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Haiku High End Real Estate Market Sees an Uptick in Sales

The recovery of the Maui Real Estate market since the last downturn has been uneven. Some communities and some price points have seen a strong recovery, while other places and price points have languished. The community of Haiku on Maui’s North Shore has seen reasonably strong demand for homes under $1,000,000. Well priced properties in that price range can sell very quickly. Once you got over $1,000,000, the demand has been more limited. Or I should say, it has been more limited prior to the start of this year. It appears as if the higher price points of the Haiku market are starting to come to life.

Haiku Million Dollar Home Sales Volume Chart

This chart shows sales of homes over $1,000,000 in Haiku, Maui at six month intervals starting in 2008

The chart above shows the volume of home sales over $1,000,000 in Haiku in six month intervals starting all the way back in the first half of 2008. The Maui Real Estate market remained a little more resilient than some other parts of the country during the last boom cycle. That is reflected in a pretty strong six months of sales in the first half of 2008. As the overall economic picture deteriorated in the second half of 2008, the Haiku high end market couldn’t avoid the impacts of the real estate and overall real estate crash.

After the market tumble in the second half of 2008, the Haiku high end market remained stuck in the doldrums for the better part of six years. There were no more than 5 sales every six months with the exception of the first half of 2013 when there were 7 sales. Throughout this period, there was typically 20-30 homes listed in Haiku for more than $1,000,000. That means we have gone through periods where there has been 3 or more years of inventory on the market.

While the Haiku high end market floundered, we saw a strengthening high end market in other parts of the island. This wasn’t just limited to the resort communities. Spreckelsville and Paia are just 10-15 minutes West of Haiku, but the gulf in market performance couldn’t have been greater. The Paia area has seen the three highest sales prices ever for the community since 2010. In Spreckelsville, a significant number of the homes went under contract before ever making it on to the MLS. It was this growing gap in value between Haiku and Paia that made The Maui Real Estate Team think that Haiku would eventually see a recovery. When the gulf grew too wide, the comparative values of the Haiku market were going to become appealing.

The first half of 2015 appears to be the tipping point where the value of the Haiku listings over $1,000,000 became more desirable to the market. We have seen 10 sales through almost six months of the year with an additional four homes that are currently pending. The 10 sales included the two highest priced residential sales in Haiku history.

  • 355 Haiku Road also known as “The Baldwin Estate” sold for $9,750,000. This estate property included two parcels, 39 total acres of land and a 10 bedroom, 10.5 bath home with 8,716 square feet of living space. It also includes a pool area and a number of outbuildings.
  • 2651 Kalanikahua also known as the “Haiku Farm” sold for $5,650,000. This property is located right across the street from 355 Haiku Road. This property consists of 26.8 acres with 7 dwellings and 6 water meters. The Haiku Farm offered subdivision potential or the opportunity to create a stunning estate property.

Despite these recent sales, there is still quite a bit of quality inventory and a number of good values listed for over $1,000,000 in Haiku. The Maui Real Estate Team has some listings that are great options for potential Haiku Buyers.

Our listing at 680 East Kuiaha Road is a great opportunity for an eco-minded buyer who wants to live close to nature.

330 West Kuiaha Road is quite simply one of the best luxury home values on the island.

The Mea Makamae Ranch is a stunning property with almost 39 acres of land, a beautiful home, a deluxe cottage and lots of equestrian infrastructure.

The Brando Estate offers 26.7 acres of beautiful land in the Huelo area of Maui. This off the grid home is perfect for those seeking a private and quiet refuge.

The properties above are just some of the current inventory on the market in Haiku. You can see the full inventory of Haiku Homes for Sale at Contact The Maui Real Estate Team if you would like to talk to someone about the current inventory in the Haiku market.

May 2015 Maui Real Estate Statistics

Needless to say, this month’s stats post isn’t a sneak peek. We are over halfway through the month and just getting around to our May stats. Sometimes blogging has to take a back seat to other parts of the business. The good news is that I have been having a tough time carving out time to blog due to obligations with buyers and sellers. Enough about me and on to the stats. This post includes information on sales volume, median prices, notable sales and pending sales. I also give a few thoughts on what it all means for buyers and sellers. Without further ado, here are the May 2015 Maui Real Estate Statistics.

May Maui Real Estate Sales Volumes and Median Prices

May 2014 and May 2015 Real Estate Sales Volumes Maui County

The chart compares the real estate sales volumes in Maui County during May 2014 and May 2015.

There were 88 home sales reported in Maui County last month with a median price of $607,097. Last May, there were 86 sales reported with a median price of $537,500. That is roughly a 2% increase in sales volume and a 13% increase in median price when comparing this May to last May.

There were 108 condos reported to have been sold in May of 2015 with a median sales price of $469,500. In May of 2014, there were 117 sales reported with a median sales price of $472,000. That calculates to an 8% decrease in sales volume and just under a 1% decrease in median price.

There were 12 land transaction reported by Realtors in Maui County during the month of May with a median sales price of $563,750. By comparison, there 20 sold last may with a median price of $575,000. Those numbers calculate to a 40% drop in sales activity and a 2% drop in median price.

