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Outstanding Kuau Location

Our office recently brought a great new listing to market in the Kuau area of Maui’s North Shore. This Hawaiian Plantation Style home has three bedrooms, two baths and a detached garage. Home amenities include newer appliances, hardwood and tile flooring and a spacious deck. The deck is a great spot whether you want to entertain friends or family or just enjoy the trade winds blowing through the palm trees.

The home is situated on a quiet dead end street. If you like ocean sports, 21 Meha Place is located within walking distance of a variety of surf breaks. Ho’okipa Beach Park is just a few minutes drive and the start of the Maliko Run is within 10 minutes for downwind paddlers. With all of the wind and wave options nearby, future owners may find their detached garage stuffed with water toys in no time. The property is within walking distance of Fresh Poke and other goods at the Kuau Store. Want to go out to dinner? Mama’s Fish House, also just a short walk, offers some of the best meals you could find in all of Hawaii. Paia town, just a few minutes drive to the West, provides even more dining options, a fantastic natural foods store, and a variety of boutiques and yoga studios.

The front of the condomonium home at 21 Meha

The Kitchen at 21 Meha in Kuau on Maui's North Shore

A bathroom at 21 Meha

The backyard of a home at 21 Meha in Kuau

This home is offered for $879,000. This is unit one of a two unit residential condominium. The area of land specific to this unit is 8,441 square feet. The listing agent for the home is the father of the seller. Check out the 21 Meha Place Unit 1 listing page for more photos and details. Contact The Maui Real Estate Team to discuss the property or to arrange a showing.

By » 11/24/2017 » in

Haiku 2017 November Market Update

Haiku is located in Windward Maui along the island’s North Shore. It is a rural community that covers a large geographic area. It runs from sea level up to about 1,400 feet in elevation. Rainfall ranges from 40 inches to over 100 inches. Historically, the area was known primarily for agriculture. Pineapple plantation, tropical flower farms, some small scale ranching and other small farms have been located throughout various areas of Haiku. Larger scale pineapple farms are a thing of the past, but there are still are a variety of small farms around the community. Agriculture also has a big impact on the Haiku Real Estate market in that the majority of the properties have agricultural zoning. Ag zoning means lower density with lots of 2 acres or more.

Haiku residents are drawn to the area for a variety of reasons. For those whose vision of Hawaii is lush foliage and waterfalls, Haiku is the most accessible area of the island that fits this climate zone. It is close to the North Shore’s renowned wind and water sports. The world famous big wave surf spot Peahi also known as Jaws is located just offshore from the cliffs of Haiku. The area is also popular for wellness activities. The rainfall, larger lots, zoning and climate are an attraction for those who want to farm, have a small orchard and, or even a back yard garden. Some are just attracted to the area’s natural beauty and the potential for a quiet lifestyle.

With Haiku just ten minutes away from our office and two agents calling the town their home, this is a community where we work in extensively. We wanted to check in to see what is happening in the Haiku Real Estate Market after ten months of sales in 2017. This is the third of our semi-recent posts looking at the North Shore Real Estate Markets. We have also looked at Paia and Spreckelsville. Haiku is a much larger market than Paia and Sprecks. As a result, the format of this post is going to be a little different from our other efforts to date.

Haiku 2017 Market highlights

  • There have been 75 homes sold in Haiku through ten months of the year. Last year, over the same period of time, there were 56 homes sold. That is a 28% increase in sales activity.
  • The median sales price for the homes sold this year is $733,000. The average price for the 75 homes sold is $868,952. By comparison, the median price over the same period of 2016 was $841,500 and the average sales price was $926,075. Surprisingly, that is a 13% decrease in median price and less than a 1% increase in average price. This lower median is a reflection of more sales activity at the bottom of the market. It does not represent a decrease in values.
  • The highest priced home to sell for the year to date closed for $3,999,900. The 2.189 acre oceanfront property in Huelo consists of a four bedroom, three bath home with 3,609 square feet of living space, and a separate one bedroom, one bath cottage with 519 square feet of living space.
  • The property on Door of Faith was the only home in Haiku to have closed this year for over $2,000,000. There were 11 total homes that sold for more than $1,000,000.
  • The lowest priced home sale to close in Haiku this year sold for $335,000. The structure on the residential condominum was in very poor condition. A good portion of the value was due to the associated land. It included 2.287 acres of associated land or limited common element.
  • There were five bank owned homes that sold and three short sales for the year to date. This is an increase over just the one bank owned sale from last year.
  • Just over 21% of this year’s sales have been for full price or over asking price.
  • There were 27 parcels of land that sold in Haiku as of November 1. The median price for those sales was $410,000, and the average sales price was $508,950. Last year there were 21 land sales over the same period of time with a median price of $535,000 and an average sales price of $865,023. That means a 29% increase in sales for this year compared to last year, a 23% decrease in median price and a 41% decrease in average price.
  • The high land sales price for the year closed for $1,725,000 for 31.25 acres with a deluxe barn on the ocean side of Hana Highway in Western Haiku. The high sale price for the year to date for a parcel of land without any structures is $1,295,000 for 2.06 acres of oceanfront land.
  • The lowest priced lot to sell closed for $300,000. This condominiumized off the grid lot was limited to only a 1,000 square foot cottage and had 3 acres of limited common element.

