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Haiku Off The Grid Lot

People have been living off the grid in Maui for decades. In rural parts of our island, electrical and water infrastructure can be limited. That means people may need to use catchment systems to capture their water supply and photovoltaic panels to generate power. While off the grid living may be the norm for some island residents, it is something that is getting more and more discussion and interest from the general public. PV systems have become more advanced and less expensive to install. We are also appear to be on the cusp of seeing some exciting advances in home energy storage. On a recent investor call, Elon Musk announced that Tesla will be entering the home energy storage market. Tesla batteries are supposed to start production in as soon as six months.

With off the grid becoming more accessible, it is a particularly exciting time to bring an off the grid land listing to market. This lot in Haiku is .7 acres of flat and usable land. The ocean views from the building site are truly stunning.

Ocean Views from the Off the Grid Property in Haiku

ocean views haiku off the grid lot

Lot 100 on Burns Road

The lot is located near the end of a quiet country road. It overlooks Opana Gulch. Opana stream runs through the gulch and can sometimes be heard from the lot. Looking across the gulch, there is nothing but forest views extending up towards the Koolau gap of Haleakala. This is truly a place of quiet that brings you back to nature.

The Bamboo forest in Opana Gulch
Opana Gulch includes areas of Bamboo Forest.

The Opana Stream near the Property
Opana Stream running through the gulch near the property.

Opana Gulch Looking towards the Koolau Gap in Haleakala
There is nothing but forest land when you get to the end of the road. This is a view from off the property looking up Opana Gulch towards the Koolau Gap on Haleakala.

This Haiku off the grid lot is listed for $357,500. You can check out the Burns Road Lot 100 listing page for additional photos and details. Contact The Maui Real Estate Team to arrange a showing of this beautiful off the grid land. This is your opportunity to unplug and get back to nature.


Paia Oceanfront Price Reduction

The charm is in the home. The value is in the land and the lifestyle. The two bedroom, one bath home is vintage Hawaiian Plantation Style. The home features fir floors, a back porch for taking in the views of the ocean and an outdoor shower to rinse the salt and sand off from the beach. The oceanfront lot is R-1 zoned and 14,600 square feet. The size and the zoning of the lot would allow for a second full sized home. The elevation of the lot is out of the flood zone. This means the home is easier to insure and less expensive. It also adds a little peace of mind in a time of rising sea levels. The lot has an over sized 3/4 inch water meter. That gives more latitude if and when you want to build a second home on the lot.

129 Aleiki, Paia, Maui, Hawaii -HD from The Maui Real Estate Team on Vimeo.

The location is in the heart of Maui’s North Shore. You are minutes from great surfing, SUP, kiting and windsurfing. You can check the surf at Ho’okipa Beach Park and Mama’s from your back yard. The access path to Mama’s Beach is just one house over. The world renowned Mama’s Fish House is less than a minute’s walk from the front door. Charming Paia town and its shopping, restaurants, groceries and yoga studios are a five minute drive. Kahului airport is less than 20 minutes away.

Aerial photo of the cottage on Mamas Beach

mamas beach as seen from the kuau beach cottage

kuau beach cottage twilight

This Paia Oceanfront Opportunity is now offered at the reduced price of $2,650,000. Check out the 129 Aleiki Place listing page for additional photos and details. Qualified buyers should contact The Maui Real Estate Team to arrange a showing.


By » 2/21/2015 » in

Wailea and Makena 2014 Year End Review and 2015 Outlook

After looking at the North Shore communities of Paia and Spreckelsville, we decided to head to South Maui for a look at the Wailea and Makena Real Estate markets. This is an overview of how this market performed in 2014 and what we may expect in 2015. Wailea is Maui’s most renowned resort community thanks in part to its beautiful beaches, three golf courses and luxury hotels and spas. Makena is the more understated of the two communities, but is arguably more exclusive with some of the island’s most expensive real estate. These are the notable numbers from the 2014 Wailea and Makena Real Estate Sales activity, a few thoughts on the 2014 market, followed by our thoughts on what to expect in these luxury communities during 2015.

