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Paia 2016 Real Estate Market Year In Review

Paia town is home base for the Maui Real Estate Team. It also happens to be one of the more in demand real estate markets on island. A bohemian vibe, Plantation town charm, access to great water sports, galleries, good restaurants and shopping have made this little town internationally renowned. We want to take a look back at how the Paia market performed in 2016 and how it might perform in 2017.

One quick note, typically the Spreckelsville neighborhood is lumped in with Paia when people talk about Paia real estate. We believe Spreckelsville is somewhat unique within Paia and opted to exclude it from this overview. We did a separate Sprecks market update at the end of 2016.

The map above shows the 2016 sales as well as the one 2017 sale that was based on a contract from 2016. You can click on individual pins on the map for additional details on the sales.

Looking back at the year in sales, there were some notable numbers that I think are worth highlighting.

  • There were 31 homes sold in Paia and Kuau during 2016 with a median sales price of $600,000 and an average sales price of $1,119,216. In 2015, there were 26 home sales with a median price of $587,000 and an average price of $701,942. That is a 19% increase in volume, a 2% increase in median price and a 59% increase in average price.
  • The highest priced home sale was $6,000,000 for an oceanfront estate in Kuau. The property consists of a 4 bedroom, 4.5 bathroom home with 6,258 square feet of living space and a 1 bedroom, 1 bathroom cottage with 1,050 square feet of living space on approximately 1.283 acres of land. Last year, the high sale was $2,995,000 for a single family oceanfront home on Kuau Point.
  • This year’s high sale was one of three transactions to close for over $4,000,000 in Paia and Kuau during 2016. All three properties were oceanfront.
  • The lowest priced home sale was $455,000 for a 3 bedroom, one bath house with 1,104 square feet of living space on a 6,791 square foot lot. This home is located in the Skill Village Neighborhood. The 2015 low sale was $345,000 for a three bedroom, one bath home with 1,080 square feet of living space on a 6,599 square foot lot.
  • There were three condo sales in 2016 at Kuau Plaza. Kuau Plaza is the only condo in the Paia/Kuau area. The highest of the three sales closed for $325,000.
  • There was one land sale in Paia in 2016. This oceanfront .432 acre lot closed for $2,950,000. There were no land sales in Paia in 2015.
  • There were no bank owned properties or successful short sale transactions that closed in Paia during 2016.

While the numbers above give you a glimpse into market activity in Paia and Kuau as a whole, I also wanted to take a look at some of the individual areas and neighborhoods around Paia.

Kuau Bayview
Kuau Bayview has been one of the strongest performing neighborhoods on the island. It was setting all time high prices before any other neighborhood on the island during this market cycle. The neighborhood holds a lot of appeal to buyers due to location, walkability, consistent pride of ownership and in some cases views. Last year was another strong year for the neighborhood. Record sales prices were set not once but three times. The current record high of $952,000 pushes Kuau Bayview pretty close to the $1,000,000 threshold. In addition to the three high sales, there were two other smaller floor plan sales. The five total sales for 2016 was up sharply from the single sale in 2015. That said, it is worth noting that sales volume in this neighborhood tends to be more of a reflection of available supply instead of demand.

North Shore Village
North Shore Village was the last new development built in Paia. It is hard to believe that it was completed 14 years ago. There were only two sales in the neighborhood in 2016, but one was quite notable. 21 Hoku sold for $750,000. That is a new record high sale by a considerable margin. It sold for 13% more on a cost per square foot basis than the other sale in the neighborhood which only closed 4 months prior. On a cost per square foot basis, it was 19% higher than the previous neighborhood high sale. It will be interesting to see if that will be the new standard or if that sale is viewed as an outlier by future buyers.

Skill Village
Skill Village is another neighborhood that had a record high sale in 2016. A four bedroom, three bathroom home sold for $680,000 in September. It also remains the busiest neighborhood in Paia for sales volume. This was the second straight year with 9 transactions. While the recent high sales price may suggest otherwise, Skill Village provides the most opportunity for buyers who want to get into Paia for below the island’s median sales price for homes.

Oceanfront Paia
While Paia has seen a strong real estate market since the start of the recovery, Paia oceanfront has been slower. There has been a lot of inventory and relatively few sales. We saw a change in dynamics during 2016. After just one sale per year in 2014 and 2015, we saw four transactions in 2016. There were three oceanfront home sales and one land sale.

2017 Market Outlook
After a strong 2016, the big question is what should we expect during 2017 in the Paia Real Estate market. There are few things that I think will drive the market.

