Two condos at Makena Surf can sit steps from the same beach yet differ in price by seven figures. If you are buying, you want to know what truly commands a premium. If you are selling, you want to present those strengths with clarity. In this guide, you will learn the specific features, costs, and market signals that drive value at Makena Surf, plus the key checks to make before you act. Let’s dive in.
Makena Surf at a glance
- Low density, beachfront community on about 16.23 acres with roughly 100 to 107 units built in the mid 1980s through early 1990s. Typical 2 bedroom homes run about 1,200 to 1,600 square feet, with rarer larger residences above 3,000 square feet. Source
- Gated property with two pools, two spas, tennis and pickleball, on-site management, BBQ areas, and direct access to Po‘olenalena and nearby beaches. Source
- Listings commonly identify H-M Hotel zoning with fee simple ownership, and many market units as vacation rentable. Always confirm current status for a specific unit.
Location and views lead value
Oceanfront is the top driver. Units with direct, unobstructed ocean views and easy beach access trade at a sizable premium over interior or partially obstructed view homes. Listings often highlight oceanfront lanais and sunset viewpoints as the primary selling point. See a representative oceanfront example here for context on how view is framed in marketing and price positioning: oceanfront listing example.
Space and lanai design
More interior square footage, great separation of bedrooms, and large covered lanais add real value. Makena Surf’s typical two bedroom footprint of about 1,200 to 1,600 square feet scales noticeably in price as you move up in size and outdoor living space. Some residences offer oversized lanais that function like an additional living room, which buyers and guests prize. Overview
Construction and condition
Concrete construction, which is noted in some buildings, can command a premium because of sound attenuation and perceived durability. Buyers also respond to recent upgrades in kitchens, baths, A/C, and flooring with higher per square foot pricing. Always note the specific building when assessing long term maintenance and insurance. Construction example
Resort amenities and setting
Pools, tennis and pickleball courts, a gated entry, on-site management, and beautifully landscaped grounds reinforce Makena Surf’s resort feel. Direct beach access and proximity to Wailea golf, dining, and shopping further support values. Amenities overview
Zoning and rental rights
Many MLS and broker pages market Makena Surf as hotel zoned and vacation rentable, with some noting it is not on the Minatoya list. That distinction matters because the legal right to operate as a short term rental is a major price driver. Verify the permitted use and any condo rules for the exact unit you are evaluating. Zoning reference
Policy remains in flux. Maui County has considered measures widely described as a phase out of certain vacation rentals, often referenced as Bill 9. Changes to county rules could impact rental economics even for hotel-zoned properties, for example through licensing, fees, or other conditions. Stay current on policy developments. Background report
Operating costs that move the needle
HOA fees and reserves
Monthly HOA assessments at Makena Surf frequently run in the mid 1,000s to above 2,400 dollars per month, depending on unit and building. These costs affect both owner carrying costs and net rental yield for investors. Review the most recent assessment level, reserve study, and any planned capital projects. Fee example
Property taxes and insurance
High value oceanfront property can carry annual property taxes in the tens of thousands, which should be included in your pro forma. Insurance for coastal condos is also a key line item, so ask for the HOA policy, deductibles, and loss history. Tax example
Market pricing signals
Recent MLS history shows a wide value band that closely tracks view, size, level, and finishes. For example, Makena Surf G-303 sold on May 14, 2024 for 3,600,000 dollars. Sale reference
Across the 2022 to 2025 period, list prices commonly appear from the low 2 million range to 5 million plus, with unique oversized residences positioned much higher. The takeaway is simple. Expect meaningful price differences driven by ocean exposure, square footage and lanai size, building type, and recent renovation.
Income potential and yield, realistically
In the broader Wailea market, third party trackers show strong average daily rates and healthy annual revenue potential, with a median ADR around 344 dollars and median annual revenue near 95,000 dollars in recent snapshots. Results vary by season, view, unit quality, and management. Wailea ADR and revenue
If you value a condo by income, work from net, not gross. Deduct management commissions, cleaning and linens, utilities, platform fees, HOA dues and reserves, property taxes, insurance, maintenance, and realistic vacancy. That bottom line is what drives an investor’s price ceiling.
Risk and resiliency to evaluate
- Flood and shoreline exposure: brokerage pages are sometimes inconsistent about flood zone flags at Makena Surf, which affect premiums and lending. Confirm parcel status directly against FEMA FIRM maps and Maui County resources, and review condo insurance history and shoreline reports.
- Policy and taxes: in addition to county rental rules, the State has approved higher hotel and vacation rental taxes to fund climate projects, with changes taking effect in coming tax years. Factor tax changes into forward-looking income models. State hotel tax context
- Insurance markets: after the 2023 wildfire disaster, insurer outlooks and underwriting across Maui have tightened. Document coverage, deductibles, and reserves during due diligence.
Smart due diligence checklist
- Confirm the specific unit’s zoning and legal rentability, including any county permits and condo rules on minimum stays and on-site management.
- Request the latest HOA budget, reserve study, and minutes, and ask about upcoming projects or special assessments.
- Verify monthly HOA fees, annual property taxes, and current insurance costs for an accurate pro forma.
- Review building type and condition, including any concrete versus wood-frame differences that may affect noise and long term maintenance.
- Check parcel-level FEMA flood maps, shoreline erosion data, and any county hazard designations.
- Price against recent, like-kind comps that match view, size, level, and renovation quality.
Ready to talk through a specific Makena Surf opportunity or position your condo for top-of-market presentation? Reach out to Riette Jenkins for confidential guidance rooted in decades of South Maui expertise.
FAQs
What drives premium pricing at Makena Surf compared to other Wailea condos?
- Oceanfront exposure and unobstructed views, larger interiors and lanais, concrete construction and recent upgrades, resort amenities, and legal vacation rental rights are the core value levers.
Are Makena Surf condos legal for short term rental today?
- Many listings market units as hotel zoned and vacation rentable, but county policy is evolving, so you should confirm the specific unit’s current legal status, any permitting, and condo rules before relying on rental income.
How much are typical HOA fees at Makena Surf?
- Recent MLS examples show monthly assessments in the mid 1,000s to above 2,400 dollars, with amounts varying by unit and building; always verify the current figure and the reserve study.
What recent sales help anchor values at Makena Surf?
- A representative example is G-303, which closed in May 2024 at 3.6 million dollars; look for comps that match your unit’s view, size, level, and renovation level.
What are the main risk checks for buyers in Makena?
- Confirm flood and shoreline exposure on FEMA maps, review HOA insurance and reserves, verify rental legality and tax impacts, and model income on a net basis after all expenses and seasonality.
