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Boardwalk Unit K Near the Beach in Kihei

Looking for a condo at the beach, but beachfront is a little out of your price range? Check out our two bedroom, two bath listing at the Boardwalk in sunny Kihei. This Boardwalk is a completely unique boutique condominium located in the heart of Kihei, directly across from beach access. The Boardwalk is also convenient to restaurants, shops, yoga, the gym, the post office, the Kihei community pool and more. Unit K is a top floor, breezy end-unit with a 2nd story loft and a large covered lanai nestled in the trees with a Haleakala view. The lanai has a built in storage and has room for a barbecue, lounging and room to exercise your green thumb. Other amenities and condo features include expansive floor to ceiling windows in the living room, travertine flooring in the entry and first floor bathroom, new laminate flooring in the kitchen, living and dining area and granite counters in the kitchen. A split A/C system will keep you cool when you aren’t playing in the ocean.

An Aerial View of the Boardwalk showing the location of unit K and the proximity to Beach Access

The loft area and living area of Boardwalk Unit K

The Living Area of Boardwalk Unit K

The lanai area for Boardwalk Unit K

Why pay a premium for beachfront when you don’t have to? Boardwalk Unit K is offered for $429,000. Check out the Boardwalk Unit K listing page for photos and additional details. Contact The Maui Real Estate Team for additional information or to arrange a showing. You can see the full inventory of Kihei Condos for Sale on MauiRealEstate.com.

Huelo Tropical Hideaway

When people visualize Maui, I would imagine that a variety of images come to mind. If I were to distill that list to two predominant images, they would be the palm fringed golden sandy beach and the lush tropical forest. If the latter fulfills your vision of Maui, you might find our new listing in the Huelo area of Maui’s North Shore to be particularly enticing. This tropical hideaway is located on just under 1.3 lush acres on the ocean side of Hana Highway. There is a 2 bedroom, 2 bathroom, 1,000 square foot custom cottage. The cottage features extra tall fir ceilings, Saltillo Tile Floors, custom Koa wood cabinetry and a spacious lanai that provides beautiful vistas over the jungle towards the ocean. The property has a small secluded pool perfect for cooling off on a warm day or for a moonlight dip. The 1.3 acres is landscaped with bamboo, palm trees, plumeria trees, Bananas, Papayas and various other ornamental tropical plants.

The view from the lanai in a Huelo Retreat

Living room and the view from the Huelo Hideaway

The kitchen of a Huelo hideaway

The living room of the Huelo Hideaway

The pool at the Huelo Hideaway

The property’s Huelo location offers a sense of seclusion, yet the home is still 20 minutes or less from Paia town. It is convenient to beaches, shops, schools, restaurants and more. This is a great opportunity for someone who wants a tropical hideaway without being too far off the beaten path.

This Huelo home is offered for $739,000. Furnishings may be purchased via a separate bill of sale. Check out the 115 East Waipio Road listing page for additional information and photos of the property. Contact The Maui Real Estate Team to arrange a showing or if you have questions on the Huelo Tropical Hideaway.

By » 8/13/2015 » in

Haiku Makai Opportunity

Location, location, location. Yes, I am hitting you with that old real estate cliche right out of the gates on this blog post. This is one of the more desirable neighborhoods in all of Haiku. The climate is warmer and sunnier, and the beaches and other amenities are that much closer when you own a home in Haiku Makai. This is a great location for those who want convenience to North Shore water sports while still looking for a quiet setting and more land. You are a 5 minute jaunt down Hana Highway to the world renowned water sports haven of Ho’okipa Beach Park. Paia Town is just five minutes further down the road. Haiku Town Center is less than five minutes up the hill from the neighborhood. It offers a growing list of amenities including good restaurants, a fitness center, yoga and a new grocery store set to open soon. Families will appreciate the proximity to good schools.

The property is gated and fenced. The three bedroom, three bathroom home has 2,374 square feet of living space. Property amenities include a monier tile roof, hardwood flooring, stainless steel appliances and granite finishes throughout. The home has good West Maui Mountain, ocean and Molokai Views. The pool area is well suited for entertaining and offers a great outdoor living space.

