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 lanai area of 461 Laulea offers beautiful views of the ocean.
Ocean views and vaulted ceilings distinguish the living room of this  oceanfront home in Spreckelsville.

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.

So many spots to take in the ocean views at 461 Laulea
Wake up to the sounds and sights of the ocean in the primary bedroom of this Spreckeslville home.
Classic fixtures and stainclass windows and accents contribute to the old home charm of 461 Laulea.

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.

Situated on Coconut Cove, there are wind and water sports accessible from the backyard.

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.

Pete Jalbert

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.
Views from the Lanai of a condo at Makena Surf

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.

Pete Jalbert

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.
Keawakapu Beach is located across the street from Wailea Kai
This shot shows beautiful Keawakapu Beach. The Wailea Kai subdivision is just across the street from Keawakapu. I am sure this golden stretch of sand factored into the decision making process of the eight Wailea Kai buyers this year.

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.
The Wailea Point Condos saw more sales activity thus far this year than any other comparable span over the last 20 plus years.
An aerial shot of the Wailea Point condos flanked by the Four Season and Fairmont Kealani. Wailea Point saw more sales activity for the year to date than any comparable period over the last 20 plus years.

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.

Pete Jalbert

Maui Real Estate Blog

Spreckelville Real Estate June 2021 Market Update

While last week’s stats post was the first in a long time, it’s been even longer since I posted a neighborhood specific update. With that in mind, no time better than the present to catch up on the real estate happenings in the Spreckelsville neighborhood on Maui’s North Shore. This beachfront community is a favorite of the Maui Real Estate Team. Our broker Billy calls it his home as does Martin Lenny, one of our agents. The combination of convenient location, great beaches and access to world class wind and water sports make this an incredibly desirable location. Today’s post takes a look at market activity during the Covid-19 era.

Notable Sales Numbers

  • Eight properties sold in Spreckelsville between April of 2020 and June of 2021. That includes 6 homes and 2 lots.
  • Seven of the eight sales were cash transactions. The one other sale was a trade.
  • The Maui Real Estate Team represented the buyer or the seller on seven of the eight sales.
  • There was only one off market sale during this period. All of the other sales made it to the MLS.
  • The sales activity was spread throughout all but the Kai Holu Subdivision. The sales included one home closed in the Sprecks V area, one home on Stable Road, one home and one lot in E Paepae Ka Puko’a (The Spencer Subdivision). The rest of the sales were in Old Sprecks.
  • One oceanfront home closed thus far during Covid. There is a second oceanfront home pending.
  • The highest priced transaction to close came in at $4,000,000 for a home on .57 acres on Stable Road. The four bedroom, two bath home sits one lot back from the oceanfront with easy beach access. This transaction closed in March of 2021.
  • The highest priced lot closed for $2,750,000. This .789 acre lot is situated off of Nonohe in Old Sprecks is right next to the Maui Country Club with deeded access to Stable Road.
  • In addition to the 8 sales, there are three properties under contract including our office’s listing at Sugar Cove.
Aerial view of 581 Stable Road. The highest priced transaction price to close to date in Spreckelsville to date during Covid.
581 Stable Road. The highest Spreckelsville sale to date during Covid-19

Thoughts on The Sprecks Market

Maui’s high end real estate market boomed during Covid-19. More accurately, it took off in late 2020 and through the first half of 2021. Home sales over $2,000,000 are up 335% during the first five months of 2021 compared to the same period of 2020. They are up 368% compared to the first five months of 2019. Areas like Kapalua, Ka’anapali and Upcountry Maui saw record sales volume for luxury property. That also meant the occasional bidding war and an above asking sales prices became more common.

The Sprecks market hasn’t hit the same heights as some of the other areas of the island. While the five properties sold for the year to date is the highest since 2014, it wasn’t unprecedented. None of the properties that sold closed above asking price and we only saw one multiple offer situation. This is not an indictment of the Sprecks market or the appeal of the neighborhood. It is more of a reflection of the fact that Spreckelsville is a high demand low sales volume area. Inventory levels consistently remain low with limited turnover. Many of the markets that saw the sharpest increase in activity came into Covid with an abundance of inventory. Plentiful supply combined with strong demand to create record sales volumes.

