We have been in the process of bringing our listings back on line as part of the opening of the new brokerage. Most are coming back at the same list price. However, the house and cottage we have listed in Kihei had a nice little price reduction. This great property is located in the desirable Hale Kilohana neighborhood . This great opportunity features a 2 bed/ 2 bath 1,225 square foot main house and a 500 square foot 1 bed/ 1 bath cottage. Take a casual stroll to Keawakapu or the Kamaole Beach Parks. Enjoy spectacular sunsets from the lanai or watch the sun rise over Haleakala. Host friends, family or tutu in the detached cottage. The home has been loved by the original owner for 25 years. Both homes feature vaulted ceilings for an open, airy feel. The house and cottage need some TLC and updating, but the bones appear to be good and the location is excellent.
This opportunity offers sunsets, quality location, post and pier construction for easy changes and 2 dwellings at a market driven price. This is not a short sale or a REO so there should be no delays or red tape. This home is now offered at $629,000. Contact us for additional information. Click here for additional photos.
The Green Banana Cafe in Paia is hosting a Fun Run tomorrow morning Saturday March 13th to benefit Women Helping Women. There are 5K and 10K runs following a mostly flat course from Green Banana towards Kahului airport. If you are feeling last minute inspiration, you can register starting at 6:00 AM. Day of race fees are $35 for adults and $30 for youth under 18 for the 10K course. The 5 K course is $30 for adults and $25 for youth under 18. The Run starts at 8:00 AM. Awards will be given to the top three male and female finishers. Have some fun, get some exercise and support a great local non-profit and its efforts to curb domestic violence.
The Maui Real Estate Team has a brand new listing to report in beautiful Kuau on Maui’s North Shore. This property is just one lot away from the ocean and a 2 minute walk to the beach. The 5 bed, 3.5 bath gated condomium home is beautiful, private, unique, impeccably maintained and almost new. This compound offers many of the benefits of oceanfront living without the challenges. Enjoy fabulous views of the ocean; walk across the private lane to swim, surf, wind or kite-surf; stroll to Mama’s Fish House for a bite; or take a quick drive or bike ride to Paia Town or Hookipa.
This home offers a lot more to love than just its great location. Like to cook/entertain? The open and spacious kitchen features a Viking range, Jenn-Aire stainless steel appliances, beautiful cherry wood floors and cabinets. There are multiple outdoor lanais and a roof top observation deck from which you can enjoy 360 degree views. With low maintenance landscaping, plenty of storage for your water toys, an outdoor shower and a flexible floor-plan, this property will make an ideal full or part time residence. This home is offered at $1,495,000. Contact us today for additional information or to arrange a showing. Click here for additional photos. I will be posting even more photos and a virtual tour of the property in the next few days.
The Maui Luxury Home and Condominium market has been on a bit of a roller coaster ride over the last couple of years. This segment of our market was among the most resilient during the tail end of the real estate boom. During 2007 and the first quarter of 2008, luxury homes and condominiums were still fetching premium prices and seeing stronger sales volume. This was happening while almost all other segments of the market were seeing slumping sales volume or flat to depreciating prices. As the year progressed in 2008, the high end market started to change. Sales volume slowed rapidly. By the peak of the financial crisis in the fall of 2008, the pace of sales slowed to a trickle. Sales remained limited throughout much of 2009. While there were some very high end transactions, most of the properties that were moving were selling at a pretty substantial discount from the peak. The Maui luxury market was not immune to price adjustments.
As we are approaching the close of the first quarter of 2010, will we start to see some recoveries in sales volume? Is this market showing new life? The quantitative data suggests we aren’t quite there yet. We have the same number of home closes over $2,000,000 for the year at this time this year as we did at this time last year. That being said, there are some suggestions that there may be some additional improvements forthcoming. Barron’s just ran an article on improvements in the second home market. Maui was first on the list of ten communities identified as the best places to buy second homes in the country. The article spoke of increases in activity among a number of high end enclaves. There are reasons for this increase in activity. While 2008 was a year of tremendous wealth destruction among some of the nation’s most affluent, 2009 proved to be a lot more prosperous. More millionaires and multi-millionaires means more potential luxury home buyers.
Last but not least, more than a few eyebrows were raised across the island when a Makena Beachfront Home listed for $27,000,000 recently went under contract. If this property closes remotely closes at a price remotely close to its list price, that would set a new high water mark for single family homes. We will continue to keep an eye on the Maui Luxury market. Contact us if you have questions about or need assistance looking for luxury properties on Maui.
The Realtors Association of Maui (RAM) has posted their official statistics for the month. I noticed them on the home page of their site shortly after I had posted my own “Unofficial Maui Real Estate Statistics” for the month. There isn’t too much discrepancy between my numbers and the official numbers. I have one more home sale and one more land sale in the unofficial stats. I feel pretty confident about my numbers. Perhaps, I tallied my figures after RAM.
In addition to variation in sales volume, there are a few other things worth noting about the official stats. The RAM stats provide monthly sales volume information and median sales price information dating back 5 years. This is nice for context and getting a sense of overall market trends. The official stats also provide sales numbers and median prices on a community level. It is nice to have that type of granularity. That being said, the rather small sample sizes on the community level can make month to month comparisons particularly deceptive. Last but not least, RAM executive Terry Tolman also provides remarks. The one part of Terry’s remarks that I usually hone in on is the volume of inventory. We saw a positive trend through the latter half of 2009 as inventory began to shrink. There was a pretty healthy jump in inventory in January and a more modest jump in inventory in February. This is going to be something to watch over the next few months. Continued increase in inventory will likely slow the time frame for price stabilization. Without further delay, here is a link to the official February 2010 Maui Real Estate Statistics .
It has been a fun and busy first five days for The Maui Real Estate . It is likely to be a busy weekend in the office and showing properties for us as well. That being said, there are a lot of fun events happening this weekend on Maui. I have posted a few highlights below.
The Haiku Ho’olaulea and Flower Festival is being held tomorrow at the Haiku Community Center. The event runs from 9:00AM to 5:00 PM. The Festival features entertainment, food, crafts, flower demonstrations, and a farmer’s market. There will be a number of great North Shore Restaurants with ono grinds (good food for our mainland readers). Performers will include the Hui Lanikila Halau, Dr. Nat, Marty Dread, Gail Swanson, Maui Kilakila, and more. Proceeds from the festival benefit Haiku School, Haiku Boys and Girls Club and the Haiku Community Association for local youth education enrichment and activities.
On Sunday, Manao Radio is hosting Barryfest 2010 at the Keopuolani Park Amphitheater (next to Maui Nui Botanical Gardens) in Kahului. This fundraiser commemorates the eighth year of the listener supported radio station. It also celebrates the life of one of the station’s founders Barry Shannon. Barry passed away a few years back. This is one of the biggest if not the biggest musical festival on Maui. There are 15 bands booked including some of Maui and Hawaii’s most talented rock musicians. Barryfest runs from 11:00 AM to 6:00 PM. Gates open at 10:30 AM. Tickets are available at the gate for $25. Keiki (5-12) and kupuna (65+) have a reduced admission charge of $15. Bring your hat, sunscreen, blankets and low backed chairs for this fun musical event.
You can support Maui OnStage community theater this weekend by checking out the opening of to Kill a Mocking Bird at the Historic Iao Theater in Wailuku. You may be a little late for opening night, but there are also performances on Saturday Night at 7:30 and on Sunday afternoon at 3:30.
These are just a few of the things happening on Maui this weekend.
