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Paia’s Least Expensive Home

Our listing in the Skill Village Neighborhood is currently the lowest priced active home listing in Paia. The three bedroom, one bath home has 1,104 square feet of living space. The home is a great potential starter home. It has a fresh coat of exterior paint, and a little bit of interior TLC will go a long way. The yard has a variety of fruit trees including tangerines, soursop, lemon, orange, dwarf mango, mulberry, pomelo and star fruit.

The home is within a short walk of Paia School and Paia Gym and Ballpark. Downtown Paia is about a 15 minute walk from the house. The town has a variety of shops, restaurants, yoga studios and one of the best little health food stores on the planet. You are a short drive to beaches and the world renowned wind and water sports of Maui’s North Shore. The medical facilities, movie theaters and shops of Central Maui are 15-20 minutes away.

The Front of a Home in The Skill Village Neighborhood in Paia

Kitchen in a home in a home in the Skill Village area of Paia

The living area of a home in the Skill Village Neighborhood in Paia

Tangerines Growing in the yard of a home in Skill Vilage

This home is listed $475,000. Check out the 674 Loina Street Listing Page for additional photos and details. Contact The Maui Real Estate Team with questions or to arrange a viewing of this property. You can see the full inventory of Paia Real Estate Listings on MauiRealEstate.com.


By » 4/27/2016 » in

Spreckelsville Real Estate Market 2016 First Quarter Market Update

Spreckelsville has had one of the strongest real estate markets on Maui over the last few years. This North Shore neighborhood is desirable due to good beaches, great water sports, and its proximity to the Maui Country Club, Paia Town and Central Maui amenities. While the volume of properties sold is never that high, there has been strong appreciation and a good number of the properties have been sold before they are even listed. With that context, it has been a slow start to 2016.

The map above shows the current inventory of properties listed for sale in Spreckelsville and the 2015 sales. It is noteworthy that there have been no sales in 2016 and no sales in the second half of 2015 for that matter. What gives?

Well, for a good part of the second half of 2015 there was limited inventory in Spreckelsville. For a few months, there were only two listings. There was one condo at Sugar Cove that was priced well above market comparables. There was also one home that was listed in the Spreckelsville V neighborhood. The home backed up to Hana Highway and it was listed at a higher price than any previous Sprecks V sales price. That home was pulled from the market in October. 477 Laulea came to the market in October and 1050 Kapakaulua came to market in November of 2015. Limited inventory at higher price points tends to lead to fewer sales. Since the calendar has turned, we have seen 3 additional listings come on the market.

The combination of new inventory combined with a recent significant price reduction on the Sugar Cove condo suggests that the Spreckelsville dry streak for sales will likely end within the next few months. Check out the Spreckelsville Real Estate Listings for additional photos and details on the current inventory. Check out the Little Blue Beach House listing page for more details on our current Spreckelsville listing. Contact The Maui Real Estate Team if you have questions about the community or are interested in buying or selling property in Sprecks. Martin and Billy both call Spreckelsville home. They know the community as well as any agent on island.

March 2016 Maui Real Estate Statistics

It has been a while since I have beaten the the local Realtor association to the punch with a true sneak peek at the Maui statistics. That said, I think it is important to still put out a monthly stats post on our blog. We are able to offer some unique data with our pending data and notable numbers. I also try to avoid the hype train that can come with real estate statistics. You will never read the words “the market is on fire!” in one of these posts. That said, here is my look at the March Maui Real Estate sales, and a few thoughts on what some of the numbers might mean.

Maui March Real Estate Sales Volumes and Median Prices

March 2015 and 2016 Real Estats Sales Volume Chart

This chart compares the number of properties that sold in Maui County During March 2015 and March 2016

By my count, there were 97 homes sold in Maui during March with a median price of $610,750. In March of 2015, there were 86 homes sold with a median price of $632,625. That is a 12.8% increase in activity and just over a 3% decrease in median pricing when comparing this March to last March.

There were 104 condos sold on Maui in March with a median sales price of $494,000. Last March, there were 123 condos sold with a median price of $440,000. That is just over a 15% drop in sales activity and a 12% increase in median price when comparing the two Marches.

There were 17 lots sold in Maui County during March with a median price of $439,000. The March 2015 numbers included 16 lot sales with a median price of $451,000. That is a 6% difference in volume and a 3% decrease in median price when comparing this March to last March.