Wailea and Makena Real Estate Sales Volumes 2013 and 2014

This chart compares the real estate sales volumes for homes, condos and land in Wailea and Makena during 2013 and 2014

There were 32 homes sold in Wailea and Makena in 2014 with a median price of $1,892,000. In 2013, there were 29 homes sold with a median price of $2,750,000. That is a 10% increase in activity and a 31% decrease in median price.

There were 92 condos sold in Wailea and Makena in 2014 with a median price of $1,021,250. In 2013, there were 122 condos sold at a median price of $1,105,000. That is approximately a 25% drop in volume and an 8% drop in median price.

There were 7 land transactions in Wailea and Makena in 2014 with a median price of $1,550,000. There were 12 land sales in 2013 at a median price of $1,150,000. This is a 42% drop in sales activity and a 35% increase in median.

Notable Numbers from the 2014 Wailea and Makena Real Estate Market
While compiling the numbers above, I came across a few other numbers that were worth sharing.

  • Of the 32 homes sold, 7 were in Makena.
  • The high sale price for a home was $9,300,000 for an Oceanfront home in One Makena Place. This is the second year in a row that the highest priced sale was located in this gated enclave.
  • The Makena Place transaction was one of 15 sales over $2,000,000 and 6 sales over $5,000,000 that closed during 2014. In 2013, there were 14 sales over $2,000,000 and 7 sales over $5,000,000.
  • There was one sale under $1,000,000 in all of Wailea and Makena during 2014. The Wailea Kai home with three bedrooms, three baths and 1,766 square feet of living space sold for $890,000.
  • Wailea Fairway Estates was the subdivision in Wailea with the most sales activity with 6 closes in 2014.
  • The highest priced condo sold in Wailea and Makena during 2014 was one of the Villas at the Andaz Residences. This 3 bedroom, 4 bath condominium sold for $5,495,000.
  • The Andaz Condo was one of 26 condos that sold for $1,500,000 or more during 2014. There were 36 condo sales over $1,500,000 in 2013.
  • Grand Champions was the condo complex with the highest number of sales in 2014 with 12 total sales.
  • Only 2 of the condos sold were in Makena. Both of the condos that closed were at Na Hale O Makena.
  • There were 5 condo sales under $500,000 in 2014. In 2013, there were 2 condo sales under $500,000.
  • There were 5 REO or bank owned properties that closed in Wailea during 2014. That was the same as the 2013 REO sales totals for the area.

Thoughts on The Wailea and Makena Real Estate Market During 2014
There are a few things worth discussing from the 2014 Wailea and Makena Sales numbers. The dip in condo sales is certainly noteworthy. There was a decrease in condo sales island wide, but the 25% drop in Wailea outpaced the 11% drop throughout Maui County. It is especially interesting considering the fact that condos sales over $1,500,000 were up 9% around the island. There are no obvious reasons for the decrease in activity that jump out at me. With that in mind, I broke down the sales further to see if any plausible explanations appeared.

The first thought that came to mind was that there may have been a decrease in activity at the lower end of the market due to a contraction of inventory. That was something we were seeing in other geographic areas around the island. Looking at condo sales under $1,000,000 in Wailea, there was a 25% drop in total sales compared to 2013. However, when you look at condos sold between $1,000,000 and $1,999,000, there was a 38% drop in activity compared to the previous year. When you look at condos priced over $2,000,000, there was a 20% drop in activity compared to 2013. While it is possible the dip in activity below $1,000,000 may still be related to the contraction of inventory, what would explain the drop in activity in other parts of the market? It can’t claim to have definitive answers, but I have a couple of thoughts.

The dip in buyer activity in the $1,000,000 to $1,999,999 range may be a case of buyers deferring their purchase. There are a few different condo project that are expected to come to market in the Wailea market soon. Keala O Wailea and Makali’i at Wailea were both supposed to start pre-construction sales during the second half of 2014. Delays have pushed the initial sales sometime into 2015. There may be some buyers who opted to wait with the hopes of purchasing in one of the new developments verses purchasing at existing complexes like Kai Malu.

