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Cash continues to be king on Maui. 2014 Cash Buyer Update.

We have all heard it so many times before, “Cash is king” when it comes to real estate. It is no different on Maui. Sellers seek the least of amount of friction when listing their properties. Cash transactions usually result in quicker and easier closings. In a cash transaction, there are rarely paperwork delays, appraisal battles or last minute underwriting issues. Cash is still king in 2014 on Maui. For example, one of my clients recently ended up as the bridesmaid in a multi-bid situation. Even though he made the highest offer with limited contingencies, cash and a quick close proved more compelling to the Seller.

Through the end of July, just under 44% of total transactions on Maui were cash purchases, which is a slightly higher than the national average, and lower than other resort locales on the mainland US. The percentage of cash buyers rose dramatically to over 66% for transactions over $1 million; for transactions under $1 million the number is 37% or modestly lower than the national average. Jumbo loans are still available in the 3% to 4% range, and in some cases it might make sense to utilize investment capital in other areas. Some buyers have elected to utilize cash funds for acquisition, providing them greater negotiating leverage and flexibility, and then financing post purchase.

As is almost always the case, there is more to the numbers if you dig a little deeper. Over the course of the past several months, the percentage of cash transactions on Maui and in the rest of the United States has been trending down. In the first quarter the cash purchases represented almost 47% of sales on Maui. Since then they have been trending down with June and July registering at 35% and 39% respectively. Statisticians and pundits on the mainland have been calling for the percentage of cash sales to shrink as the number of hedge funds, professional investors and bargain hunters shrinks, signs that the real estate market may be starting to “normalize”. It will be interesting to keep an eye on this trend as we close out the year.

If you would like to get a better handle on current market conditions for your neighborhood, Contact The Maui Real Estate Team we’d be delighted to help.


A Perfect Day at 129 Aleiki

Our office videographer put together a great new video on our beach front listing in the Kuau area of Maui’s North Shore. This Hawaiian Plantation Style Cottage is located right on the bluff above Mama’s Beach. It is a fantastic home base for enjoying all that is offered by the North Shore lifestyle. This video captures some of the elements that could go into a perfect day at 129 Aleiki. Activities featured include reading and strumming the Ukulele on the back porch, surfing and windsurfing at nearby Ho’okipa, heading to Paia for lunch and taking in the sunset from the backyard.

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

This is just one example of a perfect day at 129 Aleiki. The question is what would your perfect day look like? Do you do a stand up paddle coast run starting at nearby Maliko Gulch? Do you head out to Kite Surf at Lanes or Baldwin Beach? Take a Yoga Class in Paia? Do you paddle out to surf the challenging waves that break right offshore from this property during the winter? Do you make the short stroll down the beach to have dinner at the world renowned Mama’s Fish House? Do you just spend a a lazy day soaking up the sunshine and listening to the waves break? As the new owner of 129 Aleiki, the choices would be all yours.

Aerial photo of the cottage on Mamas Beach

This home is listed for $2,750,000. Check out the Oceanfront Vintage Hawaiian Plantation Cottage listing page for more photos and details of this great lifestyle property. Qualified buyers should Contact The Maui Real Estate Team with questions or to arrange a preview.

Kai Makani Beach Villas in South Maui

Situated directly across the street from Maui’s longest stretch of white sandy beach, Kai Makani Beach Villas is one of Kihei’s finest and most recently built condominium communities. The tropically manicured 10 acre grounds host 112 units within 22 – two story buildings.  Plenty of open space coupled with a village like atmosphere make this a fantastic headquarters for living life on Maui.

 An aerial view of Kai Makani Beach Villas

There is a lot to like about this community, I am definitely partial to the location and happen to live right around the corner. Our family thoroughly enjoys the Kai Makani lifestyle; whether we are stand up paddle boarding, watching the whales frolic in Ma’alaea Bay during the winter, surfing south swells in the summer or snorkeling with the honu (green sea turtles) at the coral reef less than 100 yards from the shores. The vantage point for sunsets is among the best on Maui. The centralized location of the neighborhood provides easy access to almost any point on the island.

Front elevation of one of 22 Kai Makani Buildings

Expansive Lanais allow owners to live the outdoor lifestyle and relax in the ocean breezes. Some units provide unobstructed ocean views.

Kai Makani Sunset

From the property during summer, the sun sets just behind the West Maui Mountains with the Island of Lanai in the background. As we enter winter, the sunset moves southward and goes down over the open ocean.

Front of Kai Makani with Haleakala's peak visible.