Notable Numbers from the Maui March Real Estate Sales Numbers

  • The highest priced home to sell in March closed for $5,700,000. The six bedroom, six and a half bath home with 8,210 square feet of living space and 3,100 square feet of lanai space is located in Ka’anapali Golf Estates.
  • That was one of 4 homes sold for more than $2,000,000 in March. The other big closes included two properties in Kapalua and one home in Wailuku Country Estates.
  • The highest priced condo to sell in March closed for $4,600,000. It was a 2 bedroom, 2 bathroom beachfront unit at Ka’anapali Ali’i.
  • That was one of seven condo sales over $1,500,000. The other sales included 3 units at Honua Kai, 2 units at Wailea Point and a Mana Kai condo.
  • The highest priced land transaction closed for $1,825,000. That was a 24 acre parcel on Waipoli Road in Kula.
  • There were 16 bank owned transactions that closed in March. That is up from the 13 bank owned transactions that closed last March. There were only 4 successful short sales completed in March. That is up 1 from the 3 short sales completed in March of 2015.

March Pending Sales
March is the last full month of our peak season for visitors and buyers. Looking at the total number of properties that went pending gives us some sense of what kind of buyer activity occurred with all of those visitors on island.

Pending Real Estate Sales Maui County March 2015 and March 2016

This chart compares the number of Maui County properties that went under contract in March of 2015 and March of 2016

As the chart shows above, it appears to have been a good month. Homes, condos and land all had more pending sales compared to March of 2015. Home and condo sales activity were up pretty significantly. The increased home buying activity stems from a few factors. Low interest rates, high rents and limited supply have created strong buyer demand at or below the median price points in the market. The bump in condo sales is something of an anomaly from recent market activity. I will discuss that in more detail below.

Thoughts on the March Market
March was a microcosm of the first quarter of 2016 for Maui Real Estate sales. Home sales were up, land was up slightly and condo sales were down. I discussed the boost in the home market above. The dip in condo sales is due in large part to a dip in luxury condos. For the quarter, luxury condo sales on Maui were down 32%. I think we can attribute the drop in the luxury market to a number of different factors. A recent Wall Street Journal Article on price adjustments in the luxury property market suggests that there is a broader slowdown on the mainland. Maui appears to be following part of an overall national trend. I surmise that some of the national weakness could be due to weakness in the stock market during the end of 2015 and the beginning of 2016. Looking locally, I think another factor could be a reduction in new developer inventory at Honua Kai. Honua Kai has been one of the strongest condos for luxury sales on Maui over the last couple of years. There were 3 fewer sales over $1,500,000 at Honua Kai in the first quarter of this year. The other factor hampering the luxury condo market is the weakness in the Canadian dollar and the Canadian Oil Industry. A number of Maui luxury buyers over the last 5 years were coming from Alberta’s Oil industry. With that industry hurting and a bad exchange rate, those buyers are not as active as they had been.

What Can Buyers and Sellers Entering the Market Expect if They are Entering the Maui Market?
It is tough to paint the Maui market with a broad brush. Some parts of the market are strong and some are slow. It depends in part on the type of properties and the price point. That means the strategy of buyers and sellers is going to be contingent on budget and property type. If you are looking for entry level homes or entry level condos to be used for a primary residence, a pre-approval from a lender is a prerequisite before you start looking at property. When listings that appear to be good values hit the market, showings should be scheduled as soon as possible. If a buyer wants to put in an offer, they are usually advised to act quickly. If it is a potential multiple offer situation, buyers should put their best foot forward on initial offers. While less common, you can see this level of competition at higher price points in the market if the property is extraordinary, well priced or both. Buyers shopping in the vacation rental condo market can expect a different market place with fewer buyers and more inventory. That means a little less pressure to act and a different offer strategy. Reading the above, you might expect that most sellers should have an easy go of things. That isn’t necessarily the case. Overpriced properties can still sit in this market regardless or price point. Shooting for the moon can result in a lower sales price down the road and a much longer period on market. Sellers should also also do what they can to address potential transaction pit falls before they go to market. Deferred maintenance or unknown issues can be identified with a pre-listing home inspection. Contact The Maui Real Estate Team if you are considering buying or selling a property on Maui. We would welcome the chance to sit down with you to listen to your real estate needs and market conditions specific to properties that might fit your needs.


