili Point units
  • Napili Point Resort Rental LLC Disclosure Package

 

2015 Summary

  • $96,575.38 gross income
  • $53,671.34 net check
  • 257 days rented (out of 365) – 70.4% occupancy

 

2016 YTD April 30, 2016 Summary

  • $34,564.84 gross income
  • $20,559.23 net check
  • 85 days rented (out of 121 days) – 70.2% occupancy

 

Comparative Market Analysis as of 7/27/16

Here are all the ACTIVE NAPILI POINT listings currently on the market. Here are all the NAPILI POINT SALES since 2012 including the two only comparative sales (in terms of location) at C36 (which sold for $910,000 on 1/2/14 – fee simple) and C4 (which sold for $975,000 on 1/20/12 – leasehold).

The opening price point property in the exclusive community known as Kahana Ridge, in West Maui, is my listing at 8 BOUGAINVILLEA PLACE. Listed at $889,000, this is the best value in Kahana Ridge.

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For an intimate view of 8 BOUGAINVILLEA PLACE, please view: RayChin.com, Realtor’s Cut – 8 Bougainvillea Place, Kahana Ridge, Maui, Hawai.

 

For those that crave the oceanfront community known as Noelani, Noelani 115 was recently priced reduce to $695,000!
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Single-level living….Renovated kitchen….Spaciously layout 756 square feet of living area….Allows transient vacation rentals: While there is a plethora of strengths for this incredible property, one of the best attributes is the 218 square feet of direct-oceanfront lanai area.IMG_3941c

For an intimate view of the property, visit: RayChin.com, Realtor’s Cut, Noelani, 115, 050516.

Offering one of the largest layouts within the community, the best 2-bedroom, direct oceanfront property is now listed at Paki Maui 323.

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For an intimate perspective of the property, please view: RayChin.com, Realtor’s Cut, Paki Maui, 323 – 6/29/16

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The last 2-bedroom sale was Paki Maui, 402 which sold for $1,000,000 in May 2016. Paki Maui 323 is the oceanfront value-buy!

 

Located in one of the best locations within Maui Lani Terraces A304 is available for purchase and easy to show!
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For an intimate view of A304, please view: RayChin.com, Realtor’s Cut, Maui Lani Terrace, A304, 052516

 

The best value at Kapalua Ba Villas recently had a $75,000 price reduction. Kapalua Bay Villas, 34B4 is now listed for $1,075,000.

Please enjoy my Realtor’s Cut video of Kapalua Bay Villas, 34B4, Kapalua, Maui Hawaii.

Bay Villas 34B4

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For the truly interested Buyer of 102 Kumu Niu Place, apt. B, this is for you:

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Video:

Here is a newly uploaded video that shows more perspective of the property:

RayChin.com, Realtor’s Cut, Kumu Niu Place, 102 – 041816

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Utilities:

– Summary of the utility expenses (as provided by the Seller on 4/21/16):

– Water (last 6 months) – $748.26 – Launiupoko Water Company

– Landscaping – $729.16 per month – West Isle Landscaping

– Pool – $172.91 per month – Aquapulco LLC

– Spa – Owner maintains

– Electricity – Average $300 per month – MECO

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Inventory/Exclusions:

The property is being sold UNFURNISHED with the exception of 1) family room sofa, 2) family room love coach, 3) 3 kitchen chairs and 4) Dining table and chair set . The Seller will also exclude some glass lighting pieces on the property (i.e. entry way) as well as the dining room’s Ulu Darni chandelier.


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