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Pulelehua

Hawaii's New Homes Report - October 2022

By REAL. Updated Nov 13, 2022 | New Homes | 5 min. read
  1. FeaturedJump
  2. UpdatesJump
  3. Coming SoonJump
  4. Kakaako Project ReviewJump

October's report features 2 new developments on Maui - Pulelehua and Koa Waena. On Oahu, there are affordable units still available, but you need to act fast and work different angles.

The 12 month moving average of residential building permit value in Hawaii continues to decline, matching levels from April in 2021.

Featured

Pulelehua

Pulelehua is a master-planned community comprised of up to 1,000 residential units (affordable townhouses and multifamily rental units), a community park, a future school, and 2 areas for commercial space. It'll be located right next to Kapalua Airport in West Maui.

Subject to change. Photo from Maui Oceanview.
Subject to change. Photo from Maui Oceanview.

MauiNow recently published an article sharing that Paul Cheng, the developer, plans to prioritize affordable units its first phase. It goes on to share about Mr. Cheng's commitment to offering affordable housing to Maui residents and how their public-private partnership works.

AMI
60%
80%
100%
120%
Income Limits
$60,660
$80,880
$101,100
$121,320
# of Units
20
20
40
20
Studio Pricing
$117,000
-
-
1 Bed Pricing
$157,849
$210,428
$263,063
$315,697
2 Bed Pricing
$191,649
$255,520
$319,433
$383,349

Koa Waena

Recently unveiled on September 30, Koa Waena is a new affordable housing development by Peter Savio.

You can sign up for their mailing list here.

Updates

Sky Flats at Sky Ala Moana

The lottery winners will be announced on October 28, 2022. Due to DPP's strict 33% minimum income guideline (e.g. if your mortgage is $2,000 per month, then you must earn $6,000 per month), the majority of applicants were not approved. Of the 84 affordable units being offered, 42 are considered community units. If those 42 units are not purchased within DPP's set timeframe, then the 30 year "affordable" classification restriction will be reduced to 20 years. If the units still don't sell after a prolonged period, then the restriction will be reduced to 10 years.

DPP may loosen their restrictions if the units don't sell, so we encourage you to apply and get in line in case that happens.

Renaissance Residences Honolulu in Sky Ala Moana

There are a few market-priced residences left in Renaissance Residences Honolulu. The benefit of these units is that you can legally rent them out via the Residences Honolulu Hotel program run by Marriott. 1 Bedroom prices range from $866,700 and up.

The Park on Ke‘eaumoku

Because the The Park on Ke‘eaumoku uses the same affordable housing program as Sky Flats, few applicants were approved. As a reminder, prices start at $349,000 for studios, $493,000 for one-bedroom units and $585,000 for two-bedroom units.

The Cottages at Mauna ‘Olu

From the 118 single-family homes built, there are only 2 homes for pre-sale left. Another 4 are planned to release at a later time. Prices: $1.29M - $1.425M. First come, first served.

Ililani

Waioha Koa Ridge

Malina Koa Ridge

Northpark by Gentry

Honua‘ula (formerly known as Wailea 670)

Originally pitched around 30 years ago, the Maui County Commission has approved Honuaʻula’s District Phase II Development. It's expected to deliver about 1,100 residences in the Wailea area next to Maui Meadows. You can read more about it here.

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New projects coming soon

Alia Kakaako

There's a lot of built-up anticipation for Alia in Kakaako, which was announced to release before the end of 2022.

Kahuina

Details about Kahuina in Our Kakaako was recently presented to the neighborhood boards. Its release is expected early next year.

Elm Street Development

Last year, Twenty Lake Holdings purchased the old Meadow Gold facility near Walmart by Ala Moana. Details were presented that two 400 ft towers are planned and that the project will include 50% or more affordable housing units. It'll likely be run through the HHFDC program.

Kakaako and Midtown Ala Moana New Project Review

Hano Marketing released their latest report showing past price ranges, average maintenance fees, and when new developments were built in the Kakaako and Ala Moana. Click on the image below to see the report.

Kakaako and Midtown Ala Moana New Development Review

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