The Little Blue Beach House

The Little Blue Beach House is a one bedroom, one bathoom, post and beam, plantation style cottage with deeded beach access to Spreckelsville Beach. Little Blue exudes charm and quality. Notable features include oak floors, reclaimed windows, brass door handles, a new gas stove, a new Bosch Dishwasher, a new washer and dryer and a new hot water heater. The seller also refreshed the home with fresh interior and exterior paint. An extensive lanai area adds to the living space. There is also quite a bit of storage space for all of your water toys. An outdoor shower is ideal for washing off the salt and sand from the beach.

The Little Blue Beach House in the foreground is across the street from the ocean and has deeded beach access

Aerial Shot of the little Blue Beach House

While the home’s charms are considerable. The value is enhanced by the land and associated entitlements. It is located on a 1/4 parcel. There is plenty of room and the zoning to either expand on the house or to add an additional dwelling.

The property’s proximity to the beach isn’t the only thing that gives this home a great location. The street where it is located is said to be one of the best on Maui. The neighborhood is one of the island’s most desirable. Spreckeslville offers a number of great beaches, access to world class water sports, and convenience to the Maui Country Club. It is a quick drive to Paia and its shops, restaurants, great health food store and yoga studios. The amenities, stores, medical facilities and airports of Central Maui are five to ten minutes away.

The Front Lanai is a great place to relax at the Little Blue Beach House in Spreckelsville

Kitchen and Living Room at the Little Blue Beach House

The kitchen, breakfast nook and living area at the Little Blue Beach House

Outdoor shower at the Little Blue Beach House

The Little Blue Beach House has deeded access to Spreckelsville Beach

The Little Blue Beach House is offered for $1,650,000. Check out the Little Blue listing page for additional photos and details. Contact The Maui Real Estate Team to arrange a viewing of the property.

Views as Good as They Get from this 11th Floor, West Maui, Beachfront Condo

There is no hyperbole in saying that this 11th floor, corner unit one bedroom condominium at Valley Isle Resort offers the best view on Maui for under $700,000. As soon as you walk in the front door, you can see Molokai and the Pailolo Channel. Sit in the living room and you have that same view AND you can look out the side window and see the beach fronting Kahana Bay, S Turns surf break and the island of Lanai. Many condos on Maui only have ocean views from the living room with the bedroom tucked in the back. They offer no view and only a small window. That is not the case with this bedroom. Sliding glass doors allow for big views of the ocean and Molokai. Head out on to the two lanais and you can see all of Molokai and up the coast towards Napili. The 11th floor location adds a unique bird’s eye perspective that you will seldom see with a run of the mill ocean view condo. From the lanai, you don’t just see the ocean, you can see into the ocean. You can watch turtles coming up to surface and see fish swimming along the reef. During Whale Season, you have the perfect vantage point to watch humpbacks as they surface, spout, tail slap and breach in the Pailolo Channel.

Here are some photos that help illustrate the quality of the view. I present them with the caveat that these small pictures on your screen don’t do justice to the real life vistas offered first hand.

Views towards Kahana from the lanai

A bird's eye view of the beach and the ocean from the lanai

great ocean views from bed at Valley Isle Resort

the view from the front lanai at valley isle resort

a view looking from the side window towards S turns surf break

This stunning ocean view condo is offered for sale for $695,000. Check out the Valley Isle Resort 1110 Listing page for additional photos and details. This property is easy to show. Contact The Maui Real Estate Team to arrange a showing and to experience these best on market views first hand.

By » 3/31/2016 » in

February 2016 Maui Real Estate Statistics

We are two months into the new year and more than half way through Maui’s peak real estate season, that means it is a good time to check in with the Maui Real Estate statistics. After a slow start for sales in January, we saw an increase in sales volume among all property types in February. We will have all the details on sales volumes, medians, February new pending sales, notable numbers and a few thoughts on the market below. Without further ado, here are the February Maui Real Estate Statistics

Maui Sales Volumes and Median Prices

February Maui 2016 real estate sales volume chart

This chart compares the real estate sales volumes for Maui County during February of 2015 and February 2016

By my count, there were 69 homes sold on Maui in February with a median sales price of $595,000. In February of 2015, there were 60 homes sold with a median price of $558,625. That calculates to a 15% increase in sales activity and a 6.5% increase in median price.

