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Big Paia Closing

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We saw the second highest sales price ever for a property in Paia today. The 1.1 acre oceanfront parcel sold for $4,500,000. The property includes an older 3 bed/1 bath home and an older 1/1 care takers cottage. However, this is more of a land purchase than a home purchase. The highest ever sales price for Paia is located in the same neighborhood. It sold in December for $5,850,000. The third highest ever sales price was also in the same neighborhood. It sold in 2005 for $4,250,000. Both were newer oceanfront luxury homes on smaller lots.

1.1 acres sold in Paia, Maui

aerial view 1.1 acres of oceanfront in Paia

There are still luxury buyers in this market. I did a series of blog posts on the status of the Maui luxury market in late spring and throughout the summer. I looked at the overall market and individual communities comparing sales volume in 2008 year to date vs. the same period of time in 2007. Now that summer has wrapped up, I will do another post on luxury market statistics sometime in the next week.


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9/19/2008

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