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Deluxe Wailea Ekolu

Wailea Ekolu 1604 is a gorgeously remodeled, 2 bedroom, 2 bathroom condo in the heart of a world renowned destination resort. This condo went through a comprehensive remodel in 2011 with finishing and furnishings selected by a professional designer. Changes made include new tile floors, updated bathrooms, whitewashing the vaulted ceiling and all new furnishings. The kitchen remodel included new cabinetry, new granite counters and new stainless steel appliances.

This home has been a comfortable refuge for the owners while serving as a strong vacation rental property when they are off island. Ekolu 1604 gets great reviews from guests.

wailea ekolu kitchen

wailea ekolu living room

wailea ekolu living room

wailea ekolu bathroom

wailea ekolu master bedroom

wailea ekolu entry

Wailea Ekolu offers two pools and a club house. Top beaches like Wailea Beach and Ulua Beach are within walking distance. It is a short walk to great restaurants like Capische, Ka’ana Kitchen, Morimoto Maui, Spago and more. The shops at Wailea are also a short walk from the condo. Golfers will appreciate that Wailea Ekolu backs up on to the Wailea Blue Course. Wailea has two more golf courses within a short drive.

This turnkey condo is offered for sale for $885,000. This condo is a great option for buyers looking for a Wailea getaway, a well performing vacation rental or a little bit of both. Check out the Ekolu 1604 listing page for additional photos and details on the property. 3D tour of Wailea Ekolu 1604. It is almost as good as being there in person.

Keonekai Villages 14-103, A Case Study for Buying vs Renting

Rents are rising on Maui. Borrowing costs remain low. In this type of market, a place like Keonekai Villages 14-103 is a compelling buy if you have money set aside for a down payment.

Keonekai Villages 14-103 is listed for $257,000. With 5% down at an interest rate of 3.92%, monthly mortgage payments are $1,154 a month. The current maintenance fee is $274 a month. That includes, water, trash, refuse and basic cable. Insurance would run roughly $300-$350 a year or $25 to $29.17 per month. That comes to $1,457.17 per month. Other expenses would include electricity, Internet and property taxes. The current owner is paying a $1,694 in property taxes annually. If you are a Maui Resident who paid local taxes in 2015, you could be eligible for a lower homeowner tax rate as long as you file for the new rate before the end of the year. With exemptions, your taxes would be $500 or less. I searched Craigslist to see if I could find any rentals in Keonekai Villages that might be comparable. The only recent listing I could find was asking $1,600 a month plus electricity. A Maui resident paying homeowner tax rates would be paying less to own the condo than the cost to rent.

The living area at a Keonekai Villages

Keonekai Village is just a couple of blocks from the Kamaole Beach Parks

Keonekai Villages 14-103 isn’t just a case study for buying, it also offers a great location. It is situated within a few blocks of the Kamaole II and III Beach Parks. These are some of the best swimming and snorkeling spots in South Kihei. Shops and restaurants are also within walking distance of Keonekai. The beaches and amenities of Wailea and Makena are anywhere from two to ten minutes drive.

Check out the Keonekai Villages 14-103 listing page for more photos and details on this property. Contact The Maui Real Estate Team if you are ready to own your own place and stop renting.

Classic Kama’aina Beach House in Old Spreckelsville

Beach house. These are two words in the English language that are bound to evoke a flood of positive memories. Thoughts of times spent with friends and family playing in the sand, sun and salt water flood through the mind. Nights spent on the porch listening to the palm fronds swaying in the breeze and surf crashing in the distance. This Spreckelsville home offers an opportunity to create a whole new series of memories with friends and family. Located within a two minute walk of Baby Beach, this Kama’aina Style Hawaiian Beach House offers boatloads of charm, great indoor and outdoor living spaces, a sterling location and a relaxed lifestyle.

the back yard and covered porch areas of this Sprecks Kamaaina Beach House

the view from the backyard porch of the beach house in old Sprecks

The home itself has three bedrooms and two bathrooms. Built in 1957, it retains the charm of the old Kama’aina style. Big windows in the living room provide views of the lushly landscaped back yards. A front porch provides glimpses of the ocean and a nice place for breakfast, coffee or a quiet read. Recent updates have added modern conveniences. Efficient and quiet split system a/c systems keep things cool on the hottest days. The sellers created two indoor/outdoor bathrooms with showers and tubs outside. An impressive walk in dressing area with built in vanities and dressers were added to the master suite. The kitchen has new appliances and an island was added for additional preparation space. A brick lanai covered by a trellis is a great space to enjoy the back yard and listen to the breeze and the surf.

