Posted
by Courtney M. Brown
on Wednesday, September 7th, 2016 at 3:07pm.
Alaeloa Maui New Listing and Market Update
Alaeloa is truly one of Maui's hidden gems...an enclave of just 42 residences on 13 acres, this private, gated community is situated on a private oceanfront cove in Napili. Through a large mango grove there is direct access to a crescent beach and the surf break at Little Makaha. Along the ocean is a large heated saline pool, along with a relaxing Pavilion with kitchen, bathrooms and showers, kayak and board storage areas.
The oceanfront pool at Alaeloa
Introducing Alaeloa 40
This two bedroom, two bathroom condominium residence is one of only two townhouse units on property. The two story floor plan provides views from both levels, and has been extensively refurbished and beautifully furnished.
The kitchen opens to the great room and features upgraded appliances and fixtures, new cabinets and granite counter tops. The Master Bedroom has a private lanai, with lovely ocean and outer island views.
Both the downstairs and upstairs living spaces open up to large outdoor living spaces allowing you to enjoy Maui's beautiful weather, the ocean, and the island breezes.
Alaeloa Real Estate Market Overview
Current Listings*: 2 Price Range: $750,000 to $2,479,000 Leasehold 2016 Sales YTD: 6 2016 Sales Range: $610,299 to $1,875,000 Leasehold 2016 Sales Volume: $5,397,799 2016 Average Sales Price: $899,633 Leasehold
Alaeloa Market Commentary: as Alaeloa offers both oceanfront and ocean view condominium residences, as well single units and duplexes, there is a broad variation in values. Five of the sales were ocean view, and one oceanfront at $1,875,000 Leasehold. Alaeloa offers the feeling of a private home, with condominiumized grounds, which is attractive to buyers seeking the privacy of a home and the ease of maintenance of a condominium.
Sales in 2016 have picked up dramatically at Alaeloa over 2015. Last Year, there were just two sales that averaged $617,500. It should be noted that with such a limited number of units, the low sales in 2015 relative to 2016 may be indicative of supply vs. demand.
What is the Leasehold Agreement at Alaeloa?
A leasehold interest is created when the owner of a property enters into an agreement to lease the property for a specified period of time. As the purchaser of a leasehold property, you are acquiring the right to occupy and use the leased property for a specified period of time stated in the lease agreement.
The Alaeloa leasehold estate was created in 1965 and runs to December 31, 2059. Ground leases are determined every ten years by the appraised value of the property as if it were unencumbered and there were no improvements on the property. The Alaeloa lease stipulates that ground rents are determined by the agreed upon appraised value times a specified interest rate or the then prevailing rate of similar properties similarly located. Yearly lease rents are established at Alaeloa through 2019.
Future ground leases will be established from 2020 through 2024, 2025 through 2034, 2035 through 2044, and 2045 through 2059. Most leases contain a surrender clause that states that the land and improvements revert back to the landowner at the expiration of the lease and there is no guarantee that a leasehold property will not revert unless agreed upon and advertised as Leasehold-Fee Available. However, some Lessors are negotiating with Lessees to extend the leases and in some cases we are seeing leasehold properties being converted to fee simple ownership, meaning in a condominium you own the unit as well as a percentage interest in the fee (land) and its improvements.
We recommend purchasers of leasehold property seek legal counsel to review the ground lease agreements and leasehold documents.
*All data above is taken from the MLS at the time of this post. Active listings follow below.
Listed By: Real Broker LLC Office Contact: hawaiisbest1@gmail.com
Unit 35 In Alaeloa, Napili, Embodies The Essence Of Vintage Hawaiiana With Its Charming Three-bed, Two-bath Cottage Nestled In This Iconic Community. Surrounded By The Breathtaking Scenery Of The Ocean And Molokai, This Freestanding Home Offers A Tranquil R...
Listed By: Welcome Hawaii Properties Office Contact: Cell: 808-280-2480
Alaeloa 9 Is A Spacious, Four-bedroom, Four-bathroom Ocean-view Home Located Steps Away From The Beautiful Blue, Turtle-filled Waters Of Napili. The Home Is Located Within An Idyllic 13.357-acre Oceanfront Community Known As Alaeloa. Alaeloa 9 Is Unique, A...
Listed By: Coldwell Banker Island Prop-KP Office Contact: Cell: 808-250-1583
Alaeloa 28 Is An Oceanfront Maui Paradise! It Is The Most Highly Upgraded Oceanfront Duplex In Alaeloa Which Captures Modern Luxury Surrounded By The Essence Of ‘old Hawaii’ Seamlessly Blending Sophisticated Architecture Enhanced By Panoramic Oceanfront Vie...
Listed By: Coldwell Banker Island Prop-KP Office Contact: Cell: 808-250-1583
Alaeloa 26 Is A Rare, Highly Sought After, Stand-alone Oceanfront Residence With Breathtaking Ocean Views And Views Of The Neighbor Island Of Molokai. It Is A Two Bedroom, Two And One-half Bath Residence With A Large Green Grass Yard. It Features A Light ...
