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Spacious Home in Paia with Ocean and Mountain Views

85 Palekana Street is a spacious, upgraded, four bedroom, two bath home situated in Maui’s North Shore Beachtown of Paia. Located in the Skill Village neighborhood, the home was first built in 1987. It had a significant addition that added a second story living room and master suite in 2003. The original house was updated again in 2017. The end result is a home with considerable amenities and upgrades. The master suite is particularly nice. You enter the second story suite by ascending a staircase with copper railing and accents made by renowned local metal workers and artists, Padilla Designs. The master suite also includes custom counter tops, bamboo floors and vaulted ceilings. There is a covered lanai area that is a great spot for morning coffee. From the lanai you can see Haleakala, the West Maui Mountains and the big, beautiful blue Pacific. The master suite is extremely private from the rest of the house making the home well suited to multi-generational living.

The 2017 remodel of the original house included new counter tops and cabinets and a complete remodel of the bathroom. For the bathroom, they installed a new vanity, new lighting fixtures, new plumbing fixtures, new tile around the shower, and new tile floors.

Palekana Skill Village Paia Kitchen

Palekana Upstairs Living

Upstairs Lanai Palekana Paia Skill Village

Palekana Upstairs Shower

Living Room Downstairs Palekana

Downstairs bathroom Palekana Skill Village Paia

Palekana Exterior Skill Village Paia

The Skill Village neighborhood is only a two minute drive and a ten minute walk to downtown Paia. The town offers a collection of boutiques, a diverse selection of restaurants, yoga studios and the best little grocery store on the island. There are a number of great beaches in the area. Ho’okipa Beach Park is world renowned for wind and water sports. Paia Bay is a popular place for body boarders and surfers. Baldwin Beach Park is great for beach walks or an ocean dip. The Baby Beach area offers a great protected area for swimming in all but the very highest of surf.

This Paia home is offered for $700,000. You can check out the 85 Palekana Street Listing Page for additional photos and details. Contact The Maui Real Estate Team to arrange a showing or to discuss the property with an agent.


Paia Midyear 2017 Market Update

Paia town is Maui’s bustling, bohemian surfer town. Situated on the North Shore of the island, the community has had an interesting history. Paia was once the island’s booming sugar town. A massive fire in town in the 30s led to a substantial decrease in population. In the 1950s, the community shrank again due to a decline in the sugar industry. The 1960s brought some new faces to town as hippies and the counter culture arrived on the North Shore of Maui. The 1980s brought another new wave of immigrants as the area became the premier windsurfing locations in the world. The 2000s saw Paia become renowned for other water sports including surfing, kite surfing and stand up paddling. Paia also started to pop up on various best beach town lists on a variety of magazines.

Paia town and Kuau from above

Paia Town from Above

Increased national and international exposure has resulted in heightened demand for local real estate. It is an increasingly popular location for relocation and second home ownership. All the while, there has been minimal housing inventory added to the town since the early 2000s. The immediate prospects for growth seem limited with no formal developments planned. Although the recent sales of 339 acres of former cane fields to the West of the town could lead to development at some point on the horizon.

Increased demand and limited supply have put a lot of pressure on Paia’s real estate prices. It was the first community on Maui to see all time high prices coming out of the last real estate downturn. We wanted to take a look at how the Paia market has fared through almost seven months of 2017.

Just one quick housekeeping note before we delve into the numbers. Traditionally, the Spreckelsville neighborhood is included in Paia sales numbers by the local real estate association. We did not include Spreckelsville in this post having already done a separate Sprecks market update last week.

The map above shows market activity for the year to date in 2017. The green pins represent current listings. Yellow pins represent properties that are under contract. Red pins represent sales. You can click on the individual pins for more sales information on the individual properties.

While the map gives a visual reference of where current Paia listings and recent sales are located, the numbers below provide a clearer overview of the recent market activity.

  • There have been 11 home sales for the year to date as of July 25, 2017. There are an additional seven homes under contract as of this time.
  • By comparison, there were 21 sales during the same period of 2016. That means the 2017 sales volume is down 48% compared to last year.
  • The median home price of the 11 sales is $700,000. The average sales price is $1,591,045. Over the same period last year, the median Paia sales price was $600,000. The average price over that time was $1,171,976. That is almost a 17% increase in median price and a 36% increase in average price when comparing this year to last year. While home sales were down across all price ranges, the biggest decrease in volume was at the low end. That is a big factor in the shifts in median and average price.
  • The high sales price to date for the year was $7,000,000 for an oceanfront estate on Tavares Bay. The subject property located at 22 Wa’a consists of a 3 bedroom, 6 bath home with 7,384 square feet of living space and a 2 bedroom, 1 bath cottage with 936 square feet of living space. It is located on a 1.285 acre lot.
  • There have been no condo sales or lots sold to date this year. Kuau Plaza, the one condo in this area, did not see any sales activity this year. Vacant land is scarce in Paia so this year’s goose egg for sale is not all that uncommon. Last year, there were two sales at Kuau Plaza and one oceanfront lot sold.

While the numbers above give a big picture view of the Paia market, I wanted to delve into a few specific neighborhoods around Paia.

