Maui Real Estate Blog
Significant Price Reduction on The Oasis
Significant price reduction! The owners of the Oasis just reduced their asking price by $1,500,000. This means that you can now own an exceptional piece of Maui real estate at a drastically reduced price. This property is a complete reimagination of the Maui living experience. Every aspect of it has been carefully curated and thoughtfully designed.
The main home features two bedrooms with ensuite baths, a 3rd bathroom, and an expansive kitchen/great room/ dining area. The Italian designed Boffi kitchen is a work of art. Marble counters, Gaggenau appliances, and Corian cabinets are the building blocks of a space designed for the entertainer and chef in you. Baccarat chandeliers punctuate the living and dining areas. Boffi sinks, fans, and showers, Dornbracht fixtures, and Flos lighting add to the impeccable design choices. The reclaimed, oiled teak floors and book matched marble in the showers continue the theme of simple elegance throughout the home.
The outdoor spaces of The Oasis are equally stunning, with a zero-edge main pool, a 64-foot lap pool, and a 6’x12’ garden soaking tub. The covered patio adjacent to the main pool is perfect for entertaining. The multiple outdoor showers are ideal for rinsing off after a day at the beach. The lush outdoor gardens are a sight to behold, with every tree and plant feeling perfectly placed.
The detached studio apartment is a perfect guest space or home office, with finishes and fixtures equivalent to the main house. And one of the coolest “hidden” kitchens around!
Overall, The Oasis is an exceptional living experience that has been designed, crafted, and curated with incredible attention to detail. And with the recent price reduction, it’s now more accessible than ever before. Now offered for sale at $7,780,000. Furnishings and selected art pieces may be purchased separately. This Listing is Currently Off The Market.
Qualified Buyers with Questions?
Maui Real Estate Blog
Old Hawaii Charm Updated for Modern Living at Alaeloa 41
It was about 15 years ago give or take a year when I did my first showing at Alaeloa. The moment I stepped on the property, I knew it was special place. Charming cottages with shake roofs, a dramatic stretch of coastline and mature landscaping. I always wanted to sell a unit in this beautiful Napili development. I finally have the chance. Introducing Alaeloa #41.
Alaeloa 41 is a two bedroom, two bath unit with 1,347 square feet of living space. Originally built in 1965, its previous owners remodeled and updated it throughout the years making it well suited to modern living.
This condo features a spacious kitchen with granite counters, central island, and a Bosch oven, induction cook top and dishwasher. It has a good sized island with bar seating and plenty of cabinet space.
The kitchen opens to the living room. Large jalousie windows and a sliding glass door bring in abundant natural light. The slider opens to a covered lanai with big ocean and Molokai views.
The primary bedroom is spacious. Two large closets provide plenty of storage and room for your wardrobe. A previous owner enclosed a portion of the lanai area creating a sun drenched sitting area. Views from the sitting area include the Ocean, Molokai and even the North end of Lanai.
The bathrooms feature walk in showers with beautiful stone work, built in cabinets with even more storage and granite counters on the vanities.
The second bedroom is a good size. Wall to ceiling jalousie windows let in the trade wind breeze and offer soothing views of the tropical landscaping.
Other notable amenities include split system a/c units in the bedroom, travertine flooring throughout the home, Sapele Wood Doors and a great laundry room with plenty of storage and counter space.
With good sized rooms, a large kitchen and bedrooms, and abundant storage space, this is a condo that definitely lives like a home.
Outdoor attributes include a one car carport and outdoor storage area.
More About Alaeloa
Alaeloa is a low-density condo complex situated in the picturesque Napili area. With only 42 units on just over 13 acres, this development offers incredibly low density. Enjoy the lush landscaping with soaring coconut palms, monkey pod trees, plumeria, and there’s even a mango grove! Most of the shoreline is elevated and rugged, but there is a small bay and a crescent shaped cobble stone beach. Take a dip in the heated saltwater pool located just above the beach, or entertain guests in the clubhouse equipped with showers, bathrooms, and a kitchen area. Store your kayak or paddleboard with ease, and enjoy peace of mind with gated access and an onsite manager.
Learn Even More About Alaeloa Unit 41
Interested in a Showing? Have Questions?
Maui Real Estate Blog
Wailea Condo Market Snapshot January 2023
I wanted to take a quick look at the Wailea condo market now that we are a month into our “peak buyer season”. I spent some time looking at the current inventory and I was left with four observations and one question about the current market dynamics.
