Maui Real Estate Blog
Sugar Cove Building 6, An Unprecedented Beachfront Offering
Sugar Cove Building 6 is an unprecedented beachfront real estate offering on Maui. With only 11 reported sales on the Maui MLS all time, listings at Sugar Cove are rare in their own right. Never before has a whole building in the development been offered for sale. For that matter, we believe this is the first time that a whole condominium building came up for sale on Maui. Add in an exquisite top to bottom remodel, the consolidation of two units in to a single fantastic primary living space, an additional “guest” space and you start to get a sense of how extraordinary this opportunity is for a beachfront luxury home buyer.
Building 6 Overview
- Two separate living spaces.
- Eight total bedrooms, seven bathrooms, three half bathrooms.
- 5,950 square feet of interior living space plus extensive lanai space.
- Complete renovation including the replacement and upgrade of all structural elements.
- Six designated parking spaces plus guest parking.
- 15.6 kw of net metered solar panels.
- Security alarm systems in both units.
- Tons of storage for surfboards, SUP boards, windsurf boards and rigged windsurf sails.
Units 6A and 6B
The owners combined Units 6A and 6B to create a single primary living unit consisting of 4 luxurious bedrooms with ensuite bathrooms including 2 owner’s suites. In addition, there are 2 half baths; 2 laundry rooms; an oversized kitchen, living and dining area, an office, and a huge utility / storage room that is perfect for storing all of your Maui toys and a little bit of wine as well. There is also a large, insulated attic with additional storage. The 4th bedroom is currently utilized as a home fitness center. There are an additional 1,300 sq ft of decks creating a fantastic indoor/outdoor living space. The kitchen / living / dining room area includes over 70 feet of beachfront windows to take in the stunning views.
To complement the primary space, there is a connected 4 bedroom guest unit. Two of the bedrooms include en suite baths, 2 bedrooms share a bath. There is also half bath downstairs along with a laundry area, a writing / desk space in the living room and complete high-end kitchen.
About Sugar Cove
Sugar Cove is a boutique 18 unit condo complex located in the heart of Spreckelsville on Maui’s North Shore. The low density, six building complex features spacious lawn areas dotted with soaring Coconut Palms. There is a community club house, a pool and a pickle ball/ tennis court. Gated access offers security. World renowned wind and water sports can be found just offshore. Owners love being able to paddle out or launch from their back yards.
Contact The Maui Real Estate Team for Additional Information
The asking price for Sugar Cove Building 6 is $17,000,000. Check out the MLS listing for more pictures. Take a 3D tour for more interior details and a better sense of the floor plan. Contact The Maui Real Estate Team with questions or to arrange a tour. There are too many details and outstanding features to this listing to cover in one blog post. Stay tuned to our blog for more posts on this special listing.
Maui Real Estate Blog
460 Polulani, Wailuku Heights
Our office just listed another great property in the Wailuku Heights neighborhood. 460 Polulani Drive is a four bedroom, three bathroom home situated on a 9,749 square foot lot. Built well in 1990 and tastefully remodeled in 2010, this home has a long list of attributes sure to make its new owners quite happy.
Leading the list of features is the view. Sunrises, moon rises, North Shore Ocean Views, the full panorama of Haleakala and the twinkling of city lights are all visible from the extensive second story lanai. This is a truly dynamic view that will keep you captivated.
While the views are outstanding, this property offers a lot more. The upstairs includes an updated kitchen and living room, a covered lanai, primary bedroom suite, a second bedroom and an office.
The kitchen offers both functionality and beauty. The custom, soft-close, cherry cabinets offer tons of storage. The glass display cabinets are a perfect spot to display your best kitchen wares. A microwave drawer helps to keep counter tops clear. The induction cook top offers precision temperature control and both time and energy efficiency. Beautiful granite counter tops offer plenty of space for preparing and serving even the biggest of meals. Soffit lighting in the kitchen and the living room add to the night time ambience.
