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Price Adjustment in Pukalani

The sellers of our Pukalani listing just adjusted the price of their high potential property. This 4 bedroom, 2 bath home offers a flexible floor plan and an attached 2 bedroom, 1 bath ohana. This home is ideal for a buyer looking for a rental that could help offset some of your mortgage expenses. This home has loads of potential ready to be unleashed by the buyer who is willing to put in the elbow grease. There is a nice garden areas with citrus, avocado, banana, breadfruit, mango and Coconut trees. There are even small ocean views of both coastlines. This home’s Upcountry location is about as convenient as it gets. You are within walking distance of the Pukalani Town Center, Pool and Park. Central Maui shopping and Baldwin Beach in Paia are just a quick drive down Haleakala Highway.

Porch of a home for sale at 172 Hiwalani Loop in Pukalani

Exterior of a home for sale at 172 Hiwalani Loop in Pukalani

Aerial shot of a home for sale at 172 Hiwalani Loop in Pukalani

This home is now offered for $619,000. You can check out the 172 Hiwalani Loop listing page for additional photos and details. Contact The Maui Real Estate Team to arrange a showing or to discuss this property with an agent.

By » 5/23/2015 » in

Immaculate Piilani Villages Home

We recently listed an impeccably maintained home in the Piilani Villages Subdivision in Central Kihei. This three bedroom, two bath home is clean and move in ready. The sellers are the original owners and they have maintained the property very well over the last 14 years. Highlights of the home include a central a/c system, tinted windows, a recently replaced water heater, new screens and customized structured wiring with home automation including a security camera. The master bedroom has nice privacy while the front bedroom boasts great Haleakala views. The garage has an epoxy coated flooring that is clean enough to eat off of. A low maintenance yard allows you to spend more time at the beach.

Kihei Home Twilight

This is an easy place to come home to after a long day at work or the beach…

Kihei home living and kitchen

The seller’s pride of ownership is evident in the kitchen and living room areas.

Kihei immaculate garage

Garage pictures usually don’t make it to the blog, but this one illustrates just how immaculate this home looks.

aerial view of home in Piilani Village

An aerial view that shows how close Piilani Village is to the beach.

The home is well located within the subdivision and the overall community of Kihei. You are within walking distance of shopping and restaurants. The beach is less than five minutes by car. Medical facilities, Costco and Target are just 20-25 minutes away in Central Maui. This Immaculate Piilani Villages Home is listed for $579,000. Check out the 53 Polale property website for a virtual tour and additional photos. Contact The Maui Real Estate Team to arrange a showing or if you have questions on the property.

By » 5/21/2015 » in

Two Building Lot Opportunities in Haiku

We recently listed Apartment A and Apartment B of a condominiumized agricultural lot in Haiku. Typically an agricultural lot allows for the construction of a primary residence and an accessory farm dwelling (a cottage) with up to 1,000 square feet of living space. The sellers split the two acre lot via the CPR process or what is known as condominiumization. The end result is two “apartments”. Apartment A consists of 1.3 acres and the rights to build a primary residence . This lot has approved building plans already in place for a three bedroom, two bath, Hawaiian Plantation Style home. A new owner could literally start construction within days of closing. Apartment B consists of .7 acres of land with the potential to build an accessory farm dwelling with two beds, two baths and 1,000 square feet of living space.

Unit B of a condominiumized lot in the Peahi Hui Subdivision

Aerial View of Unit B of the Condominiumized lots.

Unit A of the Condominiumized Lot in the Peahi Hui Subdivision

Aerial Photo of Apartment A of the Condominiumized lot in the Peahi Hui Subdivision

These lots are located in the Peahi Hui subdivision. The subdivision consists of 16 full (not condominiumized) agriculturally zoned lots between 2 and 4 acres in size. Peahi Hui has convenient access to Hana Highway. It is roughly 10 minutes to the world renowned Ho’okipa Beach Park and 15 minutes from Paia Town. It is just over 5 minutes from Haiku amenities like Colleens and Nuka Restaurants, Haiku Grocery, a fitness center and yoga studio.

These condo lots represent a good opportunity for Haiku buyers looking for new construction. You can choose the finishing and details to your specifications. Apartment A is offered for sale for $258,500. Apartment B is offered for $358,500. Check out the listing pages for Apartment A and Apartment B for additional photos, maps and details. Contact The Maui Real Estate Team if you have questions on the properties, condominiumized land or to arrange a showing of the lots.