While the drop in sales was not as pronounced above $2,000,000, the dip was surprising nonetheless. There are a couple of factors at play that may have curtailed high end sales. Again, there may be competition from new developments. Makali’i may be causing some buyers to defer their purchase. At even higher price points, the Makena Golf and Beach Club may be causing some buyers to defer their purchases. The other factor at play is the draw of Montage in Kapalua. Traditionally, Wailea Buyers have been Wailea Buyers and Kapalua Buyers have been Kapalua Buyers. Even though they are both high end resorts on Maui, they tend to draw their own distinct clientele due to the unique personality of the resorts. When you look at the sales that have occurred at Montage, you are seeing quite a few buyers represented by Wailea area Realtors. It would appear that Montage is a property that has appeal to some traditional Wailea buyers.

The Wailea and Makena home market did not experience the same dip in activity as the condo market with sales exceeding 2013 totals. The dip in median home price does not reflect a decrease in values. It points to a shift in market activity with fewer high end sales and a few more homes sold in the $1,000,000-$2,000,000 range compared to 2013.

Activity in the the Wailea and Makena land market reflected the Maui Land market overall which saw a decrease in sales during 2014. The lack of sales wasn’t for lack of inventory. It is a question of where that inventory is positioned in the market. There was a lack of lower priced lots for sale. It also appears that the Ridge at Wailea, Wailea’s newest land development, may be priced above what the market is willing to support. There has only been one sale in the development since it came to market almost a year ago.

Wailea and Makena 2015 Real Estate Market Outlook
In our 2014 outlook, we anticipated that the Wailea and Makena Markets would be heavily impacted by the influence of new condo developments such as Makali’i at Wailea and Keala O Wailea. While some buyers may have deferred their purchases waiting for new developments scheduled to market, none of the new developments actually came up for sale. While we still don’t have definitive go to market dates for those two projects, the Makena Golf and Beach Club is starting to come on the market. This new development should have a big impact on the Maui Luxury market.

The Discovery Land Company’s Makena Golf and Beach Club is a significant new development. The area was in the initial stages of development during the last real estate boom only for the property to go into foreclosure during the downturn. The Wailea Beach and Golf Resort hotel, two golf courses and a total of 1,800 acres of land were purchased by consortium of AREA Property Partners, Trinity Investments and Stanford Carr Development LLC. The ownership group has chosen Discovery Land Company to spearhead a major redevelopment of the area that will occur in phases. Malauaka Estates is the first part of the development to hit the market. Maluaka Estates consists of eight oceanfront home sites with price tags ranging from $9 to $12 Million. Two of the Eight lots that hit the Maui Multiple Listings Service in the last month, and both are already under contract.

The existing Makena Beach and Golf Resort Hotel is being converted from a 310 room hotel into the Makai Residences. The Makai Residences will include 50 private residences ranging in size from 2,500 feet to 5,600 feet. Prices will range from roughly $6-$20 million range. The highest priced units will be far and away the highest priced condos sold to date on Maui.

In addition to the Makai Residences and Maluaka Estates, this phase of the Makena Golf and Beach Club will include the Kula Villas, Spa Hales and the Beach Cottages. The nine Beach Cottages will have 4 bedrooms, 4.5 baths and roughly 3,400 square feet of living space. Prices are anticipated to range from $9.5-$12 million. The 12 Kula Villas will be 3 or 4 bedrooms with sizes ranging from 2,950 to 3,900 square feet. Pricing is as of yet to be determined. The 5 Spa Hales are the smallest offerings in the resort to date. They will be two bedrooms and are likely to have the lowest entry point into the first phase of the Makena Golf and Beach Club.

Discovery also plans to create a a small village with a general store, restaurants, post office, retail space and a resort hotel. All residents will also be members of the Beach Club and have access to a variety of resort amenities.

The Makena Golf and Beach Club will be nothing short of the most significant new luxury development on the island since the creation of the Wailea and Kapalua Resorts. By all indications, the entry level price points will be significantly higher than either of those developments. It is tough to say what the impact will be on the rest of the Wailea and Makena market. The high price points will limit the impact on the lower priced properties in Wailea, while I suspect it may draw some buyers who would have otherwise been looking at some of the existing ultra luxury homes and condos within Wailea. This development also has the potential to attract buyers from some of the ultra high end resort communities on neighboring islands such as Kuki’o on the Big Island.