The primary bedroom with en suite bath offers excellent views and its own private sunrise lanai. Plantation shutters, beautiful granite counters and cherry cabinets in the bathroom are all nice features of the owner’s refuge.
The downstairs of the home includes two more bedrooms, a second living room area, a laundry/bathroom and a large storage area under the stairs. The covered lanai on the first story includes a hot tub for post beach soaks and cooler nights.
The yard area includes bananas, mature landscaping and planter beds for herbs, flowers and vegetables. Other notable amenities include a 2 car garage with extra room for storage, a leased PV system, a security alarm system and reverse osmosis water filtration in the kitchen.
About Wailuku Heights
Wailuku Heights is considered one of Central Maui’s most desirable locations. Nestled in the lower elevations of the West Maui mountains, it is well situated to capture cooling trade winds. It is minutes from downtown Wailuku, county offices, the hospital, shopping restaurants and other amenities. Beaches in South Maui, West Maui and the North Shore are all accessible.
The list price of this great Wailuku Heights home is $1,288,000. Check out the listing page for more photos and details. Take a 3D tour of the home to get a better sense of the floor plan, or if you aren’t on island for a showing. Contact The Maui Real Estate Team to talk to an agent about the property or to arrange an in person tour.
Maui Real Estate Blog
461 Laulea Place, An Oceanfront Classic in Spreckelsville
The Maui Real Estate Team is proud to bring the classic oceanfront home in Spreckelsville to market. Located on a quiet private road, this 1945 home draws on the architectural influences of C.W. Dickey. Old Hawaii design elements and materials include the double pitch roof, cathedral ceiling living room, fir floors, stained-glass windows and crystal door knobs. Numerous windows let in the cooling trade winds and ensure that there are plentiful views of the blue waters offshore. This classic home is ready for a new owner willing to update the home for modern living while preserving the charms of an earlier era.
The charm of the home extends to its landscaping and overall surroundings. Mature landscaping includes a stately monkey pod tree that offers cooling shade, towering coconut palms and a crown tree that draws monarch butterflies. Laulea Place is a quiet private road devoid of through traffic.
The Spreckelsville area is renowned for its combination of wind and waves around the globe. You can SUP, windsurf, wing or surf on the waves located just offshore from the backyard. There is even a massive unfinished basement at 461 Laulea ideally suited for storing ocean toys. Spreckelsville’s appeal extends beyond the ocean. There is easy access to the shops and restaurants of Paia and Central Maui.
The asking price for this oceanfront classic is $5,980,000. Check out the 461 Laulea Place listing page for additional photos and details. Tour the home from anywhere and find more floor plan details with the 461 Laulea 3D tour. Contact The Maui Real Estate Team with questions or to discuss the property with the listing agent.
Maui Real Estate Blog
Makena Real Estate Market Update October 2021
Our local MLS groups the adjoining communities of Wailea and Makena together. While the two areas border each other and both offer high end properties, there are enough differences that they are somewhat distinct markets. While Wailea may be a more recognized name nationally and internationally, Makena tends to see the highest home values on the island. The recent addition of Discovery Land Company’s Makena Golf and Beach Club further cemented this beautiful stretch of coastline as Maui’s most exclusive community. Last week, we posted about the year to date market conditions in Wailea. This post looks at the busy year to date of real estate activity in Makena.
Notable Numbers from This Year’s Makena Home Sales
- Maui Realtors reported 10 home sales in Makena for the year to date as of October 9th.
- This is quite a contrast from the complete lack of sales activity during the same period of 2020.
- It is worth noting that this is the busiest January – October period for Makena Home Sales of any year on MLS records.
- The median price of the ten homes sold is $10,000,000. The average price is $14,151,650.
- A home in the Keauhou subdivision set the high water mark for sales with a $25,000,000 price tag. The newly constructed 6,561 square foot home sits on 2.496 acres of land across the street from the ocean.
- This was one of two reported sales to eclipse the $20,000,000 mark in Makena this year.