Inventory tops the list of market drivers. Island wide, we have seen home inventory shrink. Paia is seeing a more acute decrease in active listings than most other parts of the island. There are currently only 14 active home listings in Paia and Kuau. Three homes are currently under contract. Of the active listings, only five listings are priced less than $1,000,000. The one home priced for less than $500,000 is a short sale facing foreclosure. It also happens to have four additional liens on the property. The lack of available inventory makes it hard for me to imagine that we will come close to last year’s sales volume.

Low inventory and continued demand are a dynamic that is likely to provide continued upward price pressure in the Paia market. Interest rates are something that could prove to be a counterweight to the lack of inventory. Conventional wisdom suggests that we are going to continue to see increases in rates throughout the year. If that comes to fruition, I would suspect that might limit the increase in values particularly in the bottom of the half of the market. Entry level buyers face a tough barrier with current pricing in Paia. Increases in rates will make the cost of ownership that much higher.

We may also look at recent market history for a forecast of the future. Paia has seen significant appreciation since the last downturn, but appreciation has not been linear. If I were to chart values over the last four years, it would likely look like a stair case. Strong increases in value were followed by a pause in values as the market would seemingly catch its breath. Kuau Bayview is a good example of this dynamic. That neighborhood saw a series of record high sales in 2013. The next year and most of 2015 were pretty quiet due to a lack of inventory and sales. As mentioned above, 2015 saw the neighborhood high sales mark broken three times. If the pattern continues, we might see a quieter 2017.

One segment that will be interesting to watch is the oceanfront home market. This price range tends to be less interest rate sensitive due to the higher percentage of cash transactions. The last year was the strongest year since the downturn and one of the strongest overall historically for Paia and Kuau Oceanfront. Part of that stems from sellers adjusting to the market. The high sale for the year closed well below replacement cost. There is currently one oceanfront home under contract, and sellers have continued to adjust their pricing hoping to find the market. I would anticipate the oceanfront market might remain more active particularly if sellers continue to adjust prices.

Paia town and Kuau from above

The Future of Paia Real Estate
The strength of the Paia market over the last 15 years has been a simple case of supply and demand. Demand has only increased over the years as the town has become more and more renowned. Paia has made a couple of lists for the Best Beach Towns in America. Numerous other publications have cast the spotlight on Maui’s hip beach town. For each new article, there seemed to be more buyers of Paia real estate. All the while, supply has been practically unchanged since North Shore Village was built back in 2003. The town’s growth has been limited by the surrounding cane fields. The closing of the sugar plantation in December of 2016 may mean the end of that growth barrier.

There has already been one large parcel of land sold to the West of town. A 340 acre parcel directly to the West of Paia sold for $9,900,000 in January. The agriculturally zoned land is on the Mauka (Mountain) side of Hana Highway. The land runs from the town’s parking lot and mini bypass up towards the mill and heads West towards Baldwin Beach Park. Plans for the land have not been presented to the public. The coconut wireless has suggested 16 high end agricultural lots with the potential for mixed use development along Baldwin Avenue closer to the mill. I don’t anticipate that development will happen quickly. The subdivision process can be lengthy on Maui. If any rezoning is done, that could lead to additional delays.

While we are unlikely to see changes over the next couple of years, the cane fields may no longer serve as a limitation for growth. Some of this cane land will become ranch land. Still more areas could be sold off for future development.

Buying and Selling Paia Real Estate
You can see all of the Paia Area Real Estate Listings on MauiRealEstate.com. Our office is located in the heart of town in Paia Plaza at 71 Baldwin Avenue. Our agents live in the area and have decades of experience in this market. We watch the market closely and keep our ears to the ground for properties coming up for sale. Contact The Maui Real Estate if you are interested in buying or selling in Paia.


Well Priced Beachside Vacation Rental Condo in Maalaea

The Maui Real Estate Team has a great new listing at the Hono Kai condos in Maalaea. At the time of listing, this is the 2nd lowest priced, fee simple, vacation rentable condo in a beachfront complex on Maui. The low price does not mean you need to sacrifice quality. You won’t find popcorn ceilings and formica counter tops in this unit. The condo was remodeled with style and panache in 2009. Upgrades include granite counters, maple cabinets and stainless steel appliances in the kitchen. The bathroom has custom tiles. The flooring is Koa wood. This has been used as a second home by the current owners so it has seen very little wear and tear since it was remodeled. That said, it is well suited for VRBO or Air BnB.