While we have spoken about the supply side of the market for 2015, we haven’t talked too much about demand. As it stands it appears that current economic conditions should favor a strong year for sales in Wailea and Makena. We may see a little less demand out of Canadian buyers due to the decrease in value of the Canadian Dollar.

You can check out the current inventory of Wailea and Makena Homes for Sale and Makena and Wailea Condos for Sale on MauiRealEstate.com You can also contact The Maui Real Estate Team if you are interested in buying or selling property in Wailea or Makena. .

Sneak Peek at the January 2015 Maui Real Estate Statistics

I have to admit, the hardest part of writing my monthly stats posts is usually writing the opening paragraph. I am skipping the prose this month and cutting right to the numbers. Without further ado, here is our sneak peek at the January 2015 Maui Real Estate Stats.

January Maui Real Estate Sales Volumes and Median Prices

January 2014 and 2015 Real Estate Sales Volume Chart

This chart compares real estate sales volumes in Maui County During January of 2014 and January of 2015.

There were 74 homes sold in January with a median price of $576,000. In January of 2014, there were 64 homes sold with a median price of $691,500. That is a 16% increase in volume and a 17% decrease in median price.

There were 83 condos sold at a median price $378,000 in January of 2015. Last January, there were 94 sales at a median price of $441,000. That is a 12% drop in activity and a 14% drop in median price.

There were 11 land sales in January in Maui County with a median price of $700,000. There were 13 sales last January with a median price of $370,000. That is a 15% drop in activity and an 89% increase in median price.

While compiling the sales volumes and median prices, I came across some other notable numbers from January’s Maui Real Estate Sales Activity.

  • The highest priced home sale in January was $3,500,000 for a Residential Condominium in the Launiupoko subdivision South of Lahaina. That luxury home featured 3,675 square feet of living space, big views, a pool and 8.5 acres of land.
  • The Launiupoko sale was one of three homes sold for over $2,000,000 in January. There was one more big sale in Launiupoko with the third home located in Ka’anapali Golf Estates.
  • The highest priced condo to close in January was located in the Wailea Beach Villas. The 3 bedoom, 3.5 bath condo with 2,889 square feet of living space closed for $3,800,000.
  • That was one of four condos that sold for over $1,500,000 during the first month of 2015. The other units were located at Honua Kai, Wailea Ekahi and Sugar Cove in Spreckelsville.
  • The highest priced paid for a parcel of land in January was $2,500,000 for 133 acres located off of Baldwin Avenue between Paia and Makawao. This ocean view acreage has the potential for further subdivision.
  • That was one of three land sales over $1,000,000. The other two were located in Pukalani and Launiupoko .
  • There were 9 REO or bank owned transactions that closed in January. That is up from the 4 bank owned transactions in January of 2014.
  • There were 6 short sale transactions that were completed successfully in January. That is down from the 10 short sales in January of 2014.

A Few Comments on the December Stats
There are a few items from the statistics that merit additional commentary. In the December stats, condo activity made a comeback after seeing six consecutive months of lower sales than the year prior. I was anxious to see if we might see successive months of improved condo sales, but that was not to be the case. It will be interesting to see watch buyer demand for condos through the season. There are some positive signs as the January pending sales will show below, but there are also some headwinds in place. Canadians have been active condo buyers for quite a while, but the much weaker Canadian dollar may put a damper on the number of condo buyers from North of the Border.

The number of luxury property sales also seems to be relatively low for January. The three homes sold for over $2,000,000 are down quite a bit from the eight sold last January. The four condo sales over $1,500,000 are down from the seven sales last January. This will be something else to keep an eye on going forward. With a few luxury developments coming to market in the Wailea and Makena area this year, we may be seeing some buyers deferring their buying decisions.

The lower number of high end sales in January is likely one of the drivers for the decrease in median price compared to last year. This is a good reminder that changes in median price are not exclusively a reflection of changes in property values. Home and condo prices continue to rise despite the lower medians. Land prices are also rising but nowhere close to the 89% change in median. Land median price is particularly vulnerable to big fluctuations due to the small sample size of properties for sale.

January Pending Real Estate Sales
With the holidays marking the official start of Maui’s busy season for Real Estate, January is the first full month of our buyer’s season. We are able to get some sense of how our buyer’s season is starting by taking a look at the January pending sales. The chart below compares the number of properties that went under contract in January of 2015 to the number that went under contract in 2014.