the living room in old Sprecks

The kitchen area of a house near baby beach in old Sprecks

an outdoor bathroom at a beach house in old Sprecks

The closest beach is literally a couple hundred yards from the front door. Baby Beach is one of the most family friendly spots on the North Shore of Maui. A reef just offshore of the sand provides a sheltered swimming area on all but the biggest of surf days. Baby beach turns to Baldwin Beach. Baldwin is the best walking beach on this side of the island. There is also a good spot for kite boarding right where Baby Beach and Baldwin meet. Additionally, there are a number of wave riding spots in the neighborhood for all manner of wave craft. Whether you want your time in the sand and surf to be blissful relaxation or an adrenaline rush, you have options just a few minutes walk from home.

baby beach is sheltered by a reef just offshore making it a great place for kids or even swimming laps

aerial shot of baby and baldwin beach

Access to the beach isn’t your only convenience. The home is also a five minute walk to the Maui Country club. Downtown Paia and its assorted shops, restaurants and yoga studios are just a few minutes drive. Movie theaters, big box stores, the Maui Arts and Cultural Center and other Central Maui amenities are ten minutes away in the other direction. A number of the island’s best schools are within twenty minutes drive of the house.

This Spreckelsville Beach House is being offered for $3,900,000. Check out the 204 Kealakai Place listing page for more photos and details. Contact the Maui Real Estate Team to arrange a showing. The opportunity for good times and great memories is yours.

July 2016 Maui Real Estate Statistics

Why is the Maui condo market showing signs of improvement in 2016? That is one of the questions, I asked myself in this post and did my best to answer by taking a deeper dig into this year’s condo sales. You will find all of those thoughts and a rundown on the overall July 2016 Maui Real Estate Stats. Without further ado, here are the July numbers and some thoughts and context on the market.

July 2016 Median Prices and Sales Volumes

July 2016 Maui Real Estate Sales Volume Comparison

This chart compares Maui Real Estate Sales volumes for July 2015 and July 2016.

There were 93 home sales with a median price of $600,000. In July of 2015, there were 129 sales with a median price of $590,000. That is a 28% decrease in volume and approximately a 2% increase in median price.

There were 110 condos sold for a median price of $440,000. Last July, there were 94 sales with a median sales price of $394,000. That is a 17% increase in median price and a 12% increase in median price.

There were 7 land sales with a median price of $490,000. There were 13 sales in July of 2015 with a median price of $250,000. This is a 46% decrease in volume and a 96% increase in median price.

Notable Numbers from the July Real Estate Sales Activity
While compiling the sales volumes and median prices, I came across some other noteworthy numbers.

  • The highest priced home sale in July closed for $18,000,000. The Beachfront Oli Oli Kai Property on Stable Road in Spreckelsville closed for a new North Shore record. That said, it could of or maybe should have been classified as three separate sales. The property was condominiumized into three separate units. The three units included a total of three homes and approximately 3.6 acres.
  • This was one of 7 home sales over $2,000,000. The six other sales included three properties in Lahaina and one sale each in Wailea, Kula and Ka’anapali.
  • The highest priced condo sale closed for $3,850,000. The 3 bed, 3.5 bath unit at Montage Kapalua has 2,789 square feet of living space.
  • That was one of 10 sales over $1,500,000 to close in July. The other sales included 2 closes at Ho’olei and one each at Ka’anapali Ali’i, Sugar Cove, Wailea Elua, Makena Surf, Honua Kai, The Whaler and The Palms at Manele.
  • The high land sale for the month closed for $1,800,000. The four acre lot is located in Kapalua Plantation Estates. There was one other $1,000,000 plus land sale this month. That 17.47 acre lot is located in the Makila Ranch Area of Launiupoko.
  • There were 13 bank owned properties that closed in July. That is down from the 20 that closed in July of 2015. There was only one successful short sale completed last month compared to the 8 completed in July of 2015.

New July Pending Sales Contracts
We track the number of properties that go pending in a particular month. It gives us a more recent data point on buyer demand and it also helps us to better suss out whether the prior month’s sales activity is something of a one off event or part of a broader trend. I will spell that out a little better as we review last month’s pending data.

July 2016 and July 2015 Maui Pending Sales.

This chart compares the number of properties in Maui County that went under contract in July of 2016 with the number of properties that went under contract in July of 2015.

Looking at the pending sales activity, the number of homes that went under contract in July was down compared to last year. The number of condos that went under contract was the same as last year and land pending sales were up ever so slightly. The decrease in home sales is part of what appears to be a continuing trend that we have seen over the last few months. Shrinking home inventory, particularly at lower price points, has led to a reduction in sales activity. The condo market appears to be continuing a recent trend of sales at or above last year’s totals. I will delve into that in more detail below. While land sales aren’t exactly booming, it was good to see that they were up slightly from last year. That would suggest that the low July land sales numbers were more of an outlier than the start of any sort of trend.