By » 5/19/2015 » in

Sneak Peek at the April 2015 Maui Real Estate Statistics

Friday was Lei Day in Hawaii. The first of May is a celebration of the Hawaiian Lei and Hawaiian culture in general. The passing of the first of the month also means that it is time to take a look back on the April Maui Real Estate Statistics. Our sneak peek at the April Maui Real Estate stats includes information on sales volumes, median prices, notable sales numbers, pending sales activity as well as a few thoughts on the stats and what they mean for buyers and sellers. These numbers were compiled on May 2nd so there may be a few sales reported after we publish this post. If there are any substantial changes, we will make note in the comments. Without further ado, here are the April numbers.

April Maui Real Estate Sales Volumes and Median Prices

A comparison of April 2014 and April 2015 Maui Real Estate Sales Volumes

This chart compares the Real Estate Sales Volumes on Maui during April 2014 and April 2015

By my count, there were 84 home sales that have been reported thus far for April of 2015 with a median sales price of $574,625. In April of 2014, there were also 84 homes sold at a median price of $583,000. That is a 1.5% decrease in median prices with volume unchanged when comparing the two Aprils.

There have been 103 condo sales reported to date for April of 2015 with a median sales price of $405,000. That is significant decrease in volume from April 2014 when there were 136 sales with a median sales price $403,500. That calculates to a 24% decrease in activity and a less than 1% increase in median price.

There were 12 land sales last month with a median price of $417,500. Last April, there were 19 sales with a median price of $510,000. That represents a 37% decrease in sales activity and an 18% decrease in median price.

Other Notable Numbers from The April Maui Real Estate Sales Activity
While compiling the numbers above, there were a few other notable numbers from the April Sales activity that are worth sharing.

  • The highest priced home sale last month was $9,750,000 for a 39.7 acre estate in Haiku. The home is known in the community as the Baldwin Estate after one of its previous owners. The property includes two parcels of land and a main house with 10 bedrooms, 10.5 bathrooms and over 9,600 square feet of living space. In addition to the main house, there are multiple outbuildings, a pool area, tennis court and sumptuously landscaped grounds. This was the highest ever sales price for a home in the community of Haiku.
  • The Baldwin House was one of five home sales over $2,000,000 in April. There were 2 sales in Ka’anapali, a sale in Wailea and a home on Keawakapu Beach in Kihei. The value of the $7,700,000 Keawakapu sale was almost exclusively in the land.
  • In addition to the sales reported above, there are rumors of a sale in the Makena area for $41,750,000. That would be a new record high for Maui. This has not been published on the MLS and the details are sketchy. We will provide updates if we learn anything new.
  • The highest priced condo transaction in April was for a 3 bed, 3.5 bath unit at Wailea Beach Villas. It closed for $6,100,000.
  • While overall condo sales were down, the market over $1,500,000 remained strong. The Wailea Beach Villas transaction was one of 9 sales over $1,500,000 in April. The other transactions included 2 at Honua Kai, 2 at Makena Surf, a Hoolei, a Montage, a Palms at Manele, and a Ka’anapali Ali’i.
  • It was notable that there were no land sales over $1,000,000 last month. The high sale was $718,291 for 4.54 acres on the ocean in the Paukukalo area of Wailuku.
  • There were 9 bank owned (REO) sales on Maui sold via Realtors last month. That is the same number as April of 2014.
  • There were 4 successful short sale transactions last month. Last April, there were 10 short sale transactions that were completed successfully.

Some Quick Thoughts on the April Sales Activity
Looking at the numbers above, this was a stinker of a month for condo sales activity. This was the slowest April for condos sales since April of 2009. It clearly wasn’t due to the top of the market. The 9 sales above $1,500,000 was higher than the 6 sales in that price range during 2014. Below, $1,500,000, there was a decrease in activity at all price points. Condo sales under $300,000 were down from last April by 27.5%. Condo sales between $300,000 and $800,000 were down from last April by 28%. Sales between $800,000 and $1,500,000 were down from last April by 24%.

I don’t have any great quantitative data that points out why these different market segments were down. My guess is that the under $300,000 market is driven in part by decreased inventory. There are fewer condos under $200,000 available and fewer vacation rental condos available under $300,000. As you get up into the next price brackets, I suspect we are feeling the impact of decreased activity from Canadian buyers. With the Canadian dollar down significantly from two years ago, we are seeing fewer Canadian buyers. We are also seeing some sellers failing to adjust to the market. Activity has been down, but there are still a number of sellers trying to push the envelope on pricing with asking prices way above recent comparable sales.

Land numbers were down even more significantly on a percentage basis than condo sales, but those numbers tend to appear more dramatic due to a small sample size. I would argue that this month’s drop is a reflection of monthly variability than any sort of substantive change in market conditions. That said, the land market on Maui remains a lot slower than it was during the last real estate boom.

It is important to note that sales are a lagging indicator. Since the average Maui Real Estate transaction takes somewhere between 30 and 60 days to close, sales activity does not speak to more current buyer demand. That is one of the reasons why we like to keep an eye on pending sales activity in a month.