Skill Village
Skill Village is a neighborhood of modest homes built largely in the 1980s. The neighborhood is located above the Paia Mill just a short walk from Paia Elementary School. Skill Village offers one of the lower entry points in to the Paia market. Over the last couple years, it has consistently been home to the lowest sale prices in the community. It has also seen pretty strong sales volumes. This year, sales volume has been limited with only two closes. There are an additional two homes under contract.

There are no active listings in SKill Village at this time. Additional sales activity will need to come from new listings. This is a microcosm of the greater Paia market with the lowest priced active listing priced at $884,000.

Kuau Bayview
Kuau Bayview has been one of the most in demand neighborhoods in all of Paia and arguably Maui. It was the first neighborhood on the island to see new record high prices coming out of the last downturn. Last year, the neighborhood saw another wave of new record sales prices. There were three sales during the first seven months of 2016. This year there has been a modest decline in activity with just two sales. Prices have not reached the heights that we saw last year, but the homes that have sold have been lesser in location, view and finishing than what sold the year prior.

Sales activity for the rest of the year will be dictated largely by inventory. There is only one active listing in the neighborhood at this time. There has been one additional home that has been on and off the market thus far this year.

Paia Oceanfront
Paia Oceanfront isn’t a true neighborhood per say. It is an area that stretches across multiple neighborhoods. It is a unique market unto itself due to its high price point. This year has seen two sales to date with an additional two oceanfront homes currently under contract. Last year, there were two oceanfront home sales and one oceanfront land sale that sold over the same time of the year.

The oceanfront market in Paia languished coming out of the downturn. There was a relative abundance of inventory and limited activity. The last two years have seen a change in conditions as activity picked up and the previously deep inventory started to be absorbed by the market. Some of that stems from overall market conditions, and some of that is based on sellers adjusting to the market. This year’s high sale of $7,000,000 came down from an original asking price of $10,500,000. The home had been on and off the market since 2010 and had been listed for as high as $15,500,000. Last year’s high sale of $6,000,000 came down from a previous asking price of $8,950,000. While both homes had huge sales prices, you could make an argument that the buyers were getting good value on their purchases.

It will be interesting to see if we continue to see additional Paia oceanfront properties go into contract this year. There are still six oceanfront listings so activity will not be constrained by inventory. The question is whether those homes are well positioned from a pricing stand point to attract buyers.

Overall Paia Market Outlook
What will the rest of 2017 bring for the Paia market? Looking at the current inventory and the number of properties under contract, I would imagine we will continue to see lower than usual sales volumes. As mentioned above, there are no properties for sale for less than $884,000 at this time. There is clearly demand for property at lower prices, there just isn’t any active inventory. We should continue to see appreciation in the market. Limited supply and strong demand will typically result in price increases. Those price increases will probably not be as dramatic as increases in median and average sales prices. The median prices and average prices should go up just based on the lack of lower priced inventory in the market.

Paia can be a challenging market for buyers. The limited inventory demands quick action when well priced properties come on the market. Finding the home for you could entail beating the bushes to find an unlisted property. With our office located in downtown Paia, we keep our eyes open and ears to the ground for opportunities. If you are considering selling in Paia, don’t let the market conditions fool you into thinking that the sky is the limit on pricing. Overpriced homes will sit even in Paia. With the heterogeneity of the Paia market, determining the right go to market price can offer its challenges. We would be happy to sit down with you to determine the market price and marketing strategy that will produce the best results. Contact The Maui Real Estate Team if you are considering buying or selling a property in the Paia area. You can check out the current Paia Real Estate inventory on MauiRealEstate.com.

Spreckelsville 2017 Midyear Market Update

Our office keeps close tabs on the the Spreckelsville neighborhood on Maui’s North Shore. It is just five minutes from our office. Our broker and one of our agents call it their home. Located between the airport and Paia town, this community is consistently one of the most in demand areas of the island. Limited inventory and desirable amenities help to keep prices elevated. Residents of “Sprecks” appreciate the beaches in the community, great wind and wave sports, the presence of the Maui Country Club and convenience to both Paia and Central Maui. Now that we are past the midway point of 2017, we thought it would be a good time to check in on the Spreckelsville Real Estate Market.

The map above shows active listings, properties under contract and 2017 sales. You can click on the individual pins for additional details on the properties.

Spreckelsville remains an in demand market during the first half of 2017. Pricing appears to be pushing upward. Limited supply is the one notable constraint. Here are some notable numbers for the Spreckelsville market as of July 20, 2017.

  • There have been two homes sold and one piece of vacant land that have sold for the year to date. That is an increase over the two properties that sold to start 2016.
  • Remarkably, all three properties that have sold were unlisted. Over the last couple of years, 40-50% of the properties sold in Sprecks have been unlisted.
  • The sales were spread throughout Spreckeslville. The lot that closed was part of a recently subdivided property in Old Sprecks down near Baby Beach. The two houses were in the Kai Holu subdivision and Sprecks V subdivisions respectively.
  • Two of the four properties currently listed are under contract with buyers.