Hono Kai is a boutique condo complex with 46 units on an acre of beachfront property. The beach side pool overlooks beautiful Maalaea Bay, Molokini and Kaho’olawe islands. It is located on the western most end of Sugar Beach. Sugar Beach stretches for over three miles to Kihei. It is the island’s longest beach for walking. Maalaea is a smaller community with a harbor that is used as a frequent launch point for whale watching and snorkel tours. It is also home to The Maui Ocean Center Aquarium and a handful of shops and restaurants.

Hono Kai B12 Living Room

Hono Kai B12 Living Room

The kitchen of Hono Kai B12

Hono Kai B12 Bathroom

Hono Kai B12 Lanai

The pool at Hono Kai

Hono Kai B-12 is offered for sale for $310,000. Check out the Hono Kai B-12 Listing page for more photos and details. Contact the Maui Real Estate Team to arrange a showing of this property or to discuss the property in more detail. If you are off island but interested, take a 3D tour of the condo.


Spreckelsville 2016 Year End Market Update

What makes Spreckelsville one of the more desirable communities on island? Convenience, access to water sports and beaches, proximity to Paia, proximity to Central Maui and a neighborhood golf course at the Maui Country Club. While demand may be high, the neighborhood sees limited turn over. When you have all the amenities of Spreckelsville, there aren’t many reasons to move. The post below outlines how the Spreckelsville Real Estate market fared in 2016 and gives a few thoughts on what we might expect in the coming year.

The map above shows the current active listings and the 2016 sales. Click on the individual pins for more details on the properties.

Spreckelsville continued to see signs of upwards price pressure during 2016. While volume wasn’t extraordinary, it was largely a reflection of supply. Here are some notable numbers from the 2016 Spreckelsville sales.

  • There were five homes and one Sugar Cove Condo sold this year.
  • Two of the five homes were sold prior to being listed. That continues a recent trend in the neighborhood that reflects demand for the area.
  • The Oli Oli Kai sale was the highest ever price for a property in the North Shore or Upcountry area. 120 Ulupua was the highest ever sale in the Sprecks V subdivision.
  • Sales were spread throughout Spreckelsville with one close on Stable Road, one sale in E Paepae Ka Puko’a, two sales in Old Sprecks and one sale in Sprecks V.

What will 2017 bring for this in demand North Shore neighborhood? Supply is going to be a limiting factor with only four active listings currently. If all four listings were to sell close to their current asking prices, they would be a testament to rising values. All of the listings would be a record of some kind for their property type. 600 Stable Road is priced higher than any previous home sale on the North Shore or Upcountry. 0 Paani is priced above any other lot to have sold in Sprecks. 204 Kealakai would be the highest priced non-oceanfront home sale in Spreckelsville. 2464 Waipua would have the highest cost per square foot for any home in Sprecks V and the second highest sales price in the neighborhood.

The Spreckelsville area is near and dear to the Maui Real Estate Team. Our broker Billy and agent Martin both call the neighborhood home. Either one would welcome the opportunity to talk to prospective buyers about their experiences living in the area. We keep a close eye on the market and an ear to the ground for unlisted properties. If you are a Sprecks resident considering selling or just wonder what you home might be worth in the current market, we would be happy to provide for a free evaluation of your home’s value and to discuss how we might be of assistance. Contact us today for assistance. You can see the current Spreckelsville Real Estate Listings on MauiRealEstate.com.

Paia Gives 2016

The Merchants of Paia Town will be hosting Paia Gives on Saturday December 17th, from 4:00-8:00 PM. It is hard to believe this event is already in its eleventh year. I remember when the merchants were first pulling together this fun evening on the North Shore. Shops in and around Paia will be staying open late, with many offering sales and special events. The businesses have also chosen different local non-profits they will support. This list below provides details on what merchants are planning and which non-profits will benefit from their generosity.