Haiku Market Activity by Price Point
While the numbers above speak to the big picture, the Haiku market isn’t uniform in its behavior across all price points. I wanted to look at how the market has performed at the various price points in the market.

Comparison of sales under $500,000 in Haiku

This chart compares the number of homes sold under $500,000 in Haiku during the first ten months of 2017 to the number sold in the first ten months of 2016 and the active and pending homes in this price range.

The Haiku under $500,000 market is a little more limited due to the nature of the community. As mentioned above, most of the properties are agriculturally zoned. A standard ag zoned lot is two acres or more. The price for just two acres of bare land typically starts around $400,000 and it can go up substantially from there. There are some neighborhoods with smaller residential lots in the community. Many of those small lots are clustered near old pineapple canneries that have been repurposed into commercial space. The homes priced under $500,000 in current market conditions are typically, but not exclusively smaller lots. The sales this year have also included some residential condominiums and distressed properties. It is somewhat surprising to see that the number of homes sold in this price increased this year compared to last year. In many communities around the island, sales activity in this price range has dwindled as the number of homes priced under $500,000 have become more scarce as prices rise.

I can’t say that there is a specific factor that is driving the increase in activity under $500,000. Some of that is just market variability. There has also been a modest uptick in bank owned properties. While an increase in bank owned activity during a strong market cycle may raise a few eyebrows, a little context is needed. These bank owned properties are still lingering from the last downturn. The bulk of foreclosures on this island are going through the judicial foreclosure process. That process can take years for resolution.

Buyers searching for homes for less than $500,000 in Haiku will find that the inventory is limited. Of the current inventory, three of the four active listings are cash only purchases due to the condition of the homes or other issues that might prevent financing. Well priced homes in this price range are likely to attract strong buyer interest.

Haiku 500,000 to 750,000 price range

This chart compares properties sold during the first ten months of 2016 and 2017 in the $500,000-$749,999 price range. It also includes the current pending and active inventory in this range by comparison.

The $500,000-$750,000 price range in Haiku currently includes some nicer homes on small lots, a few homes on 2 acre lots, some homes on lots between 1/2 acre and 2 acres and quite a few condominiumized homes on agricultural lots. Residential condos are an increasingly popular form of ownership in Haiku. Ag zoned lots have entitlements to build a main house and a cottage of 1,000 square feet. Many owners are opting to split the lot into two separate condo units with the main house and a portion of the acreage being one unit and the cottage and a smaller portion of the acreage being another unit. Just under 31% of the homes sold in this price point were residential condos. Many of these were the cottage portion of the condominium.

The overall market activity in this price range was strong. There was a 216% increase in sales recorded when comparing the first ten months of 2017 to the first ten months of 2016. This is particularly impressive as there were a lot of buyers shopping in this price range who reserved homes at the new Pauwela Homes Workforce Housing project. This 33 unit condominium home development behind the Haiku Community Center was not listed on the MLS. For the first few months on the market, the home buyers needed to meet county median income requirements to be eligible for purchase. Twenty-seven of the thirty-three lots were priced from $516,580-$685,000. All of these lots have been reserved and there is a waiting list for any properties that might fall out of contract. Those homes won’t close until sometime in 2018.

Buyers looking in this price range in Haiku will find that current inventory is limited. There is less than three months of inventory based on the number of homes sold for the year to date. As the busiest segment of the Haiku market, buyers should be advised that well priced properties in this range get a lot of interest. Potential sellers may find that this is a pretty ideal time to be listing a home in Haiku in this range.

Haiku 10 month comparison between 750K and 1000K

This chart compares the sales in Haiku in the $750,000-$999,999 price range during the first ten months of 2017 and 2016. It also includes the current number of active listings and pending sales for reference.