This palm lined driveway leads from the front gate to the mainhouse of this Haiku Makai Home

The front of a home in the Haiku Makai Subdivision

This is the kitchen area of a home in the Haiku Makai Subdivision

The bedroom of a home in Haiku Makai

The pool area at a home in Haiku Makai

Aerial Shot of a home in Haiku Makai

This Haiku Makai home is offered for $1,695,000. Check out the 41 Piialii listing page for more photos and details on the property. Contact The Maui Real Estate Team with questions or to arrange a showing of the property.

Sneak Peek at the July 2015 Maui Real Estate Statistics

It’s the first week of August and that means it is time to take a look at how the Maui Real Estate market performed during the month of July. It was a busy month of sales on island as the numbers below will show. Our sneak peek at the July stats looks at sales volume, median prices, notable sales, and pending sales. We also give a few thoughts on what stood out in the July sales activity, and what we think is going on in the market. Without further ado, here are the July numbers.

July Maui Real Estate Sales Volumes

This chart compares the real estate sales volumes in Maui County during July 2014 and July 2015.

July Maui Real Estate Sales Volumes and Medians
By my count, there were 128 homes sold in July with a median price of $590,000. Last July, there were 99 homes sold with a median price of $568,000. That calculates to a 29% increase in sales volume and roughly a 4% increase in median price.

There were 93 condos sold in Maui last month with a median sales price of $399,000. In July of 2014, there were 83 condos sold at a median price of $375,000. That represents a 12% increase in sales volume and a 6% increase in median price.

There were 13 lots sold in Maui during July with a median sales price of $250,000. There were 9 lots sold last July with a median sales price of $550,000. That is an increase in sales volume of 44% and a decrease in median price of 55%.

Other Notable Numbers from the July Maui Real Estate Sales
While compiling the sales volume and median price, I came across a few more notable numbers that I thought were worth sharing.

  • The 128 homes sold in July was the highest total number of homes sold in Maui County during any single month since the downturn.
  • The highest priced home that sold last month was a residential condominium located in the Maluhia at Wailea subdivision. This 4 bedroom/4 bath home with 5,121 square feet of living space sold for $6,900,000.
  • The Maluhia sale was one of 6 home sales over $2,000,000. The other sales included two more properties in Wailea, two homes in Ka’anapali and a home in Maui Meadows.
  • The highest priced condo to sell in July was located in the Wailea Beach Villas. The three bedroom, three bath, direct oceanfront condo sold for $8,500,000.
  • It was a relatively quiet month for luxury condo sales with only one other unit sold for more than $1,500,000. That condo was located at Ka’anapali Alii.
  • The highest priced land sale was $10,800,000 for a .47 acre lot in the Maluaka Subdivision of the Makena Golf and Beach Club. I believe this is the first Makena Golf and Beach Club sale reported in the MLS.
  • There were a total of 19 bank owned or REO transactions that closed in July. That compares to 11 bank owned sales in July of 2014.
  • There were 8 short sale transactions that closed successfully in July. There were 7 short sales that closed successfully last July.

Some Quick Thoughts on the July 2015 Maui Real Estate Sales Activity
July was a busy and interesting month for the Maui Real Estate market. There are a few different items from the stats that are worth discussion. The most noteworthy number was the number of home sales in the month. As I mentioned above, this was the busiest month for home sales since the real estate market crashed back in 2008. Not only that, it was the busiest month by a pretty healthy margin. What is driving this increased activity? If I were to guess at a primary driver, I would imagine that it is buyers trying to get into the market before interest rates increase. With rates expected to increase in the fall, we are likely to see heightened activity over the coming months. I imagine we will see a lag in activity once more substantive rate increases occur. There are two reasons why I am expecting this lag. First, buyers who require financing will have less buying power. Second, a boost in sales activity now tends to come at the expense of sales activity later. This happened when there were tax incentives for first time home buyers during the economic stimulus.

