Villas at Kahana Ridge Market Update — Are we on the upswing?
KAHANA – Located in the Kahana area above Honoapiilani Highway, the Villas at Kahana Ridge features two-bedroom and three-bedroom units in low-rise buildings surrounded by palm trees and lush landscaping.
Depending on the location, some of the units offer beautiful views of the Pacific Ocean, the island of Molokai and the resorts on Kahana Beach. It is no wonder that many of Maui’s permanent residents love this complex, since it is only a stroll away from Kahana Beach and Kahana Gateway shopping center. The proximity to Napili proves the perfect weather: sunny days with gentle breezes and cool showers in the evening.
Looking at the sales activity at the Villas at Kahana Ridge in 2011, one gets the picture very quickly: 12 units were sold this year already (the equivalent of more than 10 percent of the total units in the complex), four units are currently in escrow and only two units are available for sale at press time.
A normal active inventory should be around 10 percent of the total number of existing units in the complex. At the Villas at Kahana Ridge, this ratio is less than 3 percent. Most of the “toxic inventory” is gone, since all sales that took place in the past year were short sales and foreclosures.
There is plenty of interest in the heavily reduced prices for units at the Villas at Kahana Ridge. There have been multiple offers on the table for most of the units that sold or are pending, and several units ended up selling for more than the listing price. While in 2007 developer units were selling for an average of $550,000, the average sales price in 2011 is closer to $250,000.
Unit 135, a three-bedroom/two-bath plus loft with a living area of approximately 1,174 square feet, is the only non-distressed type sale. It is offered at $299,000 (fee simple). This is a top floor, corner unit with private staircase and four parking stalls.
Last but not least, there are beautiful views of the ocean and Molokai from the dining room area, lanai and guest bedroom. This is a well-maintained unit; there are no delinquent maintenance fees and no title issues.
This is the time to buy at the Villas at Kahana Ridge! Don’t miss this opportunity!
For more details on the Villas at Kahana Ridge, please call Candace Horton, Realtor Salesperson with Aloha Realty Group, at (808) 276-4903.