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.
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.