The $750,000 to $999,999 price range starts a transition in market composition. There are still some residential condominiums with deluxe cottages and the main homes of the condominiumized properties selling in this price range. This is also the price point where homes on two acres that have not been condominiumized become more frequent. There are even a handful of homes on two acres with cottages available. This part of the market saw a more modest increase in activity with 19% more sales than the first ten months of 2016.

Buyers will find more inventory available in the $750,000-$999,999 price range. This is due in part to a smaller pool of buyers. While this market space is a little less competitive, well priced properties can still generate bidding wars. There were a handful of full price or above asking price sales in this range.

This chart compares homes between 1000K and 1499K in Haiku during the first ten months of 2016 and 2017

This chart compares the number of homes sold between $1,000,000 and $1,499,999 during the first ten months of 2016 and 2017. It also shows active and pending listings by comparison.

The homes in the $1,000,000 -$1,499,999 price range in Haiku that sold this year tend to be more upscale homes on 2 or more acre lots and homes with cottages on two acre lots. This is the one price range in Haiku where sales activity was down over the first ten months of this year compared to the first ten months of 2016. Sales are currently almost 30% below the same period of 2017. That said, there are five properties currently pending in this price range. Those five sales would make up the difference in volume between the two years.

As you get into the even higher price point, the competition for properties continues to thin. None of the homes that sold in this price range sold for over asking price or even full price. That said, quality properties will still go quickly.

Home sales over 1500K in Haiku during the first 10 months of 2016 and 2017

This chart compares the numbers of homes priced over $1,500,000 during the first ten months of 2016 and the first ten months of 2017 in Haiku, Maui. The chart also shows active listings and pending sales as a frame of reference.

When you get to the $1,500,000 price range and above, you are entering a different part of the Haiku market. Historically, this has been a market segment that has seen limited activity. There are a broad range of properties in this price range. They can be larger homes on two acres in nice subdivisions. As you get higher in price, you may have some oceanfront homes added to the mix. If you get to even higher price points in the market, there are some significant estate properties in Haiku. There was a modest uptick in sales this year with one additional close over the same period of 2015. This is the one segment of the market where there is an abundance of inventory. The level of inventory would suggest that we have a buyer’s market at the highest price point of the Haiku market. While buyers may find there are a few motivated sellers, the sellers in this segment of the market tend to be deep pocketed and patient. Long days on market are par for the course in the upper price range of Haiku.

Haiku Land
I wanted to give a few quick thoughts on the land market. As noted in the market highlights above, there was an uptick in sales activity. More notable than the recent activity or even the current market activity is the upcoming new land development in Haiku. West Maui Land Company is set to release their new Haiku Town Development. The 31 agriculturally zoned lot development will be hitting the market within the next couple of weeks. I should say some of the lots will be coming to market. A good portion of the lots have already been reserved by employees and investors with ties to West Maui Land. The lots in the development range in price from the $400,000s up to just over $700,000. There is also one large acreage lot in the development priced in the $800,000 range. There is another land development forthcoming off of Lower Kauhikoa Road. The timing for that development is less clear. Considering the fact that the West Maui Land development was predicted to come to market during the first quarter of 2017, I will hold off on predictions on when this other development might hit the market. It will be interesting to see what this relative influx of land does to the overall Haiku land market. While I had thought the new supply might dampen recent appreciation, the volume of properties hitting the open market is a lot lower than what it could have been.

Haiku Market Outlook
The start of peak buying season is just a month away. While there is less amplitude between low and high season in a place like Haiku when compared to the resort markets, we may see a few more buyers poking around Haiku over the winter months. As it stands, I would anticipate that we will see a continuation of current market trends. The one place where I suspect activity may decrease some is at the lower price points in the market. Inventory is thinning at entry point to the market. Haiku would only be following the trends of other communities around the island that have seen decreased sales volume under $500,000. There is also some uncertainty on how the overall economic big picture will impact real estate. Interest rates are forecast to rise. Current tax reform proposals in congress are also less friendly to homeowners. It is hard to project what impact tax reform would have specifically on the Maui market and/or whether congress will pass a bill whatsoever. A more dynamic world makes it that much harder to predict our market.

You can check out the current Haiku MLS listings on MauiRealEstate.com. Contact The Maui Real Estate Team if you are considering buying or selling property in Haiku. We would welcome the chance to sit down with you to discuss your real estate needs.