January 2014 and January 2014 pending Maui Real Estate Sales Comparison

This chart compares the number of properties for sale that went under contract in January 2014 with those that went under contract in January 2015

The chart above shows improved performance in all three property types. I don’t want to go overboard on the significance of these numbers as we tend to see a lot of variability in sales month to month, but this is a generally positive sign for real estate activity during the start of this buyer’s season.

What Does it all Mean for Buyers and Sellers?
While our stats posts tend to focus on the island as a whole, the reality is that Maui is made up of many smaller markets. We see varying levels of supply and demand based on price point, community and even neighborhoods. The Maui Real Estate Team would welcome the opportunity to sit down with buyers and sellers to discuss market conditions specific to your real estate interests. Contact The Maui Real Estate Team for a free consultation so we can discuss your real estate needs.

Paia 2014 Real Estate Review and 2015 Outlook

Just a few days ago, we posted a year end review and 2015 outlook for the Spreckelsville Neighborhood. Today, I wanted to take a look at the town of Paia and how its real estate market performed in 2014. We also wanted to give some thoughts on what might be expected of this market during 2015. Spreckelsville is actually a part of Paia, but we split the two communities in our analysis because of the relatively unique characteristics of the respective markets. That means this post will focus exclusively on Paia and the Kuau area of Paia.

Paia has been one of the stronger real estate markets on the island since the downturn. Simple supply and demand plays a factor in the strength of Paia’s housing market. There has been no new housing created in the Paia area since the construction of North Shore Village in 2003. Since that time, Paia has seen demand grow considerably as more and more people have sought to relocate or buy second homes in this funky North Shore Beach town. Buyers are attracted to the bohemian vibe, good restaurants, yoga studios, cute boutiques, the island’s best health food store and some of the most consistent wind and waves on the planet for water sports. The demand for Paia Real Estate was particularly evident in 2013 when some neighborhoods in the area hit new record highs. Did Paia continue at those same levels in 2014? Find out below as we give you the numbers.

The map below shows all of the sales that occurred in Paia and Kuau area during 2013. Click on the individual pins on the maps to learn more details about the sales.

There were a few notable numbers from the 2014 Paia sales figures that I thought were worth sharing.

  • There were 18 homes sold in Paia during 2014. That is down from the 20 homes sold in 2013. That is a 10% drop in activity.
  • The median sales price for homes in Paia during 2014 was $634,750. The 2013 median was $678,500. That is a 6% drop in median price.
  • There were three condo sales at Kuau Plaza in 2014. There were three condo sales at Kuau Plaza in 2013.
  • Kuau Plaza appears to have seen very strong growth in values during the year. The only one bedroom that sold in 2013 closed for $200,000. All three sales in 2014 were one bedrooms and their median price was $279,000. That is a 40% increase in median price. In this case, the change in median is pretty closely correlated with the change in value.
  • There was only one land sale in 2014 compared to four land sales in 2013. Vacant Land is in finite supply in Paia. If we are to see any more than one sale a year, it will likely come from the flip of recently sold lots.
  • There were two short sales and one bank owned transaction in Paia during 2014. There was one bank owned sale and one short sale in 2013.

There are a couple of things that deserve comment regarding the Paia market in 2014. After a frenetic 2013 that saw big price increases and a strong market recovery, things appear to have leveled off a little in 2014. This was evident in slightly lower transaction volumes and to some extent the lower medians. It is even more evident when you look at a neighborhood like Kuau Bayview. That market was in a frenzy in 2013, but buyers were reticent to push prices in 2014. This is in line with what we predicted during our Paia 2014 Outlook. In some ways this is a relief, as it would have been unsustainable in the long term to continue at higher rates of appreciation.

The Paia luxury market was relatively quiet this year with only two sales over $2,000,000. More of the high end sales activity was occurring down the road in Spreckelsville during 2014 where there were five sales over $2,000,000.

It will be interesting to see what happens with the market in 2015 in Paia. The map below shows the current inventory and the sales that we have seen in the year to date. Green dots represent active listings. Yellow pins show properties that are currently under contract and red dots are sales that have closed this year. You can click on each of the pins for additional details.