The dip in median sales price for land is notable. This shift is not attributable to a decrease in values. Instead it is a reflection of buyers at the lower price points of the market seeking out lower priced land options with the stock of lower priced homes steadily dwindling.

Sticking to land for a moment, the $10,800,000 sale at the Makena Golf and Beach club is worth a second mention. This is the most expensive cost per square foot sale of residential land in Maui history. The Makena Golf and Beach Club is set to become the most high end community on Maui. It will be interesting to watch sales within this new development over the coming years.

Shifting to the condo market, there were a couple of items that I thought were worth a mention. First, this is the second straight month where the 2015 sales exceeded the totals for 2014. Things look promising for that trend to continue based on the pending sales. On the other side of the spectrum, this is the second month in a row where high end condo sales have been down. I am not so sure that this is a trend as much as it is just variability in the market. That said, it will be worth keeping an eye on the luxury condo market over the coming months.

Pending Sales in July
We like to keep track on the number of properties that go pending in a particular month on our blog. Not only were sales strong last month, it was a pretty good month for pending sales.

July Maui Pending Sales

This chard compares the number of properties that went under contract in Maui County during July of 2014 and July of 2015

Pending home, condo and land sales all increased last month compared to July of 2014. Again, I would attribute a good portion of this increased activity to buyer’s trying to take advantage of lower interest rates.

What Does This All Mean for Maui Buyers and Sellers?
Buyers looking at properties at or below the median sales prices for Maui will find that the market remains competitive. Well priced properties in this price range are quick to sell. Buyers shopping in this range should get pre-approved prior to their search if they require financing. When a property comes on that meets their needs, being slow to act could cost you an opportunity. Sellers will find that this is an interesting market. While there is increased sales activity, I am reticent to call this a true seller’s market. There is varying level of activity depending on geography and price points. Overpriced properties are sitting at almost all price points. These variable market conditions only serve to increase the importance of quality representation. Contact The Maui Real Estate Team if you are interested in exploring the Maui Real Estate Market. We would welcome the chance to sit down with you and learn more about your real estate needs.

Paia Real Estate 2015 Midyear Market Update

Paia town has grown in acclaim over the last 15 years. Back in the 80s and 90s, Paia was only really a destination for windsurfers. It is still a big draw for water sports enthusiasts, but now it attracts a broader cross section of people. People are drawn to its plantation style charm, bohemian vibe, assorted boutiques, good restaurants and yoga studios. Paia has been featured in national publications and made lists as one of the Best Beach Towns in America. While demand and awareness has grown for Paia Real Estate, the community has seen very limited growth in housing inventory over the last 20 years. North Shore Village was the last new development in the town, and construction on that community was completed in 2003. Prospects for increased housing inventory remain limited in the near term as the community is hemmed in by cane fields. The static supply and growing demand has helped to fuel strong growth in pricing.

Earlier this week, we did a midyear update on the Spreckelsville market. Today, I wanted to look at the community of Paia. Spreckelsville is actually considered to be a neighborhood of Paia. Properties in Sprecks are part of the Paia MLS listings. Last year we decided to split the communities of Paia and Spreckelsville when we did our market analysis. We feel that they are different enough markets that they merit a separate discussion. This post will look exclusively at Paia and the neighborhood/community of Kuau located just to the East of Paia.

The map above shows the homes that sold as well as the homes that are currently under contract. If you click on the individual pins, you will find information on the sales price, closing date and property specifications.

There were 9 homes sold in Paia during the first six months of the year with a median price of $599,000. There were 5 homes sold in the first six months of 2014 with a median price of $644,500. There was also a condo sold at Kuau Plaza in the first half of 2015 compared to two condos sold during the first half of 2014. There were no land sales in Paia thus far this year compared to one during the first half of 2015. There were some other things that I thought were notable about the Paia Real Estate market during the first half of the year.

