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Spreckelsville 2013 Year End Round Up and 2014 Outlook

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After taking a look at the big picture of how the Maui Real Estate market performed in 2013, this is the first of what will be a few posts that look at how specific Maui communities performed in 2013. Today, we are shining the spotlight on the North Shore community of Spreckelsville. Nestled between the airport and Paia town, Spreckelsville is a collection of Oceanfront estates, golf course homes, executive homes and even a small beachfront luxury condominium complex. It has long been a popular place to live for Kama’aina. It is also a desirable spot for second home owners. The appeal of the area lies in its central location, beautiful beaches, the Maui Country Club and access to some of the best locations for wind and water sports in the world.

The map below shows all of the real estate activity that occurred in 2013. Sales are represented by red pins, the blue pin is for a property that went under contract in 2013 and closed in 2014, the yellow pins represent properties that went under contract in 2013 and have still not closed. Green pins represent all of the properties listed in 2013 that are still active.

Here are a few additional observations on Spreckelsville Real Estate activity in 2013.

  • The five total home sales in 2013 were a sharp drop from the 11 homes sold in 2012. There were quite a few unlisted properties that sold in 2012. That may account for some of the difference.
  • The second half of 2013 saw a marked increase in activity over the first half. All five sales in Spreckelsville occurred after July 1st.
  • The high sale was $3,000,000 for an unlisted home on Pa’ani. This home was on the ocean side of the street, but not oceanfront. Sales on this street tend to be relatively rare.
  • Of note, there were four properties that were listed for higher prices that went under contract in November and December and had not closed by year end. One of those four listings was an Oceanfront Home at 455 Pa’ani that closed in January of 2014 for $7,950,000. That is the second highest sale in the neighborhood all time.
  • While there has been a surge in high end activity, the lower end of the Sprecks market has not had as strong of a demand from buyers. There were three sales in Sprecks V, but we have not seen the strong appreciation that we saw at lower price points in nearby Paia. The sale of 120 Ulupua was the highest in Sprecks V to date, but it is also the biggest house and by far the biggest lot in the neighborhood. This home also had extraordinary finishing and was considered to be a value at its price.
  • There were no sales or listings at the Sugar Cove condominiums during 2013.

It will be interesting to see what 2014 brings for the Spreckelsville Real Estate market. We have already had one big close with potentially three more big closes coming in the first quarter. Beyond that, inventory is scarce with only two active listings. While there was a late surge in 2013 for beach and oceanfront properties in Sprecks, there are no active listings on the water. If we are to see any significant additional activity in 2014 beyond what is under contract, it will need to come in part from new listings or unlisted properties.

Contact The Maui Real Estate Team for additional information on Spreckelsville and the local real estate market. Our broker and one of our agents call this neighborhood home so we can give you a pretty good sense of what the Spreckelsville lifestyle has to offer. You can check out the current inventory of Spreckelsville Real Estate Listings on MauiRealEstate.com.


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1/30/2014

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