Haleakala hovers in the background.

 

Enjoy the beach park directly across South Kihei Road.

The beach park directly across South Kihei Road. The Island of Kaho’olawe is visible in the distance as is the Molokini Crater.

Pool Kai Makani

Beautiful pool area with plenty of room to lounge and soak up the ever-present Kihei sun.

BBQ Kai Makani

One of several Barbecue stations positioned along the path to the pool

There are five distinct floor plans at Kai Makani. There are four 2 bedroom/2 bath configurations ranging from 811 to 1,126 square feet. There is one 3 bedroom/2 bath option that is 1,238 square feet. There are 72 of the 2 bedroom floor plans, and 40 of 3 bedroom units. Short term or “vacation” rentals  are not permitted in this community, so it is geared more toward owner occupants and second home owners. There is a smattering of long term tenants, a fair amount of owner occupants and some owners who strictly utilize it as a vacation home. Pride of ownership is evident throughout.

Of the seven sales at Kai Makani in the past six months, six of these units were 3 bedroom floor plans. The lone 2 bedroom sale closed at $460,000. Pricing for the 3 bedroom units ranged from $520,000 at the low end and $595,000 for a front row ground floor unit with direct ocean views at the high end.

You can see all of the current inventory of Kai Makani Condos for Sale on MauiRealEstate.com.

Whether you are interested in buying or selling at Kai Makani, I would love to talk further about exclusively representing your interests. Call or text me at 808-298-2741 or Send me an e-mail. I look forward to introducing you to this great Kihei Condo community.

Dramatic Price Reduction! Haiku Plantation Estate

The seller of our Haiku Plantation Estate listing just made a dramatic price reduction. With a new list price of $2,249,000, this is one of the best luxury home values on the island. This home blends a variety of styles with the end result that successfully balances elegance and laid back island living. The home offers abundant outdoor living spaces with its extensive covered and uncovered lanai areas. The covered lanais make a great place to take in the beautiful grounds or to escape a passing trade shower. The over-sized spa on the back lanai is a an inviting spot for an evening soak while watching the stars. The zen inspired atrium is home to two large stone Buddhas. It is another place that lends itself to quiet contemplation. If you are in the mood to entertain, this home delivers as well. The over-sized chefs kitchen offers top of the line appliances, copper counter tops and lots of room to collaborate on a big meal. The warming oven in the nearby pantry is another nice touch for entertaining guests.

Entering the Haiku Plantation Estate

Drone View of the Back Deck area of the Haiku Plantation Estate

The atrium of the plantation estate offers beautiful views and lush greenery under the watchful eyes of two buddhas

A kitchen chefs would love at the Haiku Plantation Estate

A porch swing at the Haiku Plantation Estate

The Haiku Plantation Estate at Twilight

The two acre parcel has been beautifully landscaped with a variety of Royal Palms, majestic monkey pod trees and other assorted tropical plants. In addition to the main house, there is a 1,300 square foot cottage and a barn on the property.

The Haiku Plantation Estate offers a tremendously convenient location. It is five minutes from the Haiku Town Center and its assortment of restaurants, Yoga at MY North, groceries and other conveniences. You are less than five minutes walk from breakfast or lunch at Baked in Maui at the Pauwela Cannery. The world renowned water sports mecca Ho’okipa Beach Park is ten minutes away. Fun and funky Paia town is fifteen minutes from the front gate. There are variety of good education options within 25 minutes drive for prospective buyers with families.

Check out the listing page for 330 West Kuiaha Road for more photos and details. Qualified buyers may contact The Maui Real Estate Team to arrange a showing of this Haiku luxury value.


Spreckelsville August 2014 Real Estate Market Update

Updated 8/22/2014
With two members of the Maui Real Estate Team calling the Spreckelsville neighborhood home, we can literally say this community is part of our backyard. This North Shore community situated between Paia town and the Airport, offers convenience to amenities, access to beaches and some of the best wind and water sports venues on the planet. It is also home to the Maui Country Club which features a 9 hole golf course, tennis, beach access, a pool and a clubhouse with outstanding food. Sprecks has been a highly coveted address over the last 10 years, and interest and prices have continued to ratchet up in 2014. The map below shows the Spreckelsville Real Estate sales activity in 2014. There have been 12 sales to date this year with two listings still active at this time.

Here are some things that I thought were noteworthy about the 2014 Spreckeslville Real Estate Market.