- It is worth noting that the coconut wireless is reporting a third unreported sale that came in around $70,000,000. If rumors are correct, the buyer is a rather prominent tech executive.
- A home that sold across the street from Big Beach was the least expensive sale in Makena this year. The 4,080 square foot home on .71 acres closed for $6,337,500.
- Five of eleven home sales in Makena this year are beachfront properties.
- According to MLS records, the Realtors involved reported all sales as cash purchases. It is worth noting that some of these “cash” sales may involve financing in the background with no financing contingencies in the contract.
Thoughts on recent Makena Home Sales and the Makena Home Market Outlook
Like many higher priced home markets around the country, the Makena area experienced robust activity during Covid-19. It just took a little longer for the ball to get rolling. After just one sale in all of 2020, the market really took off after the first of the year. Not only are the 10 sales stronger than any other 9 plus month period, this year’s activity to date is stronger than any full calendar year for Makena on MLS records.
Looking ahead to the rest of the year, inventory figures to be a factor for the Makena home market. At this point in time, there are just two active listings with one home under contract. Barring an influx of new inventory or off market sales, 2021 won’t have too much of an opportunity to pad its record. Assuming there is no drastic change in the overall economic picture, this should be something of a seller’s market as we enter the new year.
Notable Numbers from This Year’s Makena Condo Sales
- Maui Realtors reported 15 condo sales in Makena as of October 9th. That calculates to a 50% increase in activity over the 10 sales that closed during the same period of 2020.
- The median price of the fifteen condo sales is $3,050,000. The average price is $3,973,000. This is actually down from last year’s median and average sales price of $5,069,500 and $4,734,275 respectively.
- Makena Surf was the busiest development for sales activity with eight closes. Na Hale O Makena came next with 5 closed transactions. There were 2 closes at the Kula Villas at Makena Golf and Beach Resort.
- The highest priced transaction closed for $12,500,000. That was for one of the units at the Kula Villas. It is four bedroom, four and a half bathroom condo with 3,625 square feet of living space.
- The lowest priced sale closed for $1,500,000. The 3 bedroom, 2.5 bath unit at Na Hale O Makena has a garden view.
- Nine of fifteen Makena condo sales this year were were cash transactions.
Thoughts on the Makena Condo Market
While the fifteen condo sales in Makena may not seem like a lot, the year to date sales are stronger than any similar time period on MLS records. There is a slight asterisk to those numbers in that for much of the MLS history, there was only one or two condo developments in the area. The addition of the Kula Villas means more potential inventory to sell. Nonetheless, this is still a pretty strong year for buyer activity.
Looking forward to the rest of the year, the Makena market isn’t exactly teeming with inventory with four active listings and no pending sales. This will be the biggest constraint on new sales activity for the rest of the year. The Makena Golf and Beach Resort does tend to have a fair number of properties that never make it on to the MLS. We could see a few sales pop out of that development before the end of the year.
Contact The Maui Real Estate Team
Please contact the Maui Real Estate Team if you are thinking of buying or selling property in Makena. Buyers can search the current inventory of Makena Homes for Sale and Makena Condos for Sale on MauiRealEstate.com. Buyers let us know if there is a specific area of Makena that might be of interest. With the limited inventory available, we would be happy to keep our ears open for unlisted properties. For sellers, limited supply and strong demand make the present a great time to be on the market. Feel free to reach out to us for a free consultation and price opinion on your property.
Maui Real Estate Blog
Wailea Real Estate Market Update October 2021
Today’s blog looks towards leeward Haleakala and the beautiful beaches, stunning views, and high end amenities of the Wailea Resort. We wanted to take a look at how the Wailea market fared through the year to date. This post includes information on Wailea Home and Condo sales as of September 22, 2021. It is also worth noting that this looks exclusively at properties in the Wailea Resort itself. Our MLS groups Wailea and Makena together. I plan on doing a separate post on the Makena market some time next week.