  • The Skill Village area was the busiest neighborhood for sales activity with three sales and an additional four home sales pending currently. Kuau Point also saw three homes sell, although one of those sales was a private sale that did not involve Realtors.
  • That private sale closed for $1,200,000. That was the highest priced transaction in Paia to start the year. The property is located at 4 Kaiholo street right next to Mama’s Fish House. Based on Public Records, it appears as if it was purchased by the owners of Mama’s.
  • There was only one other sale over $1,000,000 in Paia during the first six months of 2015. It was for a four bedroom, two bath condominium home on Kuau Point.
  • Kuau Bayview was quiet in terms of sales activity with only one close and no properties currently listed on the market. That said, the one sale was a new record high for the neighborhood.

This was a pretty good first six months of the year for the Paia Real Estate market. The bulk of the activity was focused on the entry level of the market. It was the increased activity with lower priced properties that drove the decrease in median sales price compared to last year. If anything, the increased activity at lower price points has resulted in rising prices. Neighborhoods like Skill Village and Lower Paia are right below the all time high sales prices that we saw in the last real estate boom. There are potentials for records to be broken among the pending sales.

While the low end market saw strong activity, the Paia high end market and specifically the oceanfront market have been quiet. There have been nine different properties listed for sale on the ocean during the first six months of the year. There are eight oceanfront homes listed currently. There have been no sales and no properties under contract. You can get a sense of the location and additional information on the current Paia oceanfront home inventory via the map below.

With eight ocean and beachfront homes on the market, Paia has more oceanfront inventory than any other community on the island. Many of those homes have been on the market for a considerable amount of time. I would imagine that there might be some opportunity for oceanfront buyers based on the depth of inventory. It will be interesting to see if any buyers step forward for these properties before the end of the year.

The overall Paia market looks like it will continue to see a fair amount of activity at lower price points. There are 5 properties under contract under $700,000 as it stands currently. That part of the market has the potential to cool off if expected interest rate increases occur sometime in the fall. There is a bit of gap in inventory between the entry level of the market and the oceanfront inventory. There are only two properties listed for sale for more than $700,000 that aren’t oceanfront. This could be a good time to go to market for potential sellers in Kuau Bayview or for non-oceanfront owners along the ocean side of Hana Highway. Well priced properties in those areas should be attractive to buyers. You can see the current Paia Real Estate Inventory on MauiRealEstate.com. Contact The Maui Real Estate Team if you have questions on Paia or need assistance buying or selling property. Our office is located in downtown Paia. We keep a close eye on the market and our ears open for unlisted properties.


Maui County Property Tax Rates 2015/2016

The first property tax bill of the 2015/2016 fiscal year went out to Maui Property owners last week. That was a good reminder for me that we have yet to publish the property tax rates for this fiscal year on this blog. This post gives prospective property buyers a sense of what type of property taxes they might expect when purchasing a place on Maui. This is another year where we have seen a decrease in rates. Maui County Council has been trying to offset increases in assessed values by decreasing the rates per assessed value. Here are the rates for the next fiscal year as compared to the rates from last year.

  • The Residential rate decreased from $5.57 to $5.40.
  • The Apartment rate decreased from $6.20 to $6.00.
  • The Commercial rate decreased from $6.83 to $6.60.
  • The Industrial rate decreased from $7.07 to $6.85.
  • The Agricultural rate decreased from $5.86 to $5.75.
  • The Conservation rate decreased from $6.06 to $5.90.
  • The Hotel and Resort rate decreased from $9.11 to $8.85.
  • The Time Share rate decreased from $15.07 to $14.55.
  • The Homeowner rate decreased from $2.78 to $2.75.
  • The Commercialized Residential rate decreased from $4.46 to $4.35.

All of the rates above are per $1,000 of assessed value. Homeowners are also eligible for a $200,000 exemption which may be deducted from their assessed value. For example, someone who qualifies for the homeowner classification that has a property assessed for $700,000 would have $200,000 deducted from their assessment for a net taxable value of $500,000. Applications for homeowner exemptions should be submitted to the county by December 31st. Check with the county for the latest and most up to date eligibility guidelines. The minimum property tax rate bill for Maui County is $150. Taxes are paid in two installments with bills sent in August and February. The county has an online resource available entitled Understanding Property Taxes which goes into more details on assessments, how properties are classified and timelines.


By » 7/27/2015 » in

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