Lanai views from Sugar Cove 5C. This is a rare listing in Sugar Cove. It is under contract with a buyer.
The lanai view from Sugar Cove 5C. This is one of those truly rare listings in Sugar Cove. This unit is under contract and scheduled to close in July.

Spreckelsville Market Outlook

Based on the above, I imagine it isn’t too much of a surprise that I view inventory as the driving factor in the market for the remainder of 2021. There are currently four active listings and three pending listings. Based on recent trends, I would imagine that additional inventory will remain relatively scarce. Check out our Spreckelsville Real Estate listings page for the current inventory of homes for sale. Contact the Maui Real Estate Team if you are interested in buying or selling a property in Spreckelsville. We know the market since it is our own backyard.

Pete Jalbert

Maui Real Estate Blog

Tour Some of Maui’s Stunning Oceanfront Properties

It’s the weekend. Or at least I think it is. With stay at home rules in place, many buyers are turning to video and 3D tours as a safe way to tour property. We already posted video and 3D tours for the Maui Real Estate Team’s listings. If you need a little distraction and you’ve binged all that Netflix has to offer, I thought we might take you on a tour of some of the island’s more impressive oceanfront listings. Whether you are an oceanfront home buyer stuck on the mainland waiting for the all clear to fly out, or you just want a little Maui eye candy, we hope you enjoy the tour.

9 Bay Drive, Kapalua

This beautiful property of just under 10 acres is currently the most expensive active listing on Maui. The eight bedroom, eight and half bath home has 6,645 square feet of interior living space and a stunning pool area. Situated on a bluff overlooking the Pailolo Channel between Maui and Molokai, the views of the ocean and neighbor islands are stunning.

Hawaii Life Real Estate Brokers listed this home for $37,500,000. Check out the listing details for 9 Bay Drive for more photos and information.

4508 Makena Road

This new home is located along one of our favorite beaches on the island. Palauea or White Rock is a beautiful sandy beach with good snorkeling at either end. The four bedroom, five and half bathroom home has 5,065 square feet of living space. Never lived in before, the builders completed construction in 2018.

You can also take a 3D tour of 4508 Makena Road to get a better sense of layout. Find photos and additional details at the 4508 Makena Road MLS listing page. Island Sotheby’s Real Estate listed the home for $27,498,000.

11485 Honoapiilani Highway

I always loved this Olowalu Oceanfront home for its classic Kama’aina style. While built in 2001, it features a lot of the best design elements of 1930s Hawaii Architetcure. The main house is four bedrooms, five and a half baths and includes over 6,065 square feet of living space. There is a 75 foot long pool, a separate one bedroom ohana and a third structure with a gym steam room and suite above.

Listed by Hawaii Life Real Estate Brokers, the asking price is $9,395,000. Check out the MLS listing of this Olowalu Oceanfront home for more photos and details.

7381 Makena Road

This Makena property isn’t direct oceanfront, but it is pretty darn close. Makena Road is what separates this home from a small rocky beach. Built by renowned local builder John Cahill, this 3 bedroom, 3.5 bath home includes 3,919 square feet of living space. There is a separate two bedroom, two bath cottage.

Hawaii Life Real Estate Brokers listed the home for $12,990,000. Check out the MLS listing of 7381 Makena Road for more photos and details.

Wailea Point 102

There are some pretty stunning oceanfront condo options. Wailea Point 102 is arguably one of the best. It is a double unit overlooking Wailea Beach, Ma’alaea Bay, Kaho’olawe, Molokini and Lanai. The three bedroom, three bath unit includes 3,805 square feet of living space. The video for the property shows a lot of the scenery surrounding Wailea Point. It is easy to see why. This is one of the premier locations on the island with the Four Seasons and the Grand Wailea located to the North and the Fairmont Kealani located just to the South.

Island Sotheby’s Realty listed the property for $17,995,000. Find more photos and details on the Wailea Point 102 MLS listing page. There is a second double unit at Wailea Point on the market that is also worth checking out. Wailea Point 1602 is equally stunning and priced almost $1,000,000 lower.