Notable Number’s From This Year’s Wailea Home Sales
- As of September 22nd, Maui Realtors reported 41 home sales. That is a 227% increase in activity compared to the 18 that closed during the same period last year.
- The median price of the homes sold is $3,000,000. The average price is $3,691,505. That is an increase of 44% and 55% over last year’s median and average prices respectively.
- It is worth noting that the change in median and average sales price is not an accurate reflection of the year to year change in values. More sales at the highest reaches of the market helped to boost both of those numbers.
- The highest priced sale of the year to date in Wailea closed for $10,900,000. This Wailea Highlands property included a 6,042 square foot home on almost an acre of land.
- The Wailea Highlands close was one of two sales to close for more than $10,000,000 and one of six home sales to close for more than $5,000,000 in Wailea. There were no sales over $5,000,000 during the same period of 2020.
- The lowest priced sale closed for $1,350,000. This Wailea Pualani home offered 1,991 square feet of living space.
- Competition for homes increased significantly. Of the 41 sales, 11 sold for over asking price and 5 sold for full price. By comparison, none of the sales over the same period of 2020 sold for above asking price.
- More competition occurred at the lower price points of the Wailea home market. Eleven out of nineteen sales under $3,000,000 closed for asking price or above.
- Almost 66% percent of the transactions were reported to be cash sales. Cash seemed to be preferred in the more competitive $3,000,000 and under range and with higher priced transactions. A greater number of buyers chose to use conventional financing for the $3,000,000 to $5,000,000 price range.
- Wailea Pualani and Wailea Kai saw the most activity of all of the neighborhoods in Wailea. There were 8 closes in each subdivision.
Thoughts on Recent Activity and the Outlook for the Wailea Home Market
Needless to say, the numbers above point to a robust eight plus months of home sales in Wailea. While many second home markets took off in the spring and summer of 2020, Maui’s market remained relatively quiet due to quarantine requirements. We started to see an uptick in buyer activity after the governor lifted quarantine restrictions in October. Buyer activity started to increase during those last few months of 2020. It hit a whole other level in 2021. I checked the MLS data going back to 2003. Only January-September of 2005 came within 10% of this year’s total.
While this spring marked the peak of the frenzy, buyer demand remains strong. Inventory, on the other hand, is particularly limited. There are only eight active home listings for sale within the Wailea Resort. An additional seven homes are under contract. Barring any significant changes in the global economic picture or an unexpected influx of new listings, Wailea should remain a seller’s market through the rest of the year with sales volumes slowing due to the lack of inventory.
Notable Numbers From the 2021 Wailea Condo Market
- Maui Realtors reported 232 condos sold in Wailea between January 1, 2021 and September 22nd. That is a 362.5% increase over the 64 sold during the same period of 2020.
- The median price of the 232 condos sold is $1,398,000. The average price is $1,910,153. That is 15.3% and 12.2% higher than last year’s median and average respectively.
- The highest priced condo sale for the year to date closed for $14,000,000. This Wailea Beach Villas condo features 3 bedrooms, 3.5 bathrooms, almost 3,000 square feet of living space and a direct beachfront location.
- The lowest priced Wailea condo sale for the year to date closed for $647,000. This is a studio unit at Wailea Ekahi.
- I did a double take when looking at the data for the lowest priced condo sales in Wailea. I saw two closes at Wailea Point for $375,000 and $425,000 respectively. That is a shockingly low price for one of the more premium developments in Wailea. Closer examination revealed that the two seemingly low priced condo sales were for boat garages in the development.
- According to MLS statistics, Makali’i was the busiest condo for sales thus far this year. It is worth noting that the majority of the 47 closes were new developer sales. These new developer sales were based on pre-construction contracts penned two to three years ago.
