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Spreckelsville 2017 Midyear Market Update

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

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

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

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

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

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

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

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

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

Hono Kai B12 Living Room

Hono Kai B12 Living Room

The kitchen of Hono Kai B12

Hono Kai B12 Bathroom

Hono Kai B12 Lanai

The pool at Hono Kai

Check out the Hono Kai B-12 Listing page for more photos and details. Contact the Maui Real Estate Team to arrange a showing of this property or to discuss the property in more detail. If you are off island but interested, take a 3D tour of the condo.


By » 7/14/2017 » in

Lahaina Opportunity

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

The front of 1373 Komohana

side walk way komohana

flowers and peles hair in the yard of 1373 Komohana

Plumerias in Komohana yard

komohanalanai

Papayas in the yard of 1373 Komohana

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


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

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

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

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

Taking the Pulse of the West Maui Vacation Rental Condo Market

We recently posted on a surge in activity in the South Maui Vacation Rental Market. Wailea and Kihei both saw a big increase in condo sales for the year to date. West Maui is home to the other big concentration of vacation rental condos on island. The West side has not been the best side for sales this year. Condo activity is off compared to 2016. This post takes a look at sales activity in the different areas of West Maui, looks at a few condos that have seen stronger activity and takes a look at a couple of factors that could be driving the slower sales on this side of the island.

As of June 7th, there have been 145 vacation rental condos sold in West Maui this year. As of the same time last year, there were 176 vacation rental condos that sold in West Maui. That is an 18% reduction in sales volume. I broke down the sales by price ranges to try to see if the decrease in activity occurred across the board. Condo sales $500,000 and under were down 22%. There were 57 sales this year as compared to 73 last year in this price range. The middle part of the market between $500,001 and $1,000,000 performed the strongest of any market segment with a modest increase of 4.6% over last year. There were 67 sales compared to 64 over the same period of 2016. The high end of the West Maui vacation rental market saw the steepest decline in activity of any market segment. Sales were down 51% for vacation rental condos priced from $1,000,001 on up. There were 23 sales compared to 45 sales over the same period of 2016.

Lahaina Condos
The Lahaina condo market was the one area of West Maui that saw an increase in activity compared to last year. Lahaina has a small number of vacation rental condo complexes with four total properties. Those four complexes saw activity increase by 35% for the year as of June 7, 2017. It was a good five plus months of sales in Lahaina, but one condo stood out above the others.

Aina Nalu
Aina Nalu is located one block off of Front Street in historic Lahaina Town. There are 190 units at the complex spread over 11 buildings on 18 acres. There are studio, one bedroom and two bedroom floor plans. Prices range from the $300,000s for one bedrooms to the low $400,000s for two bedrooms. Owners value the grounds, the two nice pools, the tropical design elements and the location. If you were so inclined, this is a place where you could stay without driving your car with Front Street so close by. The property had 5 sales through just over five months of 2016. As of June 7th, there were 12 sales in Aina Nalu. That is an impressive 240% increase in sales activity.

Ka’anapali Condos
As you head North from Lahaina, the Ka’anapali condo market has seen a dip in condo sales activity for the first five months of the year compared to the same period of 2016. Sales slipped from 63 sales to start 2016 to 42 sales as of June 7, 2017. That is a 33% decrease in activity. The decrease in sales was almost across the board with only Ka’anapali Royal registering more sales this year than last year with 4 sales compared to 2. While I typically focus on the condos that stand out among the crowd for higher sales activity, I wanted to take a look at the condo complex that saw the biggest dip in activity.

Honua Kai
Honua Kai is the last fee simple whole ownership condo to be built in the Ka’anapali Area. It has 711 units spread over two seven story towers on 40 acres. The Hoku Lani tower was completed in 2009 and the Konea tower was completed in 2010. Honua Kai has extensive amenities including three separate pools and an onsite restaurant, grocery store and spa. It has studio, one bedroom, two bedroom and three bedroom condominiums. Prices range from the high 600s for a select few mountain view one bedrooms up to over $5,000,000 for the best located three bedroom units. People who own at Honua Kai appreciate the significant amenities, the beachfront location, the newness of the location and the rental demand.

Honua Kai has had a big impact on the West Maui Condo market since 2005 when they started taking the first round of pre-construction reservations. Those reservations generated a significant number of sales during the doldrums of the post crash real estate market. This goosed the condo sales numbers when overall demand was low. I dubbed this distortion of the statistics The Honua Kai Effect.

Ocean Views from the Lanai of Konea 402

June of 2016 was the last new developer sale at Honua Kai. There were 15 new developer sales between January 1, 2016 and June 7, 2016. That gives some context before I provide this year’s sales numbers. There were 14 Honua Kai Sales for the year as of June 7th. Last year, there were 32 over that same period of time. That is a 54% drop in sales volume. The new developer sales account for most, but not all of the difference between this year and last year’s sales volume.

The Kitchen at Konea 402 at Honua Kai

The deluxe kitchen area of one of the three bedroom units in the Konea Building of Honua Kai.

Honua Kai remains a popular choice for West Maui condo buyers. While we saw a big dip in activity, it still saw more sales than any other West Maui condo.

Napili, Kahana, Honokowai
The three communities located between Ka’anapali and Kapalua offer the greatest concentration of oceanfront condos in West Maui. It was another area that has seen a decrease in activity in 2017. There were 57 sales in this area five months and a week in to 2017. That is down 22% from the 73 sales through the same period of 2016. The bulk of the condo complexes in this area saw a decrease in activity with a few exceptions.