Pending Maui Home Sales

Maui County Pending Real Estate Sales in April of 2015

This chart compares the number of properties that went under contract in April of 2014 and April of 2015 in Maui, County Hawaii.

A grim month of condo sales is partially offset by a better month of pending condo sales. March pending sales for condos were also pretty good so I would expect that we may see an uptick in condo sales for May. Land and homes also saw solid months for pending sales activity. It looks like our last month of peak season was a pretty busy one for buyers.

What Does This Mean for Buyers and Sellers?
The Maui Real Estate market remains schizophrenic. There are strong parts and there are soft parts. Buyers will find that well priced properties priced at or below the median sales price are the most competitive. Those types of properties tend to go quickly and they can attract multiple offers. Well priced properties above the median sales price may also attract heavy buyer interest. Buyers who require financing should get pre-approved prior to their search so that they can better define their budgets, and they can show financial qualifications to sellers. Sellers need to continue to look closely at market activity for their particular neighborhood, community and price point. Overpriced properties are sitting in this market. Pricing above market can cost you money in the long run. It is worth sitting down with an agent to determine a go to market strategy and price. Contact The Maui Real Estate Team today to talk to an agent to discuss your real estate needs. We look forward to being of assistance.

Rare Oceanfront Opportunity in Paia

It was love at first sight. You came to Paia with a group of friends to experience the world renowned kite boarding. The warm waters were inviting. You felt more nimble on your board without the encumbrance of a wetsuit. The consistent tradewinds of Kanaha were a dream. It wasn’t just the ocean that caused your heart to flutter. You couldn’t believe that Mana Foods has all of your favorite items stocked at prices better than the Whole Foods back at home. Your Ono Burger at the Paia Fish Market was by far and away the best fish sandwich you had ever experienced. The small town feel, plantation style architecture and colorful characters felt better than the more antiseptic resort areas. Each subsequent visit unveiled new charms. Your kids learned to love the ocean playing in the tide pools of Baby Beach. Your wife loves heading to Barre class at Infusion Yoga. You discovered Bi Bim Baps at Dazoo and the famous Blue Juice and Cold Pressed Coffee at Sporting Club of The Pacific. As your love deepened with each passing visit, you decided you wanted your own piece of paradise in Paia.

While you consider buying a Paia home, what you really want is a lot where you can build a place just to your specifications. Better yet, you want an oceanfront lot where you can check the wind and waves from your back yard. A little research shows that your options are limited. There are only two vacant lots left on the ocean in the Paia area. Neither of the lots are listed for sale.

Is that the end of your dreams? Before you give up, why not consider our listing at 129 Aleiki on Kuau Point. This property consists of a 1/3 of an acre right above Mama’s Beach. There is a charming two bedroom, plantation style cottage located at the front of the lot. The lot has the zoning, the space and an oversized 3/4″ water meter that allow for the construction of a primary residence. The property is located along a stable stretch of shoreline out of the floodzone. That gives peace of mind and keeps down flood insurance bills. The lot is two doors down from the access to Mama’s Beach. World famous Mama’s Fish House is a two minute walk from your front door. Best yet, you can check the wind and wave conditions at Ho’okipa from your own back yard.

Aerial photo of the cottage on Mamas Beach

129 Aleiki, Paia, Maui, Hawaii -HD from The Maui Real Estate Team on Vimeo.

This truly is a rare opportunity for someone who wants to build to their specifications on the water in Paia. The property at 129 Aleiki is being offered for $2,650,000. You love Paia, this is your opportunity to build the Paia oceanfront home of your dreams.

Price Reduction in Pukalani

The sellers of our listing in Pukalani just reduced the price of their home to $649,000. The house has four bedrooms and two baths in an up and down configuration that could make it appealing for investors or a home buyer who wants a mortgage helper. There is also an attached two bedroom, one bath ohana that feels very separate from the rest of the home. A little bit of elbow grease, a paint brush and your tool bet could go a long way toward enhancing the existing structure. It already has a small garden area with citrus, avocado, banana, breadfruit, mango and Coconut trees. There are even peekaboo views of both coastlines. The convenient Upcountry location is within walking distance of the Pukalani Town Center, the public pool, a park and Pukalani Elementary. You are roughly fifteen minutes from Central Maui shopping and Baldwin Beach in Paia.

Porch of a home for sale at 172 Hiwalani Loop in Pukalani

Exterior of a home for sale at 172 Hiwalani Loop in Pukalani

Aerial shot of a home for sale at 172 Hiwalani Loop in Pukalani

This home is now offered for $649,000. You can check out the 172 Hiwalani Loop listing page for additional photos and details. Contact The Maui Real Estate Team to arrange a showing or to discuss this property with an agent.

By » 4/14/2015 » in

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