Thoughts on the Market
We have discussed the decreases in home sales volumes over the last few posts, but I haven’t talked a whole lot about the increase in condo sales activity. Of the 7 months of sales this year, one month had the same sales volume as the same month from 2015, and one month was down from the same month last year. Five of the months have experienced greater sales volume than the same month of 2015. The last four months have all seen an increase over the same month of 2015. Over that period from April-July, sales volumes are up 14% compared to the same period of 2015. That raised the question of why we may be seeing an increase in activity. I dug into the sales data a few different ways to try to see if I could come to any conclusions as to what is driving the increase in sales activity.

The first thing I did was break down the sales volume over the last four months by price point.

Sales Volume by Price Point

This chart shows compares Maui Condo sales volumes by price point from April 1, 2016-July 31, 2016 with the same period of 2015.

I can’t say that this breakdown provided me with a clear picture of the driving force behind price increases. We can see an increase in sales below $300,000 and an increase in the $1,500,000 and higher range. The middle price ranges tend to be a mixed bag. The biggest increase in activity of any price range occurred between $500,000-$749,999. I can’t say off the top of my head why that would have occurred. The middle of the market, so to speak, also included the only two price points where sales were down compared to last year. The remaining price ranges saw relatively limited increases over 2016.

Not feeling like I had a clear answer, I took a look at two other data points. The first data point is is whether or not the property allows short term rentals. This data is somewhat flawed as it is not a mandatory field in our multiple listing service. In other words, not every condo sale that occurred over the last month reported whether or not the condo allowed vacation rentals.

vacation rental condo sales maui chart

This chart compares condo sales at Maui properties that allow vacation rentals between April 1, 2016 and July 30, 2016 with the same time frame of 2015.

It is pretty clear that there was an increase in sales for properties that are reported to be vacation rentals. I calculated a 26% increase over the period between April 1, 2015 and July 31, 2015. It was interesting to note that the increase in vacation rental condo sales was particularly evident in the $500,000-$749,999 price range. That appears to point to a significant driver for sales activity in that price range.

The one other data point I wanted to look at was new developer sales. New developments can be market drivers that boost the overall sales activity. In some cases, the boost can mask other market trends. An example of this is when Honua Kai started to close a lot of condos while we were still in the thick of the downturn. Overall condo demand was low, but sales numbers were relatively high as buyers were closing on contracts that were originally written pre-construction during the peak of the real estate boom. From what I could glean, we haven’t seen a similar phenomenon over the last four months. There was an uptick in new development sales. I counted 29 new development sales from April 1, 2016-July 31, 2016. That is up from 23 sales during that same period last year. However, the vast majority of these contracts were written recently.

While I can’t say I have definitive answers on what is driving the recent uptick in condo sales, the data above points to three price ranges where the improvement was most prevalent and a type of condo that saw more activity. Based on anecdotal evidence and the quantitative evidence, I am going to postulate a few reasons for the increases in each of these segments. The increase in sales at the low end is a reflection of the continued strength of the buy over renting argument on Maui. Maui rental rates have soared. Low borrowing costs make owning a number of Maui condo less expensive than renting. As long as rents remain high and rates remain low and inventory is sufficient, that part of the market should continue to be busy. I can’t say definitively why the high end market is outperforming last year in terms of sales. When I look at the luxury home market, sales totals between 2015 and 2016 have been almost identical. It just seems as if high end buyers are gravitating more towards condos this year. I believe the increase in vacation rental condo sales, and in the $500,000-$749,999 range in particular, is a reflection of pretty strong consumer confidence among some mainland buyers. West Coast real estate markets have been strong and the stock market has performed well. This means more cash for discretionary purchases like a vacation rental condo on Maui.

A Few Closing Thoughts for Maui Buyers and Sellers
I think there are some things to be learned for the overall Maui market from my review of the condo numbers. The biggest is that there is variability in the strength of the market by price point. I think you can also add geographic variability as another factor. Not all communities are seeing equal levels of buyer demand. While these stats tend to paint the market in broad brushes, how buyers and sellers approach the Maui market is going to be a reflection of their specific segment of the market. Contact The Maui Real Estate Team if you are interested in buying or selling a property on Maui. We would welcome the chance to hear about your needs and to discuss market conditions that are most relevant to you.

New York, Paris, London, Tokyo…Makawao?

There are so many attributes at 3035 Baldwin Avenue from the spectacular views, to the thoughtful design and construction, the privacy, the trails, the agriculture, the additional lot allocations etc. that it is easy to perhaps overlook one of the most outstanding features of all. The location!

Aerial photo of Baldwin Location is perfect

Situated at the epicenter of Maui, it is hard to find a more convenient location for a private estate on Maui.