- While closes at Makali’i juiced this year’s total sales volume based on older contracts, it is worth noting that quite a few properties went under contract in 2021 that won’t close until at least 2023. La’i Loa at Wailea Hills is the newest condo development in Wailea. Sales began in the spring of 2020. A roll out right at the start of Covid-19 blunted momentum. That said, it picked up steam in the fall of 2020. Strong demand in the first few months of 2021 resulted in the reservation of all 75 units by this spring.
- Maui Realtors reported the most resales at Wailea Ekahi and Grand Champions. Both developments stand at 25 sales for the year to date.
- Of the 232 sales, MLS records show 129 were cash transactions. That is 55.6% of the total sales. That is up from 47.9% over the same period last year.
- Competition also increased significantly in the Wailea condo market. Of all of the closed transactions, 35 closed for over asking price. Over the same period of 2020, not a single transaction closed for over asking price.
Thoughts on and Outlook for the Wailea Condo Market
Like the Wailea home market, the Wailea condo market experienced strong activity through the first nine months of the year. Also like the home market, the trajectory of the market showed a similar pattern over the last 18 months. It was a slower spring and summer of 2020 as the island felt the impacts of Covid-19 and a lack of visitors. A gradual ramping up of activity followed when tourism reopened in October. The start of the new year brought a whole other level of interest in Wailea Condos. We entered the year with a fairly balanced market between supply and demand. That shifted as buyers ravenously chewed through the market inventory. As with the home market, we are seeing all time high levels of sales activity for the year to date.
With high levels of demand and a shrinking supply, we also experienced a lot of upward price pressure in the market. With variability in value between units, it is hard to quantify the exact levels of appreciation. If I were to guess, I would saw 10% or greater appreciation is quite likely with variability between some of the different developments.
As for the outlook for the rest of the year, it really comes down to inventory. Plain and simple, the active condo inventory is shockingly low. At the date of this post, there are 6 active condo listings in all of the Wailea resort. There are active listings at only four of the seventeen condo developments within Wailea. Needless to say, this will constrain sales volume unless we see a considerable uptick in active inventory. It will also lead to some upward pricing pressure.
Contact The Maui Real Estate Team
Contact The Maui Real Estate Team if you are interested in buying property in Wailea. We would be happy to keep our eyes and ears open for new inventory or unlisted properties. You can also keep tabs on the current inventory of active Wailea Condo listings and Wailea Homes for Sale on MauiRealEstate.com. I don’t think you could find a much better time to go to market if you are a Wailea property owner thinking about selling. Send us a message or give us a call to arrange a free consultation and an estimate of the current market value of your condo.
Maui Real Estate Blog
September 2021 Kula Real Estate Market Update
Once again, it’s time to check in on market conditions for another community on Maui. Let’s head Upcountry and look at the Kula real estate market. Kula spans a vast geographic area along the Western Flank of Haleakala. It runs from roughly 1,200 feet in elevation up to 4,000 feet. From an MLS perspective it includes smaller communities like Keokea, Ulupalakua and Kanaio. Kula is an agricultural hub of Maui with a number of fruit, flower and vegetable farms dotting the landscape as well as some larger livestock operations. Homes range from modest plantation style homes on rural or residential lots to substantial estates on big acreage. This post looks at market activity for the year to date as well as a few thoughts on the market outlook.
Notable Numbers from this Year’s Kula Home Sales
- As of September 13th, 65 homes sold in Kula during 2021. That is a 33% increase over the 49 sold during the same period of 2020.
- The median price of the homes sold in Kula during 2021 is $1,225,000. The average price of the homes sold is $1,521,778. The median price and average price are up 28% and 38% respectively compared to the same period of 2020.
- Fifty-seven percent of the homes sold in Kula this year closed for asking price or higher.
- The highest priced home to sell this year closed for $9,200,000. Home doesn’t quite do the property justice. The sale included two lots totaling 23 acres, two extra large water meters, a 7,809 square foot main house, a pool, a detached 7 car garage and a second 2,712 square foot home. This is the highest ever sales price for a residential property in Kula.
- This was one of 13 sales over $2,000,000 for the year to date. That compares to 3 during the same period of 2020.