There were 102 condos sold in February 2016 with a median sales price of $444,450. Last February, there were 95 condos sold with a median sales price of $475,000. That represents a 7% increase in sales activity when comparing February 2016 to February 2015 and a 6% decrease in median price.

There were 20 lots sold last month with a median sales price of $512,500. In February of 2015, there were 14 sold with a median price of $490,000. That is a 43% increase in sales volume and a 4.5% increase in median price.

Notable Numbers from the February Maui Real Estate Sales
While compiling the sales volumes and the medians, I came across some other notable numbers from the February Real Estate sales activity on Maui.

  • The highest priced home to sell on Maui in February closed or $5,550,000. Located in the Wailea Golf Vistas subdivision, the 4 bedroom, 5.5 bathroom luxury home includes amenities like an infinity pool and big ocean views.
  • The Wailea Golf Vista Sale was one of six total home transactions that closed for more than $2,000,000. The other big transactions included a sale in Makawao, one in the Launiupoko area of Lahaina and three sales in Kapalua.
  • The highest priced condo sale in February closed for $4,295,000. The 3 bedroom, 4 bath unit at the Andaz Residences offered top of the line finishing and 2,644 square feet of living space.
  • The Andaz sale was one of six total condos that sold for more than $1,500,000 in February. The other sales were located at Montage Kapalua Bay, Honua Kai, Makena Surf, Wailea Beach Villas and Ka’anapali Ali’i.
  • The highest priced lot to sell closed for $1,450,000. The big 25 acre parcel is located in the Honolua Ridge area of Kapalua.
  • That was one of three lots that sold for more than $1,000,000. The others were located in Ka’anapali Coffee Farms and Launiupoko.
  • There were 8 REO or bank owned sales in February. That was down from the 14 bank owned sales last February.
  • There were 5 short sale transactions that completed successfully in February. All of them were home sales. That is up modestly from the 3 short sales in February of 2015.

February Pending Sales
The February sales are based primarily on contracts written in December and January. There may be a smattering of quick closes written up in February and a handful of longer term contracts. To get a better understanding of buyer demand last month, we wanted to provide some information on the number of properties that went pending in February.

February Maui County Pending Real Estate Sales Comparison Chart

This chart compares the number of properties that went pending in Maui County during February of 2015 and February 2016

Homes, condos and land all saw an increase in pending sales over February of 2015. Pending sales for homes were up sharply. Buyer demand remains strong on island for homes. Condo sales were up by the thinnest of margins and land sales saw a more substantial increase.

Maui Real Estate Market Thoughts
It is safe to say that , it was a pretty strong month for the market on Maui. February also was bolstered by having an extra business day since it was a leap year. With home sales and home pendings, February of 2016 clearly outperformed 2015 regardless of that extra day. With condos, things were a little less clear cut. When you subtract the 5 sales on the last day of the month, the increase in sales shrinks to 2. When you subtract the 9 pending sales that occurred on the 29th, the number of pending sales falls below what we saw during February 2015.

There is a lot of variability in activity within the condo market on Maui. There are parts of the market that are doing well like the entry level condo market. The luxury condo market is also doing pretty well. The vacation rental condo market is where we are seeing bigger drops in activity. With the big drop in the Canadian Dollar and the decline of Alberta’s oil industry, we have seen a shrinking pool of buyers. We have also seen growing inventory as some Canadians put their condos on the market. The net result is higher inventories and limited demand.

The home market continues to be strong. Demand is particularly strong for homes priced at or below the median prices of the market. Interest rates have dropped to levels even lower than what we saw before the Federal Reserve raised interest rates. With a tough rental market on island, demand continues to be strong from first time home buyers.

Land saw something of a rebound in February after the really low sales numbers in January. The number of land sales remain somewhat limited compared to other property types. That can make for some dramatic shifts in sales percentage wise with relatively modest changes in units sold.

The heterogeneity of the Maui Real Estate market conditions heightens the importance of savvy and experienced representation. Contact The Maui Real Estate Team today if you are interested in buying or selling property on Maui. We would welcome the opportunity to sit down with you to discuss your real estate needs and discuss market conditions specific to the areas and price points that are of interest to you.


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