Maui is often called “no ka oi” for a reason: as the second-largest island in the Hawaiian archipelago, it boasts everything one could want in a Pacific oasis. From the fastest wave in the world at Maalaea to the rugged, remote beauty of La Perouse — and from the lush rainforests in Hana to Kaanapali’s verdant serenity — Maui lives up to its reputation as “the best” island in the chain. And while its natural beauty is downright extraordinary, it also has a thriving arts and cultural scene, award-winning cuisine, luxury shopping, and plenty of incredibly fun outdoor activities.
Its appeal has never been a well-kept secret, even if its tourism rates are eclipsed by its neighbor, Oahu, but in recent years, it has sparked phenomenal interest from buyers. Oprah, Jay Z and Beyonce, Paul Simon, Jim Carrey, Mick Fleetwood, and dozens of leading CEOs, business owners, and luminaries have invested in Maui homes or relocated to its slopes and shores to bask in its splendor and take advantage of the seclusion it offers. Most recently, Amazon founder Jeff Bezos purchased 14 acres on the southernmost stretch of the island in a mind-blowing $78 million deal. In return, he procured a piece of veritable paradise.
Living on the waterfront is, of course, the ultimate lifestyle dream — globally, certainly, but especially on Maui, where the ocean is astonishingly clear, the beaches are second-to-none, and, on the leeward side of the Valley Isle, homeowners can get blissfully lost in the views of the outlying islands of Molokini, Kaho’olawe, Lanai’, and Moloka’i. Living here means having exclusive access to all the amenities, gorgeous views, and luxury you could dream of.
If you are eyeing the island and considering its possibilities, read on for West Maui real estate agent Jeff Onderko’s list of the top five reasons to invest in a Maui oceanfront property.
High rate of appreciation
In the last two years, home prices in Maui have positively skyrocketed. The median price of a single-family home hit an all-time high of $1.25 million in June 2022, while residents around the island scampered to secure new accommodations as the price of rentals soared 40% over the preceding year. Homes in this Hawaiian wonderland enjoy a high rate of appreciation, with an average rise of 7.6% per year.
Limited availability
Maui may be the second biggest island in Hawaii, but it is a mere 727 square miles. Large swaths of land are dedicated to conservation and agriculture. Maui has 120 miles of coastline and 30 miles of beaches, but parts of this coastline are privately or state-owned or unsuitable for development. In other words, the waterfront homes and land that does exist are extremely coveted, while inventory on the island as a whole — including inland and Upcountry residences — is tremendously limited. If you have the means and incentive to purchase a waterfront property on Maui, this is the time to do so, especially now that real estate throughout Hawaii and the rest of the country is expected to stabilize by mid-2023.
The possibility of earning rental income
True, renting out some waterfront properties as vacation rentals is legally prohibited or regulated by strict rules; all Maui County properties, for example, must be owned for five years before a homeowner can apply for a Short Term Rental Permit. If a sale is made, the permit does not transfer as well.
However, there are oceanfront condos scattered across the island, particularly in the leeward regions of Makena, Wailea, Kihei, Ma’alaea, Lahaina, Kaanapali, Napili, and Kapalua, that may be used as vacation rentals.
Maui is a leading vacation destination not just in the States but also around the world and sees roughly 66,000 visitors per day. Translation? Renting out your vacation home could pull in a robust profit — particularly if you own a high-profile property that can be used for extravagant purposes like celebrity weddings.
The chance to relish one of the most desirable lifestyles in the world
Maui’s stunning beaches, Haleakala’s heart-stopping sunrise, Hana’s infamous serpentine road, Upcountry’s Northern California vibes, and superb scenery — Maui’s majesty is renowned around the world. But living on Maui, even if only for a few months per year as you use your waterfront property as a second residence, offers far more than the experiences tourists typically savor.
To live on Maui is to be a part of a close-knit community; the kind of place where a trip to Foodland means running into a neighbor, “talking story” with locals can add an extra dose of delight to a chill afternoon, and everyone at the cafe you frequent knows your name. It’s a place that prizes health, ecology, and outdoor activities and gives residents a chance to experience 13 of the world’s microclimates in a single day if they choose. Supreme serenity can be found by hiking the Waihe’e Ridge Trail, but you can also get a taste of “town” by following it up with a craft cocktail at Honu Oceanside before heading to Lahaina’s Front Street for a night on the town. In sum, whatever your mood and needs, Maui somehow has the answer, rendering life here as magical as it is often touted.
Want to know more about living on Maui?
Change is always a constant, and Maui has seen its fair share of change recently, especially as there has been a flood of new residents post-pandemic. If you’re looking to join the ranks of new inhabitants, enchanted by Maui’s allure, you’ll need a knowledgeable guide.
Jeff Onderko is the real estate agent-broker to guide you through Maui’s most exquisite waterfront properties. Specializing in residences across the island’s West Side — including Lahaina homes, Kaanapali houses, and Kapalua condos for sale — he brings consummate knowledge and Hawaii’s signature aloha spirit to all of his dealings. Experience the marvels of Maui with him by your side.
Frequently Asked Questions
What are some of the unique features and attractions of Maui?
Maui, the second-largest island in the Hawaiian archipelago, offers a range of attractions such as the world's fastest wave at Maalaea, the remote beauty of La Perouse, lush rainforests in Hana, and the serene landscape of Kaanapali. Additionally, it has a rich arts and cultural scene, award-winning cuisine, luxury shopping, and numerous outdoor activities.
Why are Maui oceanfront properties gaining interest from prominent individuals?
Maui's natural beauty and seclusion have attracted notable figures like Oprah, Jay Z and Beyonce, Paul Simon, Jim Carrey, Mick Fleetwood, leading CEOs, and business owners. Jeff Bezos notably purchased a property on Maui for $78 million.
Why is living on Maui's waterfront considered special?
Living on Maui's waterfront offers exclusive access to clear oceans, unparalleled beaches, and mesmerizing views of islands like Molokini, Kaho’olawe, Lanai’, and Moloka’i. It encapsulates a luxury lifestyle with unique amenities and breathtaking vistas.
What are some reasons to invest in a Maui oceanfront property?
Jeff Onderko lists five primary reasons:
- A high rate of appreciation in property values.
- Limited availability due to conservation, state ownership, and unsuitable terrains.
- The potential to earn rental income from vacation homes.
- The opportunity to experience one of the most desirable lifestyles globally.
- Being part of a close-knit community that values health, ecology, and offers diverse experiences.
