Aina Nalu has quickly transitioned from a hidden gem of Lahaina Real Estate to a hot commodity. Sale prices have consistently risen over the past few years and the days on market have decreased drastically. Lets take a look at some of the numbers starting with the average days on market over the past three years. Note: it is important to remember that “Days on Market” includes the time in escrow. The average time in escrow for a financed deal is around 45 days on Maui.
- 2017 average DOM was 92 days
- 2016 average DOM was 100 days
- 2015 average DOM was 196 days
Average Sales Price at Aina Nalu:
- 2017 average sold price was $400,933
- 2016 average sold price was $376,400
- 2015 average sold price was $346,475
Near the end of 2017 and beginning of 2018 it has become very common to see new listings go into contract within the first two weeks of hitting the market.
What has made Aina Nalu so popular all of a sudden? It is probably many factors that have contributed to the increased interest in the Lahaina vacation rental condo, lets take a look at a few.
- Built in 2005, Aina Nalu’s is relatively new. Most vacation rentable condos on Maui were built in the 1970’s and 1980’s.
- Tropical / Zen like common grounds are particularly inviting and relaxing. This is likely a reflection of the fact that it is a newer build than comparable properties. The design is a much better representation of what todays buyer and vacationers are seeking.
- Ideal location for those that love Lahaina. If you know the West Side of Maui, there is a distinct difference between the towns of Lahaina and Kaanapali which sits just a few miles to the north. Lahaina offers a much more robust night life and cultural experience. Aina Nalu is also offers convenient and walkable access to the basic necessities such as groceries.
- The maintenance fees are reasonable. It has become common place to see maintenance fees for vacation rentable condos to be well over $1,000 per month. Currently Aina Nalu’s 1BR units have a maintenance fee of just over $400 / month and the 2BR units are just over $700 / month.
- Appropriately priced. 2BR units are still under $500K and the 1BR units are still under $400K. Simply put, there just isn’t many full ownership condos available on Maui that offer the following:
- Fee Simple Ownership
- Built within the past 15 years
- Vacation Rentals Allowed
- Outstanding Grounds, Common Areas, and Amenities
- Reasonable Maintenance Fees
What it boils down to is that buyers that are interested in Aina Nalu should be prepared to act quickly as new units hit the market. Express your interest early and if you will be using financing, get your pre-approval in advance.