  • The 12 properties sold for the year as of 8/20/2014 is a huge increase over the 4 properties sold during all of 2013. It is also ahead of the 11 total properties sold in Spreckelsville during 2012.
  • Buyers have had to beat the bushes to find properties to buy this year. Six of the 12 properties that have sold this year were not listed by Real Estate agents at the time that they went under contract. Two of those six were properties that had been listed previously.
  • Aerial View of an Oceanfront Estate in Spreckelsville that sold in early 2014

    Sold by The Maui Real Estate Team. This 3.4 acre oceanfront estate was the highest priced sale in Spreckelsville for 2014.

  • The four sales of $4,000,000 or greater represent a particularly robust period of high end sales. Prior to those closes, there had been only one sale in Spreckelsville above $4,000,000. While there are a number of other oceanfront homes that might be valued over $4,000,000, you just don’t see that type of turn over in the neighborhood. We will be hard pressed to see that level of activity again as Oceanfront Homes in Spreckeslville aren’t listed all that frequently.
  • The lack of available homes for sale helped to drive demand for land in the neighborhood. The last developer owned lot sold at E Paepae Ka PuKo’a and there were two resales of lots in that subdivision. One resale represented by the Maui Real Estate Team ended up in a bidding war with a sales price well over asking price.
  • Lot that sold in Spreckelsville

    This lot listed by The Maui Real Estate Team ended up selling for well over asking price.

  • After a quiet couple of years of sales activity, there has been one sale at the Sugar Cove condominiums. There are still two more active listings at this unique upscale condominium development.
  • The Maui Real Estate Team represented the buyers or the sellers on 50% of the transactions that have occurred this year.

With just over four months remaining in the year, it will be interesting to see what happens for the rest of 2014 in Spreckelsville. Inventory could be the biggest constraint with only the two Sugar Cove listings active at this time. There are no homes or pieces of vacant land listed. Vacant land in Spreckelsville is becoming particularly scarce with most of the remaining undeveloped lots being held for the long term or being prepared for future construction. There is one potential bank owned home that has been rumored to be coming to market for well over a year.

Buyers who are interested in Spreckelsville are encouraged to contact The Maui Real Estate Team. We continue to keep our eyes and ears open for properties even before they come on to the market. You can find more information and photos on the current Spreckelsville Real Estate Listings on MauiRealEstate.com. If you own a property in Spreckelsville and are considering selling, we would welcome the chance to sit down with you for a free consultation on the value of your property.

Update on 8/22/2014
I checked with the agent who was going to be listing the bank owned property coming on the market in Spreckelsville. As per that agent, the bank sold that home directly to a buyer within the last couple of weeks. The home was in older Sprecks on the Makai (ocean) side of Nonohe right next to Maui Country Club. The sales price was rumored to be $1,700,000.

Like Hana in Haiku

Opportunity abounds for savvy buyers with this property located on Hogback Road in Haiku. This place evokes the feel of Hana in a convenient North Shore location. It is less than five minutes to the Haiku Town Center, 10 minutes to Hookipa Beach and 15 minutes to Paia. The property consists of 6.24 acres of land situated at the end of a quiet road. A good portion of the land is flat and level. The remainder dips into the dramatic Kuiaha Gulch. An old road that accesses the gulch has the potential to be refurbished opening up additional usable land. There are two homes, a detached garage and two additional outbuildings on the property.

The aerial view of a home on Hogback Road in Haiku

An aerial view which shows a property and the Kuiaha Gulch which runs up the side of Halekala

The main home has modern construction with a new roof, deck and exterior paint, open-air design with loft and updated kitchen. The deck is right on the edge of Kuiaha Gulch which makes for a beautiful view looking out over the tree tops.

The deck of a Haiku Home over Kuiaha Gulch

The living space and deck area of a home on Hogback Road in Haiku

The kitchen area of a home on Hogback Road in Haiku

The second home is single wall redwood construction with a corrugated steel roof. It once served as a ranger station before being relocated to the property. The one bedroom has a large covered porch area that is ideal for taking in the beautiful, lush surroundings. This home evokes memories of old Hawaii.

The covered porch of an old Plantation Style Home on Hogback Road in Haiku

The living and kitchen area of an Hawaiian Style Home on Hogback Road in Haiku

The property is zoned rural and has a 3/4 inch water meter. It is also on the better half of the waiting list for two additional water meters. The rural zoning, acreage and water situation provide interesting potential. This home is offered through the Maui Real Estate Team, Inc. for $1,295,000. Check out the 999 Hogback Road, Haiku listing page for additional details and photos of the property. Contact The Maui Real Estate Team to arrange a showing or if you have questions on the property.


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