It appears as if 2015 is off to a pretty solid start with three homes sold and an additional four properties under contract. There was one notable sale in Kuau Bayview with a new record high sales price established. I would expect that we will see similar dynamics to what we experienced last year with relatively modest price appreciation. If sales continue at their current pace, we should see more closes than we did in 2014.

It will be particularly interesting to watch the luxury and oceanfront home market in Paia. There are more oceanfront homes for sale in Paia than any other community on island. That gives potential buyers a lot of options. It is notable that there are no oceanfront homes for sale in Spreckelsville. Unless that changes, that might divert more potential high end buyers to the Paia and Kuau area.

The Maui Real Estate Team’s office is located in the heart of Paia. We know the community and its real estate inventory well. Contact The Maui Real Estate Team if you are interested in buying or selling property in the Paia area. We would welcome the opportunity to discuss your real estate needs and offer a free consultation. You can check find the current inventory of Paia Real Estate Listings on MauiRealEstate.com.

Spreckelsville 2014 Real Estate Year End Review and 2015 Outlook

The Maui Real Estate Team Blog has been using the month of January as an opportunity to look back at the year in sales for 2014 and to look forward to what we might expect in 2015. Today, we wanted to focus on Spreckelsville. This North Shore neighborhood continues to see increased demand from both primary residents and second home owners. Great beaches, access to some of the best wind and wave sport areas on the planet, the Maui Country Club, proximity to Paia, proximity to quality schools and general accessibility are important reasons for the neighborhood’s desirability. We wanted to take a look at the properties sold this year, some of the most notable numbers from the Sprecks year in sales and some thoughts on what we might expect in 2015.

The map below shows the real estate activity that occurred in Spreckelsville during 2014. The red pins represent properties that closed during the year. The yellow pin represents a sale that went under contract in 2014 and closed in 2015. The orange pin represents a property that came on the market in 2014 and went under contract in 2015. The green property represents a property that was put on the market in 2014 and is still actively listed for sale. You may need to zoom in on the map to see all of the sales activity. Click on the individual pins to learn the details of each sale.

The Spreckelsville Real Estate market experienced a particularly busy year for sales activity in 2015. Here are the most noteworthy numbers from the year in sales.

  • The 14 total sales was busier than any other year in Spreckelsville according to MLS data. The 14 total sales included three transactions that did not appear in the MLS due to a lack of Realtor involvement.
  • Of the 14 sales, 50% of the properties were not listed at the time that they sold. That is pretty unusual for the Maui market, and it speaks to buyers beating the bushes to find properties.
  • There were 3 parcels of land that sold in 2014. All three sales were located in the E Paepae Ka PuKo’a subdivision. That total included the last developer owned lot in the subdivision.
  • There was one sale that closed in Sugar Cove during 2014. That was a front row unit in building B. There was one additional unit that went under contract in 2014 and closed in 2015.
  • This was a busy year for oceanfront sales in Spreckelsville with four homes selling on the water. There was also one beachfront unit at Sugar Cove.
  • The highest priced sale in Spreckelsville was 473 Laulea. It closed for $8,250,000 in February. That property includes over 3 acres of oceanfront land with a 5,000+ square foot home. That was the second highest ever sale in Spreckelsville.
  • The Maui Real Estate Team was the most active Real Estate Brokerage in Spreckelsville during 2014. We represented eight buyers and sellers. We were the buyer or seller’s brokerage in over 50% of the transactions that involved Realtors.

I think we would be hard pressed to see the same volume of sales activity in Spreckelsville during the coming year. Lack of inventory is likely to be a factor with only two properties on the market. Any sizable volume of sales is going to have to come from properties that are as of yet to be listed or some that never make it to the market. We saw quite a few sales come from unlisted properties last year. Buyers may need to beat the bushes again to find sellers.

With limited inventory available, it pays to work with people who know the neighborhood well. Our broker Billy and agent Martin both call Spreckelsville home. They are well positioned to hear about anything unlisted or something new coming to the market. They are also great resources for questions on the neighborhood. Contact The Maui Real Estate Team if you are interested in buying or selling property in Spreckelsville. You can also check out the current active Spreckelsville Real Estate listings on MauiRealEstate.com.

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