  • 2 minutes and .5 mile to Montessori of Maui
  • 3 minutes and 1.2 miles to Makawao Elementary School
  • 4 minutes and 1.5 miles to Makawao town
  • 6 minutes and 2.4 miles to Seabury Hall
  • 11 minutes and 5.4 miles to Haiku town
  • 14 minutes and less than 5 miles to Makawao forest Mountain Biking
  • 15 minutes and 6 miles to Paia town
  • 17 minutes to Baldwin Beach Park
  • a windsurfer at Hookipa Beach Park during the first high surf advisory swell of the season

  • 17 minutes and 7 miles to Hookipa Beach Park
  • 18 minutes and 10.5 miles to Kahului Airport
  • 36 minutes and 28.7 miles to Keawakapu Beach
  • Haleakala Crater

  • 67 minutes and 29.8 miles to Haleakala Summit
  • 75 minutes and 44.1 miles to Honolua Bay
  • 110 minutes and 42.2 miles to Travaasa, Hana
  • Los Angeles, Silicon Valley and Seattle – Approximately 6 hours
  • Tokyo – < 12 hours
  • New York 14 hours
  • Paris – 20 hours

Whether is be cycling, surf, snorkeling, school, sushi, shopping or moreā€¦3035 Baldwin Ave. So Close and Yet So Private.

Check out the listing page for more details and photos.
Contact The Maui Real Estate Team to arrange a private tour of the property. For more eye candy from this special property, watch the youtube video below.

June 2016 Maui Real Estate Statistics

It’s almost the end of the month so I wanted to make sure I squeezed in a June stats post.This is something of an abbreviated post with more numbers and less analysis. I will give a few more thoughts on the state of the market in the July stats. Without further ado, here are the numbers.

June Real Estate Sales Volumes

June 2016 Maui County Real Estate Sales Volumes

This chart shows the June 2016 Maui County Real Estate Sales Volumes compared to June of 2015.

There were 98 homes sold in June with a median home price of $657,000. Last June there were 101 homes sold with a median price of $650,000. That is a 3% drop in sales volume and a 1% increase in median price when comparing this June to last June.

There were 110 condos sold in June with a median price of $384,000. In June of 2015, there were 99 condos sold with a median price of $355,000. That is an 11% increase in sales volume and an 8% increase in median price.

There were 13 lots sold in June with a whopping median price of $1,200,000. Last June, there were 14 sales with a median price of $420,000. That is a 7% decrease in volume and a 285% increase in median price.

Notable numbers from the June Real Estate Sales Activity
While compiling the stats above, I came across some other notable numbers worth sharing from the June sales activity.

  • The highest home sale price in June was $7,000,000. This Makena property includes almost 10 acres of land and two pole homes. It is close to Big Beach.
  • That was one of 5 home sales over $2,000,000. The other sales were for properties in Kihei, Kapalua, Launiupoko (Lahaina), and Hana.
  • The highest price condo to close in June is located in Wailea. The 3 bedroom, 3.5 bath condo Ho’olei in Wailea sold for $2,850,000.
  • That was one of 8 condo sales in June sold for $1,500,000 or more. There was one more Ho’olei sale and two sales in Wailea Elua. There were individual sales of $1,500,000 or higher at Ka’anapali Ali’i, Maui Ka’anapali Villas, Honua Kai and Makena Surf.
  • The highest priced land transaction closed for $2,950,000. This oceanfront lot in the Kuau area of Paia consists of 18,861 square feet of land.
  • This was one of 7 land sales over $1,000,000 in June. That is a pretty extraordinary number. Five of these sales were in Launiupoko. They were part of the new Makila Ranch subdivision of Launiupoko. The one other sale was in Haiku.
  • There were 12 bank owned sales that closed in June. That was down just a little from the 13 REO sales in June of 2015.
  • There were 2 short sales that closed in June. That is down significantly from the 8 short sale transactions that closed in June of 2015.

June Pending Sales
All of the numbers discussed prior to this point were from properties that sold in June. We also wanted to take a look at the properties that went under contract with buyers in June. This will give us a little better sense of more recent market activity and demand.

June 2016 Pending Sales

This chart compares the number of properties that went pending in June of 2016 with the pending sales from June of 2015.

June marked the second month in a row where pending home sales were down. I don’t believe this is a reflection of decreased demand as it is a reflection of limited inventory for first time home buyers. I expect this trend to continue with lower sales volumes and higher median prices due the decreased number of entry level homes available for sale. The condo market continues to follow recent trends of outperforming 2015. The land market pending sales are skewed a little by new development sales that showed 0 days on market. These were contracts that were likely written before this month.

Wrapping it all up
I don’t have a whole lot of in depth analysis to offer this month. We have seen fairly steady market demand overall with pockets of greater activity based on geography and price point around the island. As mentioned directly above, I believe the lack of lower priced home inventory will continue to impact the total numbers of homes sold. Contact The Maui Real Estate Team if you are thinking of sticking your toes into the waters of the Maui Real Estate market. We would welcome the chance to sit down and learn about your real estate needs and give our thoughts on market conditions specific to the properties that might fit your needs.

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