Other Notable Numbers from The May Maui Real Estate Sales Activity
While compiling the sales volumes and median prices, I came across some more notable numbers that I thought were worth sharing.

  • The highest priced home sale last month was $5,695,000 for a 26.8 acre property in Haiku on Maui’s North Shore. The Haiku Farms property included 7 dwellings and 6 county water meters.
  • The Haiku Farms Sale was one of 6 home sales on island over $2,000,000 in May. The other sales included 3 Kapalua homes, a home in Hana and a home in Wailea.
  • The highest price condo transaction in May was for a unit at Wailea Point. The three bedroom, four bathroom oceanfront condo sold for $5,000,000.
  • The Wailea Point Sales was one of twelve total condo transactions over $1,500,000. The other big sales included 6 at Honua Kai, 2 at Kai Malu, a Montage Kapalua, a Puamana and a Papali Wailea.
  • The highest priced land sale in May was $1,425,000 for a 10.2 oceanfront acres in Haiku.
  • There were 12 bank owned or REO sales last month. By comparison, there were 8 REO sales last May.
  • There were only 3 successful short sales completed last month. There were 10 short sales last month. Short sales continue to decrease as appreciation continues.
  • Some Quick Thoughts on the Maui May Real Estate Sales Numbers
    The May Maui Sales numbers stuck pretty close to the script for what we have seen thus far in 2015. Home sales were slightly above last year’s numbers. That is now four months out of five where sales have outperformed the same month from the previous year. Condo and land sales were both down. That makes four out of five months that condo sales have been below the same month the year prior. Land sales have been down three out of five months compared to the same month from the year before.

    We typically, don’t spend a whole lot of time discussing change in median prices on the blog. It’s a bit of frustrating subject. All too often, I see discussions of the Maui Real Estate statistics where changes in median are depicted as a reflection of changes in property values. While appreciation can play a part, the biggest shifts in median are driven by the change in composition of sales. I thought this was worth bringing up as home medians pushed above $600,000 for the second time this year. We are seeing modest appreciation, but we are also seeing more activity at higher price points and fewer properties available in the lower price ranges.

    Pending Sales in May
    The majority of real estate transactions on Maui take 30-60 days to close. With a few exceptions, the sales in May were based on contracts penned in March and April. With that in mind, we wanted to look at buyer demand in May. The following offers a comparison of Pending Sales in May of 2015 and May of 2014.

    Pending Sales in May 2014 and May 2015

    This chart compares pending sales for homes, condos and land in Maui County during May 2014 and May 2015.

    May 2014 and May 2015 were very close to each other in terms of pending sales activity. There was one more home, four fewer condos and three more parcels of land that went pending. This would suggest that we shouldn’t see too big of a difference in between the June 2015 and June 2014 sales.

    What Does This All Mean for Buyers and Sellers?
    Market conditions remain unchanged on Maui. Buyers interested in the market will find varying market conditions depending upon geography and price point. Homes priced at or below the market medium tend to be scarce and have the highest demand. Well priced, clean properties below the median sales price can attract multiple offers and over asking bids. As you move up in price, demand will tend to go down, but well priced properties can still sell quickly. Before sellers begin to pop the champagne corks, this isn’t an out and out frenzied sellers market. Over priced properties are tending to sit and not all areas of the island are seeing the same levels of demand. Sellers will need to take into account market conditions specific to their town and neighborhood when developing go to market pricing. Contact The Maui Real Estate Team if you are considering entering the Maui Real Estate Market. We would be happy to sit down with you to listen to your needs and give you an update on market conditions specific to your interests.

    Live in Harmony with Nature in Haiku

    We are excited to bring this new listing in Haiku to market. This home is ideal for a buyer who wants to live in harmony with nature. It starts with the setting. The home is situated on 1.7 acres in a tropical valley with a stream that runs along the valley bottom. The property has been lovingly planted over the years with a huge variety of fruit trees, bamboo, native hardwoods and ornamental tropicals. Grow your own enthusiasts will love all of the raised beds in for growing herbs and vegetables. The house itself has a pod design with strong Asian influences. Sliding doors throughout open the house up to the tropical landscape. This home is a prime example of Hawaiian Style indoor/outdoor living. Other notable amenities include a large koi pond; an old wood stove in the living room; exotic hardwoods including Koa, Ohia, Mahogany, and Bankirai; a wood fried, cedar tub; and a detached bamboo hale. Spaces like the Koi pond, the hale, the numerous lanais, and the hot tub are places well suited for quiet contemplation. The home is powered by the sun with a photovoltaic system with generator back up. The generator, the roof and the stainless steel refrigerator are all new.