Paia Gives 2016

Paia Art Galleries

Paia Barber Shops

Paia Boutiques

  • Biasa Rose –They will be hosting a pop up with Sigal Jewlery. A portion of proceeds will benefit the Maui Humane Society
  • Letarte – Letarte is sponsoring a food drive for the Maui Food Bank.  10% of sales will benefit the Maui Food Bank during Paia Gives.  Customers who bring in 4 cans of non-perishable food items on Saturday and Sunday will receive 10% off of their purchase.
  • Luna and Tide – They will be having a raffle with the proceeds benefiting the Maui Humane Society
  • Nuage Bleu: Nuage Blue will be offering pupus, In-store artist Jenn Johnson, jewelry by Hula Hoops Maui and a raffle with proceeds to benefit PYCC andHawaii Wildlife Fund
  • KJB Paia: A portion of their sales will go toward Women Helping Women
  •  Oceania Maui: 10% of sales during Paia Gives will benefit PYCC
  • Paia Mercantile & Mermaid Inn: 5% of sales and donations from register jar will go toward the Maui Humane Society. They will also be offering an additional 50% off clearance items.
  • Paia Trading Company – 10% of sales during Paia Gives will benefit PYCC.  Frosty the Snowman will be handing out candy from 6-7 PM
  • Pakaloha Bikinis: Pakalaoha will be having a sale with 10% off all items in the store. A portion of proceeds will go toward PYCC
  • Pearl Butik: 20% of the days sales will go back to Laa Kea Foundation.  Come in for holiday cheer, Swedish treats, and a raffle
  • Sassabella: 10% of sales will be donated to the Maui Humane Society
  • Tamara Catz: 20% off all Tamara Catz items and a portion of the proceeds will be donated to the Pacific Cancer Foundation

Paia Grocery

  • Mana Foods: Mana Foods is offering a bag credit program going toward Trucker Dukes
  • . This will be going on throughout the month of December.

Team Trucker to Support Trucker Dukes Fight Against Cancer

Paia Restaurants

Paia Surf Shops

This is a great opportunity to finish some last minute Christmas shopping, support local businesses and support local non-profits. We hope to see you in Paia Town on the night of the 17th!

By » 12/16/2016 » in

3035 Baldwin Avenue Details

“The details are not the details. They make the design.”-Charles Eames

Over the years, I have had the opportunity to look at a lot of properties throughout all corners of Maui. I have seen a number of beautiful homes. Some are distinguished for their views, some for their architecture, some for their setting and some for all of the above. 3035 Baldwin Avenue in Makawao is one that fits the all of the above category. That said, today I wanted to hone in on the details of the property. 3035 Baldwin is the type of home where you notice something new each time you visit. The photos below capture some of the details that you might miss on a quick visit.

stainless steel circles 3035 Baldwin
The stainless steel circles in this railing are ubiquitous throughout the property. You see them at the front gate, you see them used for railings. They are used in the kitchen and bathrooms. The amazing thing is that the owner individually welded all of the circles together. There are over 2,000 on the property.

3035 fire pit cistern
3035 Baldwin was part of the old Kaluanui Estate. An old cistern next to the main house was converted to a firepit. A great place to watch the sunset as day turns to night in Upcountry Maui and stars begin to blanket the skies.

a trellis is reflected in the circular window
Circles are a feature seen throughout the design of the house. This portal window reflects a trellis outside the master bedroom. The siding is also noteworthy. Rather than just using linear shakes on the exterior. The shakes are in a wave like pattern.

Blue Door at 3035 Baldwin
The circle theme carried over into this blue door down by the garage.

3035 sculpture
A sculpture outside the main home.

Jalousie window mechanism 3035 Jalousie or louvre windows are popular in tropical architecture. They can let in breezes while keeping out moisture. This home has oversized jalousies. The owner designed and built the mechanics to open and close these large jalousies. The end result is beautiful, durable and very functional.

3035 japanese tub spigot
The Japanese soaking tub outside the master suite uses as bamboo spigot that is turned on and off by a faucet made from a stack of river rocks.

These are just some of the eye catching design features around the home. Check out the youtube video below to see more details of the property.

This property is offered for $6,900,000. For a big picture view of the property, check out the Maui Haven Website. Qualified buyers may contact The Maui Real Estate Team to arrange an exclusive preview.

Direct Oceanfront Two Bedroom at Paki Maui

Are views at the top of the list in your condo search? Then Paki Maui 105 should be on your list of Maui condos to view. This 2 bedroom, 2 bath ground floor condo in Honokowai has million dollar views of the Pacific and the neighboring islands of Molokai and Lanai. During the winter months, the odds are good that you will be able to watch whales while sipping your morning coffee on the lanai. The condo is currently used as a vacation rental with a strong history of bookings. Keep it in the rental program or just keep it for personal use.

Honokowai is a quiet area of West Maui with mostly low rise condominiums. Paki Maui is within walking distance of the Honokowai Farmer’s market and a variety of shops.

Tables on the lanai Paki Maui 105

The view from the edge of the lanai at Paki Maui 105

Views looking out from the living room towards the ocean from Paki Maui

Looking out over the ocean at Paki Maui

aerial views of Paki Maui

Paki Maui 105 is offered for $849,000. Check out the Paki Maui 105 listing page for additional photos and details. Contact The Maui Real Estate Team to arrange a showing.

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