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Ultimate Waterman’s House in Spreckeslville

This home is Spreckelsville would be a dream property for a water person. The home’s deeded beach access to Spreckelsville Beach is ideal for windsurfers, stand up paddlers or those that just enjoy an afternoon dip or feeling the sand beneath their toes. There are neighborhoods where people own golf carts due to the proximity to the local golf course. While this home is close to the Maui Country Club, residents of this neighborhood own their golf carts to haul all of their water toys to the beach. The video below featuring Kai Lenny illustrates the home’s convenience to the beach.

The allure of Spreckelsville goes beyond the beach. In addition to access to water sports and the aforementioned Maui Country Club, it is 5 minutes to downtown Paia, five minutes to the airport and 5-15 minutes from the medical facilities, the Maui Arts and Cultural Center, the University of Hawaii Maui College, shopping and other amenities of Central Maui.

aerial shot of 1050 Kapukaulua Spreckelsville

The single level, four bedroom, two bath home itself is impressive in its own right. The home features a big open floor plan with ten foot ceilings. It has extensive covered lanai space that is well suited to enjoying the indoor/outdoor lifestyle of Hawaii. The builder incorporated quality materials and features including granite counter tops, stainless steel appliances, crown molding, central a/c, a security system, a 4.2 KWh photovoltaic system, solar hot water and a hot tub. In addition to the main home; there is a detached, 899 square foot, 3 car garage with an upstairs 797 square foot bonus room. There is also a 600 square foot stand alone yoga studio. The .9 acre lot is beautifully landscaped and kept green via an automatic irrigation system.

This home is co-listed with Big Wave Realty with an asking price of $2,895,000. Check out the 1050 Kapukaulua listing page for additional photos and details. Contact The Maui Real Estate Team to arrange a preview of the property.


By » 5/20/2016 » in

April 2016 Maui Real Estate Statistics

As we hit the midpoint of May, I wanted to give an update on the April Maui Real Estate Statistics. April is the last month of Maui’s “peak” home buying season. Once we get past April 15th, visitor numbers typically dip reducing the number of potential buyers. That said, the bulk of the sales that we see in April are from contracts written earlier in the buyer season. These stats take a look at the number of properties sold, median prices, properties that went under contract in April and notable numbers from the April sales activity. I also give a few thoughts on the state of the market and the numbers that stood out to me in April. Without further ado, here are the April numbers.

April Maui Real Estate Sals Volumes

Chart comparing the April 2015 and 2016 Real Estate Sales Volumes

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

There were 99 home sales reported in Maui County during April with a median sales price of $680,000. In April of 2015, there were 87 homes sold with a median price of $581,000. That calculates to roughly a 14% increase in sales activity and a 17% increase in median price.

There were 125 condo sales reported in Maui during April with a median price of $445,000. Last April there were 105 condos sold with a median price of $410,000. That is a 19% increase in sales volume and roughly a 9% increase in median price.

There were 10 land sales reported in Maui County for the month of April with a median sales price of $453,500. In April 2015, there were 12 sales with a median price of $417,500. That calculates to a 17% decrease in sales and an 8% increase in median price.

While compiling the median sales prices and sales volumes, I came up with some numbers that I thought were worth sharing from the April numbers.

Notable Numbers from the April Maui Real Estate Sales

  • The highest priced home sale in April closed for $6,550,000. This Kula Estate included a 4 bed, 4 bath home with 7,809 square feet of living space, 2 cottages, a 9 car garage building and a lot more on 23 acres.
  • It was a busy month for luxury home sales with 13 closes more than $2,000,000. In addition to the big Kula sale, there was one additional Kula sale, 3 sales in Wailea, 3 sales in the Launiupoko area of Lahaina and one sale each in Paia, Haiku, Kapalua, Kihei, and Ka’anapali.
  • The highest priced condo sale in April closed for $5,490,309. This Honua Kai Condo has 3 beds, 3.5 baths with 2,770 sq feet of living space and a 2,200 square foot lanai.
  • The big Honua Kai close was one of 13 condo sales over $1,500,000. Other sales included 4 more closes at Honua Kai, 2 Wailea Point Condos, a Montage Kapalua Bay, a Polo Beach, an Alaeloa, Mahana, Kaanapali Shores and a Masters Ka’anapali Unit.
  • The highest priced land sale in April closed for $850,000. The 1.45 acre condominiumized agricultural lot in Launiupoko has the entitlements to build the main house for the condo.
  • There were 11 bank owned transactions that closed in April. That is up slightly from the 9 bank owned sales in April of 2015. There were 4 successful short sales that closed in April 2016. That is the same total as April 2015.

Pending Real Estate Sales in April
Sales are a lagging indicator. They do not show current buyer demand. That is why our stats posts include the number of properties that go pending in that particular month.

April 2015 and 2016 Pending Real Estate Sales for Maui Chart

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

The number of properties that went pending in April was lower compared to April of 2015. New contracts for homes and lots were down while condos were up. I am not sure that is indicative of any sort of trend. As a whole it is something of a reversal of what we saw during the first quarter of the year where home sales were up significantly, land was up slightly and condo sales were down. One month of varied market activity is one thing. If we were to string a few months together, we might be seeing a trend.

Thoughts on the April Sales Number and The Maui Real Estate Market
Of all of the sales figures from April, the luxury property sales stood out the most to me. There were more homes sold over $2,000,000 in April than the previous three months of the year combined. The 13 condo sales over $1,500,000 wasn’t too far behind the 17 total sales during the first quarter of 2016. After a slower start to the year, there appears to be a little bit of a bump in high end sales activity. It makes some sense as the stock market has seen a recovery from the doldrums of earlier this year. It will be interesting to see if that was just one month or if this increased activity will sustain itself.

The high median sales price for homes was noteworthy. This was the second highest median sales price since the recovery of the real estate market. The high median is related to the high number of higher priced sales. It is also due in part to a shrinking inventory of lower priced homes. Rising values and just a tight overall market have resulted in a shrinking pool of homes available for sale for less than $500,000.

The condo market numbers were also somewhat notable in that sales were up and pending sales were up compared to April 2015. The condo market was slower during the first quarter of 2016 when compared to 2015. This may be a blip or it may be the start of an uptick in activity in the condo market. It will be interesting to see the numbers in the next couple of months.

While the April condo market bucked the first quarter trends, the home market continued the momentum of the first quarter. April home sales were well above the totals for April 2015. That made it something of a surprise to see April pending home sales were well below April 2015. As mentioned above, one month may just be due to variability in the market. We will see what unfolds in the coming months.

If you are a buyer or a seller thinking of entering the Maui Real Estate market, you will find that market conditions are not monolithic. While this blog post discusses the generalities of the Maui market, market demand and inventory varies by geography and price point. Contact The Maui Real Estate Team to discuss market conditions specific to your real estate needs. We look forward to being of service.


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.

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