Limited inventory is going to remain the limiting factor for the Sprecks real estate market during the remainder of 2017. The two active listings would represent neighborhood high sales if they close near their asking price. The condominium home at 600 Stable Road is listed for higher than Oli Oli Kai, last year’s record high sale. The lot at 0 Pa’ani (actually located off Nonohe) is priced higher than any lot previously sold in Spreckelsville. Based on recent trends, it is just as likely that additional sales might come from an off market property.

Contact The Maui Real Estate Team if you are interested in Spreckelsville Real Estate. Our neighborhood experts Billy and Martin would be happy to share their experiences as long term neighborhood residents. We are also keeping our eyes open and ears to the ground for unlisted opportunities. If you are a current Sprecks property owner, contact us for a free market evaluation. You can check out the current Spreckelsville Real Estate Listings on MauiRealEstate.com.

The Lowest Priced, One Bedroom, Fee Simple, Vacation Rental Condo on Maui

Hono Kai B-12 is back on the market at a new price. Listed at $260,000, this is the lowest priced, fee simple, one bedroom condo on the market on island. Lowest priced doesn’t mean you are sacrificing on quality or location. No, this isn’t your run of the mill original condition condo with dated 1980s rattan furniture and a 1990s box of a tv. This unit was very tastefully remodeled in 2009. Upgrades and amenities include granite counters, maple cabinets and stainless steel appliances in the kitchen. The bathroom has custom tile work and slate flooring. The rest of the condo has beautiful Koa flooring. The current owners have used this exclusively as their second home so it has seen very little wear and tear over the last eight years.

Hono Kai is a small beachfront complex. The beach side pool is a great spot to soak up the rays or to take a cool dip. If your ideal Maui lifestyle includes long beach walks, this could be the condo for you. You can walk all the way to Kihei and back along Sugar Beach with beautiful vistas of Ma’alaea Bay, Haleakala, Molokini and Kaho’olawe the whole way. It is within walking distance of Ma’alaea Harbor, the Maui Ocean Center and the Harbor Shops.

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

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.


By » 7/14/2017 » in

Lahaina Opportunity

The Maui Real Estate Team has a new listing in Lahaina. This three bedroom, three bath home in the Wahikuli area offers a flexible floor plan that is ideal for extended families. The home is situated on a well landscaped 8,359 square foot lot. There are an abundance of mature, fragrant plumeria trees draped with Pele’s hair and orchids. Ginger and papaya are some of the other tropical plantings in the yard. A nice sized lanai area is ideal for barbecues with friends and families. The interior of the home needs updating, but offers considerable potential. The Wahikuli area offers a lot of convenience. The home is just a few minutes drive from Front Street and area beaches.

The front of 1373 Komohana

side walk way komohana

flowers and peles hair in the yard of 1373 Komohana

Plumerias in Komohana yard

komohanalanai

Papayas in the yard of 1373 Komohana

This home is offered for $700,000. Check out the 1373 Komohana listing page for additional photos and details on the property. Contact the Maui Real Estate Team to discuss the property with the listing agent or to arrange a showing.


Maui County Property Tax Rates for the 2017/2018 Fiscal Year

July 1 marked the start of the new fiscal year for Maui County. A new year brought a new budget and new property tax rates for the county. While recent history has seen tax rates decrease when property values have increased, this year was different. Rates went up for all classifications despite generally increased assessed values throughout the county. You will find the new rates below with last year’s rates provided for frame of reference.

  • The new residential rate is $5.54 per $1,000 of assessed value. That is a 14 cent increase from last year’s rate of $5.40 per $1,000 of assessed value.
  • The new apartment rate is $6.32 per $1,000 of assessed value. That is up 32 cents from last year’s rate of $6.000 per $1,000.
  • The commercial rate for this year is $7.28 per $1,000 of assessed value. That is an increase of 68 cents from the 2016/2017 rate of $6.60 per $1,000 of assessed value.
  • The industrial rate for this fiscal year is $7.49. That is an increase of 80 cents over last year’s rate of $6.69.
  • The agricultural rate increased to $6.01 per $1,000 of assessed value. That is a change of 25 cents over last year’s rate of $5.66.
  • The conservation rate for the year is $6.37 per $1,000 of assessed value. That increased from 57 cents over the last year’s rate of $5.80.
  • The hotel/resort rate for this fiscal year is $9.37 per $1,000 of assessed value. That is a 66 cent increase over last year’s rate of $8.71 per $1,000 of assessed value.
  • The timeshare rate went up to $15.43 per $1,000 of assessed value. That is an increase of $1.12 from the rate of $14.31 per $1,000 for the previous fiscal year.
  • The homeowner rate increased to $2.86 per $1,000 of assessed value. That is an increase of 16 cents over last year’s rate of $2.70 per $1,000 of assessed value.
  • The commercialized residential rate is $4.56 per $1,000 of assessed value. That is a 21 cent increase over last year’s rate of $4.35.

Property taxes are paid biannually in Maui County. The first bill comes up in August with the second bill following in February. Property owners are notified of changes in assessed values in March with the rates themselves deliberated and updated sometime between April and June during the year. If you have additional questions on Maui Property taxes check out the Maui county property tax FAQ.

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