Wailea and Makena Condo Inventory
At the time of this post, there are 27 active condo listings in Wailea. While that’s a far cry from the half dozen active listings we saw briefly in early 2022, it’s still well below normal. There are four condo complexes in Wailea with no active listings. There are six condo developments with just 1 active listing at this time. None of the Makena condo developments have any active or pending listings.
The Highest Price Points have the Most Condos for Sale
The two condo developments with the most listings are Wailea Point and Wailea Beach Villas with 6 and 4 listings respectively. In addition to the condos at those two respective developments, there is also a top row Ho’olei and a rare Andaz listing. If you are shopping at higher price points, you have a lot more options to choose from.
Prices Remain High
The second half of 2022 saw prices decrease in a number of markets on the mainland. The situation on Maui is more nuanced. Small segments of the single family home market saw values decrease. Other segments held value or even increased in value. Wailea is one of those areas where values held or increased in the second half of 2022.
This is reflected by the current Wailea inventory. Seventeen of the twenty-seven active listings are seeking new record high sales prices for their development or at least their particular floor plan. That isn’t too much of a surprise considering the fact the values are at all time highs. That said, not all of the condos seeking record high prices have the location, view or the finishing to merit those lofty numbers.
Buyer Activity Is Low
Thus far, busy season is off to a slow start in Wailea. There are 5 condo resales under contract currently. Only 3 of the 5 went under contract since Christmas. This level of activity is well below the same period of time during the past two boom years. It is quite a bit less than recent pre-Covid years. In fact, this is the lowest number of Wailea condos to go under contract to start busy season since the winter of 2013/14.
Wailea is not the only spot on the island seeing a quieter busy season. While pending sales are increasing, they are still well below normal for this time of year. Looking at Kapalua, there are three pending sales with only one new pending since the start of busy season. Ka’anapali is the busiest of the resorts with only five pending.
While Wailea’s slow start is part of a broader trend, it may also be a reflection of some of the ambitious asking prices. Which brings us to my last question…
Who Blinks First?
With low transaction volumes, it seems like something is going to have to give for us to see an increase in sales activity in Wailea. Will sellers reduce their prices? Will buyers bite the bullet? Or do we see a little bit of both?
On the sell side, the dynamics are interesting. We are seeing some price reductions, but in many instances the new asking prices are still above record highs. That tells us that the sellers truly missed the mark on their initial pricing. The sellers are also getting some mixed signals. The low transaction volume is a suggests prices should be reduced. On the other hand, inventory remains low, and there are still the occasional sales with eye popping prices. The question is whether sellers are trying to find the market or that elusive solitary buyer willing to pay a premium.
For buyers, the record high prices may be increasingly hard to swallow. That is especially the case for second home buyers coming from markets where decreases in value are common place. On the other hand, if you are seeking out a condo in one of the developments with little or no inventory you may be inclined to jump when something comes to market that checks all of the boxes. Further decreases in mortgage rates may also bring some buyers off the fence, but the impact of lower rates is not going to be as significant in the Wailea market. Keep in mind, 62% of all transactions were cash in Wailea and Makena last year.
Contact The Maui Real Estate Team
We will continue to monitor the Wailea Condo market as we progress further into buyer season. Stay tuned for more updates. You can see the active inventory of Wailea Condos for sale on MauiRealEstate.com. Contact The Maui Real Estate Team with questions or for assistance buying or selling Wailea Condos. We look forward to being of service.
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Maui Real Estate Blog
Four Listings for Your Christmas Wish List
Christmas is just a few days away. Still stumped on what to get the family or that special someone? While none of these suggestions will fit under the tree, maybe the keys would fit nicely in your Christmas stocking. Here are four of our listings that would make this a Christmas to truly remember.
For Those That Love The Ocean
If there is a certain someone in your life who loves the ocean and ocean sports, you would be hard pressed to find a better option on the market than Sugar Cove Building 6. This is the ultimate North Shore lifestyle property. This whole building in the Sugar Cove condominiums is located right above the golden sand of the beach. The beach is as good as it gets for water sports. Long considered a good spot for windsurfing, these days it is a hot spot for wing foiling, kiting, surfing, stand up paddling, body boarding and fishing. Our agent Ridge Lenny gives a taste of the lifestyle on offer in the video below.
While location may be the biggest amenity of Sugar Cove Building 6, the condo itself is a one of a kind offering. Originally three separate units, it was consolidated into one primary living space and a guest space. Overall, it includes eight bedrooms, seven bathrooms, three half bathrooms and a total of 5,950 square feet of living space. This other video highlights the quality design, materials and finishing.