Thoughts on the Kula Home Market for the Year to Date
Like the rest of the island, the Kula home market experienced robust activity over the year to date. Demand was high while supply remained low. Based on the rate of sales, there were 3.3 months supply of home inventory in January. After that, it dropped as low as 2.1 months supply in April and has yet to climb above 3 months supply again. Strong demand and limited supply helped to boost prices significantly. The question is how much? The change in average price and median price don’t just reflect shifts in value. They also reflect an increase in activity at higher price points in the market. Sales of homes over $2,000,000 increased 433% compared to 2020.
Outlook for The Kula Home Market for the Rest of the Year
It’s the classic push pull of supply and demand that should be in play for the rest of the year. At this point, it appears as if demand remains strong. We started unofficially tracking a new metric in our office over the last few weeks. We are looking at how quickly new listings are going under contract. With a high number of properties going under contract in less than a week, it is pretty clear that demand is still pretty strong. The question is whether we might see any relief with new inventory. While inventory is slowly increasing on the mainland, it remains near all time lows in Kula and Maui in general.
The Kula Land Market
Kula is an area of the island where you tend to see more land sales. A handful of new developments over the last few years and smaller subdivisions usually translates into a healthy supply. This year, increased buyer activity put a serious dent in inventory numbers.
Notable Numbers from the Kula Land Market
- As of September 13th, Maui Realtors reported 35 land sales for the year. That is up 21% from the 26 sales over the same period of 2020.
- The median sales price of the lots sold is $930,000. The average sales price is $1,058,473. The median price increased 206% from the median of $450,000 during the same period of 2020. The average price increased 24% compared to last year’s average of $853,148.
- The lowest priced transaction closed for $350,000. That was for a 1/2 acre lot without water.
- The highest priced lot to sell closed for $4,500,000. That parcel in lower Kula included 148 acres of land.
- That was one of 11 lots to sell for more than $1,000,000. By comparison, there was just one lot that sold for $1,000,000 or more during the same period of 2020. That one sale was a large land acquisition by the state of Hawaii.
Kula Land Market Activity and Outlook
The Kula land market mirrored many of the other places around the island in terms of market activity for the year to date. Higher demand, shrinking supplies and rising prices. The increase in higher priced sales was another particularly notable aspect of this year’s activity. As mentioned above, there was just the one sale over $1,000,000 in 2020 compared to the 11 sold thus far this year. Seven more properties listed for $1,000,000 show as pending on the MLS. This constitutes a massive increase in demand for higher end properties in Kula.
A lot of the higher end sales activity occurred in the Kula I’o subdivision. This gated community of 2.5 acre-25 acre lots experienced modest sales activity the first couple of years on the market. The development benefited from this year’s increased high end sales activity with 15 closes ranging in sales price between $830,000 and $1,650,000. At this point, most of the developer’s lots in Kula I’o are sold or pending. That said, I imagine we will see resales and CPR lots in the future.
It’s important to keep the increased higher end activity in mind when looking at the big shift in median and average prices. While limited supply and increased demand led to rising values, the 206% increase in median price is largely a reflection of the increased sales activity with high end lots. While the big land, big view lots in Kula I’o heavily influenced the average and median price in 2021. The big driver in 2020 was a subdivision with half acre lots in the $450,000-$500,000 price point.
Moving forward, inventory or lack thereof is going to be the big market driver for the rest of the year. Unless there is a big influx of new inventory, I can’t anticipate a lot of sales activity. If demand remains relatively strong, I anticipate that the combination of demand and low inventory will mean continued upward pressure on pricing.
Contact The Maui Real Estate Team
The Maui Real Estate Team works extensively in the Kula market. Contact The Maui Real Estate Team if you are interested in property in Kula. We would welcome the chance to discuss the market and learn more about your real estate interests and needs. You can search the active inventory of Kula Homes for Sale and Kula Land for Sale on MauiRealEstate.com.