Quintessential Island Style Cottage in Kuau

Back in 2008, Billy listed a 500 square foot, 2 bedroom, 1 bath cottage in the Kuau area of Maui’s North Shore. The house was cute, but basic. At the time, I was a bachelor that lived to surf. With the home located just minutes from Ho’okipa Beach Park, I use to fantasize about buying the place myself and sprucing it up into the perfect little surf shack. A few owners later, we have the property listed again. Needless to say, I don’t think I could have ever envisioned the transformation of this condominium home. The owner/designer has created a luxury home with a small foot print. What was once a cramped two bedroom is now a one bedroom. The owner maximizes every conceivable space of the home with well designed built-ins. Materials and appliances are of the highest quality. A fantastic outdoor space significantly expands the livable area. While I can wax on about the property for hours, pictures provide for a more effective story.

The all new designer kitchen offers a very clean layout, an efficient use of space and top quality materials and appliances. The appliances include an integrated Subzero Fridge, Ilve Gas Range, Bosch dishwasher and a water filtration system. The counters are a honed, absolute black granite. The backsplash is Catalina tile. All cabinets and drawers are soft closing. The pantry provides good space while being discretely tucked away next to the refrigerator.

The kitchen makes up for its smaller size with very high end appliances and materials

the 749 unit 3 kitchen includes a subzero fridge and a well hidden pantry

A big TV can dominate a smaller living space. The owner tucked the TV behind a canvas painting in the living room, keeping it out of sight and out of mind when it is off.

the living room appears to not have a tv.

pulling back the canvas of the painting in 749 hana Highway exposes the tv.

Two bedrooms is pretty tight for this square footage. The owner got rid of one bedroom allowing him to slightly expand the remaining bedroom. The former second bedroom space became an office area. He also created built in storage and closet space into the office area. The built in storage is discretely tucked away with picture frames serving as pulls for the closets.

749 Hana Highway was consolidated from two bedrooms to one bedroom allowing for room for an office

work materials are hidden away in the discrete living room closets that are opened via picture frames

The living room closets are discrete with the picture frames serving as handles

749HanaHwy living and office area built-ins open

The bathroom was completely redone with beautiful Carrera Marble on the floor and in the shower. As with other parts of the the home, the owner created discrete but spacious cabinet storage for all of your toiletries.

Carrera Marble is used throughout the bathoom area

The owners added a sliding glass door off the bedroom. The door brings in light and access to the fantastic outdoor space. This photo also shows some of the other remodel features including the wainscoting and crown molding installed by the seller.

The seller added a slider off the master bedroom that brings in light and provides access to the amazing outdoor living space

The outdoor space is what takes this property to yet another level. The yard is fully fenced and beautifully landscaped with Areca Palms, two large Plumeria trees, ginger, ti plants, Royal Palms and night blooming jasmine. The spacious covered lanai is a great space to take in the tropical landscape, smell the fragrant flowers and listen to the sound of the tradewinds rustling through the palm trees . A crystal chandelier lights up the space and provides a touch of elegance.

A covered lanai is a great refuge rain or shine for entertaining friends and family or quiet moments listening to the trade winds rustling the palm trees

There is an outdoor shower for rinsing off after the beach. With the warm climate and the beautiful setting, it is easy to see why the owner uses the outdoor shower all the time. A clawfoot tub flanked by flowering ginger is a perfect space for a starlight soak. A separate hot tub offers a place to relax muscles that might be weary from a long day of playing in the nearby surf.

An outdoor shower is great for rinsing off for after the beach. You may find that it becomes your primary shower considering the setting and the climate

the outdoor clawfoot tub is a great place for a starlight soak

There are a few attributes to the home that are worth mentioning that may not be apparent in the photos above. The home has a grid tied photovoltaic system. This feature makes for a lighter footprint on the planet and the wallet. Most months, the electric does not exceed the 20 dollar a month connection fee. The propane on demand hot water heater also helps to keep utility bills low. The owner introduced smart home features that allows him to remotely monitor and control the security system, lighting and sprinkler system. A ceiling mounted split system a/c allows keeps the house cool on hot days.

The home is part of a four unit, gated residential condominium development. It is in an ideal North Shore location close to Ho’okipa Beach Park. Mama’s Fish House, Mama’s Beach and a variety of surf breaks are all within walking distance. The shops, restaurants, and yoga studios of Paia are just a few minutes drive to the West.

This home is offered for $680,000. The combination of superior design, quality materials and outstanding location resulted in tremendous market feedback. The seller has accepted an offer, but we are still showing the property and considering back up offers. You can see the 749 Hana Highway Unit C 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.


By » 10/20/2017 » in

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.

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