Papakea
Papakea is an oceanfront complex in the Honokowai area. It has 364 condos spread over 11 buildings on just over 12 acres. There are studio, one bedroom and two bedroom floor plans. This complex is predominantly fee simple, but there are some leasehold units. Papakea has a pretty broad range of prices. Leasehold one bedrooms start right around $200,000. The most expensive units are direct oceanfront two bedroom units. They sell for as much as $1,000,000. Owners like the oceanfront location, amenities and relaxed feel. Papakea had a pretty good start to 2016 with 10 sales in just over five months. This year was 40% better with 14 sales in the same period of time.

Papeakea Oceanfront Views

A couple of palm trees frame the ocean views of a direct oceanfront unit at Papakea.

Kapalua
While most of West Maui was either markedly stronger or weaker this year compared to last year, Kapalua has been pretty steady with the same number of sales this year as last year. There were 14 vacation rental condos sold this year as of June 7th, compared to 14 over the same period last year. While the overall numbers were the same, there were some shifts in activity among the five complexes that allow vacation rentals. I wanted to highlight the one condo that saw the biggest increase in activity and the highest number of sales overall.

Kapalua Golf Villas
Kapalua Golf Villas is situated along the beautiful Kapalua Bay Course. There are 186 units spread over 16 buildings on 15.8 acres. Amenities include three pools. The property went through extensive renovations in 2014. Prices range from the high $500,000s for one bedrooms lower on the golf course to just under a million for fully upgraded two bedrooms with good ocean views. Views, finishing and floor plans are the primary drivers on price. Kapalua Golf Villas offer the lowest priced entry point into the Kapalua Real Estate market. Owners appreciate the location on the Bay course, the views and the proximity to Kapalua Beaches and to other resort amenities.

Kapalua Golf Villas has been the busiest of the Kapalua condos in 2017. There have been 7 units sold as June 7th. There were 4 sold over the same period last year. That is a 75% increase in sales activity.

What’s Driving the West Maui Market
South Maui vacation rental condos have been booming this year while West Maui has been slower. They are two seemingly similar markets. What is driving the difference in market behavior? I was able to give some pretty good reasons as to why I think the South Maui market has surged to start the year. Determining what might be holding things back in West Maui is a little more challenging. The one clear cut cause was already discussed. Honua Kai is seeing less activity now that it is just resales and there are no more new developer listings.

Are there any other factors keeping down West Maui sales numbers? The state of Kahana Bay may be impacting sales. This section of West Maui coastline has significant erosion issues. Hololani has been struggling with erosion issues for a number of years. Those issues expanded down the coast last year. Royal Kahana and Valley Isle Resort had to put up emergency sandbags during the winter of 2016 to halt a rapid loss of shoreline. There are now nine condo associations that are a part of efforts to develop a shoreline replenishment plan. With the cost of beach replenishment expected to approach ten million dollars, the individual owners in those nine complexes are facing a big assessment to pay for the project. While the numbers of condos sold in the nine complexes this year is pretty similar to what we saw last year, the uncertainty over this coastline and the potential future costs may be limiting the potential for growth in this market.

The one other factor that could be at play is plain old variability. We see that in the market from time to time. Some years West Maui has stronger years for sales activity and some years it is South Maui that has a big year. The underlying reasons aren’t so clear cut. This may be just one of those years for West Maui. When you add in the other factors previously mentioned, those three things in and of itself could account for the 18% drop we have seen. If you are a close follower of the West Maui market and you have any other theories, we would welcome your input in the comments below.

The good news for potential buyers is that there is still a lot of inventory in this market. This is particularly the case with condos priced from $500,000 and up. You can search through the current inventory of Kapalua Condos for Sale and Ka’anapali Condos for sale on MauiRealEstate.com. You can also search the MLS for condos listed in Lahaina, Napili, Kahana and Honokowai. Contact The Maui Real Estate Team if you want to talk to a real estate agent about West Maui Vacation Rental Condos. We would welcome the chance to learn more about what you are looking for and to assist you in your search for a condo that will fit your needs.

Better than Beachfront?

Is 101C Kuau Beach Place better than a beachfront home?

You be the judge.

Aerial view of 101 Kuau Beach Place with Tavares Bay in the Background

Similar to a beachfront property:
101C Kuau Beach Place has a beautiful unobstructed view.
101C Kuau Beach Place has easy beach access.
101C Kuau Beach Place is on over 1/2 acre of land.

Better than a beachfront property:
101C Kuau Beach Place has privacy!
101C Kuau Beach Place has multiple producing fruit trees.
101C Kuau Beach Place has less wear and tear from wind and salt.
101C Kuau Beach Place has no erosion.

You might also like the solar PV system that reduces the electric bills; the open living area and the short walk to Paia…

101 Kuau Beach Place C has a large and open living and dining space. A wall of sliding glass doors offers lot o light and beautiful ocean views

But best of all…it is half the price (or less) of comparable beachfront homes!
Now offered at a better price of $2,200,000

Better than beachfront? Come take a look and you be the judge…Contact The Maui Real Estate Team to arrange a showing. Check out the 101C Kuau Beach Place listing page for additional photos and details. If you are off island, take a 3d tour of the house for the next best thing to being at the property.

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