    Koi Pond and Front Door East Kuiaha Home

    Covered Walkway Haiku Home East Kuiaha

    Haiku East Kuiaha Kitchen

    Haiku East Kuiaha Lanai Indoor Outdoor Living

    The Bedroom of a Haiku Home on East Kuiaha

    Cedar Wood Fired Snorkel Tub

    Exterior Haiku East Kuiaha Home

    Haiku Home Photovoltaic System

    While the home has a quiet setting, you are still just 15 minutes from Paia town and less than ten minutes to Makawao. Hookipa Beach Park is about ten minutes away. The home is also proximate to quality schools and 25 minutes or less to Central Maui and the airport. This Haiku home is offered for $1,395,000. Check out the 680 East Kuiaha listing page for additional photos and details. Contact The Maui Real Estate Team to discuss this property or to arrange a showing.

    Price Adjustment in Pukalani

    The sellers of our Pukalani listing just adjusted the price of their high potential property. This 4 bedroom, 2 bath home offers a flexible floor plan and an attached 2 bedroom, 1 bath ohana. This home is ideal for a buyer looking for a rental that could help offset some of your mortgage expenses. This home has loads of potential ready to be unleashed by the buyer who is willing to put in the elbow grease. There is a nice garden areas with citrus, avocado, banana, breadfruit, mango and Coconut trees. There are even small ocean views of both coastlines. This home’s Upcountry location is about as convenient as it gets. You are within walking distance of the Pukalani Town Center, Pool and Park. Central Maui shopping and Baldwin Beach in Paia are just a quick drive down Haleakala Highway.

    Porch of a home for sale at 172 Hiwalani Loop in Pukalani

    Exterior of a home for sale at 172 Hiwalani Loop in Pukalani

    Aerial shot of a home for sale at 172 Hiwalani Loop in Pukalani

    This home is now offered for $619,000. You can check out the 172 Hiwalani Loop listing page for additional photos and details. Contact The Maui Real Estate Team to arrange a showing or to discuss this property with an agent.

    By » 5/23/2015 » in

    Immaculate Piilani Villages Home

    We recently listed an impeccably maintained home in the Piilani Villages Subdivision in Central Kihei. This three bedroom, two bath home is clean and move in ready. The sellers are the original owners and they have maintained the property very well over the last 14 years. Highlights of the home include a central a/c system, tinted windows, a recently replaced water heater, new screens and customized structured wiring with home automation including a security camera. The master bedroom has nice privacy while the front bedroom boasts great Haleakala views. The garage has an epoxy coated flooring that is clean enough to eat off of. A low maintenance yard allows you to spend more time at the beach.

    Kihei Home Twilight

    This is an easy place to come home to after a long day at work or the beach…

    Kihei home living and kitchen

    The seller’s pride of ownership is evident in the kitchen and living room areas.

    Kihei immaculate garage

    Garage pictures usually don’t make it to the blog, but this one illustrates just how immaculate this home looks.

    aerial view of home in Piilani Village

    An aerial view that shows how close Piilani Village is to the beach.

    The home is well located within the subdivision and the overall community of Kihei. You are within walking distance of shopping and restaurants. The beach is less than five minutes by car. Medical facilities, Costco and Target are just 20-25 minutes away in Central Maui. This Immaculate Piilani Villages Home is listed for $579,000. Check out the 53 Polale property website for a virtual tour and additional photos. Contact The Maui Real Estate Team to arrange a showing or if you have questions on the property.

    By » 5/21/2015 » in

    Two Building Lot Opportunities in Haiku

    We recently listed Apartment A and Apartment B of a condominiumized agricultural lot in Haiku. Typically an agricultural lot allows for the construction of a primary residence and an accessory farm dwelling (a cottage) with up to 1,000 square feet of living space. The sellers split the two acre lot via the CPR process or what is known as condominiumization. The end result is two “apartments”. Apartment A consists of 1.3 acres and the rights to build a primary residence . This lot has approved building plans already in place for a three bedroom, two bath, Hawaiian Plantation Style home. A new owner could literally start construction within days of closing. Apartment B consists of .7 acres of land with the potential to build an accessory farm dwelling with two beds, two baths and 1,000 square feet of living space.

    Unit B of a condominiumized lot in the Peahi Hui Subdivision

    Aerial View of Unit B of the Condominiumized lots.

    Unit A of the Condominiumized Lot in the Peahi Hui Subdivision

    Aerial Photo of Apartment A of the Condominiumized lot in the Peahi Hui Subdivision

    These lots are located in the Peahi Hui subdivision. The subdivision consists of 16 full (not condominiumized) agriculturally zoned lots between 2 and 4 acres in size. Peahi Hui has convenient access to Hana Highway. It is roughly 10 minutes to the world renowned Ho’okipa Beach Park and 15 minutes from Paia Town. It is just over 5 minutes from Haiku amenities like Colleens and Nuka Restaurants, Haiku Grocery, a fitness center and yoga studio.

    These condo lots represent a good opportunity for Haiku buyers looking for new construction. You can choose the finishing and details to your specifications. Apartment A is offered for sale for $258,500. Apartment B is offered for $358,500. Check out the listing pages for Apartment A and Apartment B for additional photos, maps and details. Contact The Maui Real Estate Team if you have questions on the properties, condominiumized land or to arrange a showing of the lots.

    By » 5/19/2015 » in

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