Makena Surf G 301/302

This is another double unit just down the coastline from Wailea in Makena. Makena Surf offers beautiful vistas and a great setting on Po’olenalena Beach. The combination of two units means plenty of space for friends and family with five bedrooms and five bathrooms.

Romvari Realty listed this beautiful condo for $6,999,999. Check out the Makena Surf G301/302 listing page for more photos and details.

More Oceanfront Options

Contact The Maui Real Estate Team if you have any questions on any of the stunning properties above. If you need to binge on more Maui Oceanfront Property, you can check out the full inventory of Maui Oceanfront Homes and Maui Oceanfront Condos.

Pete Jalbert

Maui Real Estate Blog

39 Acre Ranch in Haiku

Located on the verdant green slopes of Haleakala, this 39 acre ranch in Haiku is a special property. It features a gorgeous cottage and an enormous barn. There are approximately 30 acres of pasture. There is a seasonal stream and even a small Christmas Tree Farm. This property provides options!

Equestrian Property

The property includes six separate pasture areas. Each pasture is watered. It includes a round pen and a tack room. There is plenty of room to add additional horse related infrastructure if you wanted to raise or board your own horses. There is even enough land for a polo field.

Views from the second story deck off the barn of a 39 acre ranch in Haiku
Views from the second story deck of the barn.
Horses in pasture in front of the barn
Horses graze in one of the pastures of the property. The barn is in the background.

Farm

You don’t have to ride a horse to to love the potential of the ranch. This would be an ideal property for other types of farming. The soil is good thanks to its history as pasture land dating back to the mid 1940s. Unlike a lot of land in Haiku, there is no residual plastic residue from cane or pineapple farming. There are citrus trees on the property and plenty of land available to plant additional orchards. There is a dormant Christmas Tree farm, but plenty of inventory available for next year’s holiday season.

Aerial view of a 39 acre ranch in Haiku.
This aerial view of 1949 West Kuiaha shows the barn, round pen and pasture areas.

The Barn

The massive barn offers plenty of room to store farm equipment or horse trailers. It could also be the ultimate home base for the Maui Adventure Seeker. The current owners took advantage of the high ceilings and oversized doors to store an R-44 Helicopter, a 30 foot surf rescue boat, jet skis, big-wave boards, mountain bikes, cars and trucks.

There is a massive grid tied solar system on the roof of barn to help keep down utility costs for the property.

The barn has plenty of room for agricultural equipment or toys.
The barn has plenty of room for agricultural equipment or toys.

There is even potential to convert the barn into the main residence on the property. The high ceilings, design features and big views make the structure well suited to conversion while still still retaining plenty of garage and storage space.

The Cottage

The two bedroom, one and a half bath cottage is picture perfect. Highlights include reclaimed pine flooring, vaulted ceilings, a cupola roof, an outdoor shower and a large covered lanai. The covered lanai helps the home live larger, and it offers a great space to take in the ocean views. The spacious kitchen included concrete counter tops, a farm sink and a beautiful Monkeypod wood bar top. Other nice touches include a claw foot tub in the bathroom.

The cottage on the 39 acre ranch in Haiku
The exterior of the 1,000 square foot cottage.
The kitchen in the cottage at 1949 West Kuiaha Road
The kitchen of the cottage.

Other Options

This is a truly stunning property. Our hope is that someone makes this the farm, ranch of equestrian property of their dreams. That said, the 39 acres are subdividable. There are also three remnant parcels in the title report which could make it easier to develop.

A Cottage Bathroom at 1949 West Kuiaha
A bathroom in the cottage of 1949 West Kuiaha.
Sunset views looking over the pastures of 1949 West Kuiaha Road in Haiku
Sunset Views looking over the pastures of the 39 Acre Ranch in Haiku.

The asking price for the 39 Acre Ranch in Haiku is $3,950,000. Check out the 1949 West Kuiaha listing page for additional photos and details. Take a 3D tour of the cottage to see the floor plan and more details.

Pete Jalbert