The asking price for Sugar Cove Building 6 is $17,000,000. Contact The Maui Real Estate Team for more information.
For Those That Demand The Highest Quality
A Design Nerd’s Dream. Impeccable finishing. Precision Crafted. Carefully Curated. Just some of the ways that people describe the Oasis in Spreckelsville.
This immaculate property includes a 2 bedroom, 3 bathroom main home, a detached garage with second story studio apartment, a soaking tub, lap pool and a zero edge main pool. The construction is truly of the highest quality as are the fixtures and building materials. It is sold with furnishings and selected artwork. Again, all of these items carefully chosen by the owner with an attention to detail and quality rarely seen on Maui. Check out our previous posts on the Oasis, its outdoor spaces and design details. Offered for $9,800,000.
For Those That Want to Build The Best…
Five Star Location. A big lot of 1.88 acres. A gated subdivision with only one other vacant lot. Easy access to beautiful beaches and fantastic resort amenities. All of the above make 21 Ualei Place a truly tantalizing spot to build a spectacular luxury home. Located in the One Palauea subdivision, the lot is just to the south of the Fairmont Kealani. Palauea Beach, Polo Beach and the Wailea Beach Path are all a short minutes walk from the property. The Wailea Blue, Emerald and Gold golf courses are again all close by.
This lot is offered for $6,500,000. Check out the 21 Ualei Place listing page for more photos and details.
For Those That Want to Build Now!
Building takes time and patience. One of the biggest time sinks can be the permit process. That is particularly true when you are in a special management area close to the ocean. That makes 300 Mehana Unit B in Haiku the perfect spot if you want to build your dream cottage on Maui sooner rather than later. SMA approvals are done and the permits approved for a 1,000 square foot accessory farm dwelling (cottage), detached garage and agricultural workshop. The CPR property includes 4.22 acres of land. There is plenty of room for gardens or orchards. Set close to the ocean, you can hear the waves and smell the salt in the air. The ocean and Haleakala views are both fantastic.
Grab your builder and break ground in the new year. The asking price for 300 Mehana Unit B is $895,000. Check out the listing page for more photos and details.
Contact Your Favorite Maui Real Estate Elves
There you go! Four last minute gift ideas for the family or a special someone clearly not on the naughty list. Contact The Maui Real Estate Team for help with these properties or if you have something else in mind on your real estate holiday wish list. We look forward to being of service.
Maui Real Estate Blog
Well That Was Fun!
For most buying a home on Maui is a lifestyle choice. We aren’t a center of commerce. You don’t come here for shopping or night life. It takes a minimum of five hours to get here via plane. People buy homes on Maui for natural beauty, climate and for the general lifestyle offered. For the North Shore of Maui, the ocean and the world class water sports offered are an integral part of that lifestyle. We recently hosted a broker’s event that was a little unusual. With a couple of listings that really appeal to those who love ocean sports, Billy and Martin came up with an idea that highlighted the amazing attributes of these two respective properties.
The Maui Real Estate Team invited a group of ocean sport loving Realtors for a downwind coast run that started at our listing at 78 Aleiki Place on Kuau Point and ended at Sugar Cove Building 6 in Spreckelsville. Most of the participants used wing foils to go down the coast. We had one agent riding a stand up foil and Kai Lenny used his kite. Kai’s brother Ridge, who is an agent in our office, narrates the video below that shows highlights from the event.
The condominium home at 78 Aleiki is just steps from the Kuau Point launch. If you like to wing, windsurf, SUP, or surf. There are a couple of surf breaks accessible just off the point. Of course, it’s also a great spot for starting a downwind run to Spreckelsville, Kanaha Beach Park or Kahului Harbor. Sugar Cove is a great spot for pretty much any ocean sport you can imagine. Surf, SUP, kite, windsurf, wing, body board or body surf off this great little beach.
Needless to say, the participants said this was a lot more fun than any other real estate event they ever attended. Not only was it a good chance to highlight the two properties, it was also a good reminder to all participants on just how lucky we are to call Maui our home.
Contact The Maui Real Estate Team
If you have questions about either of these properties, give us a call at 1 800 579 1525. We would be happy to answers questions or provide additional service.
The Maui market is changing. Needless to say, we aren’t immune to the latest increases to interest rates. Days on market are getting longer with buyers fewer. While there will still be buyers seeking Maui’s amazing lifestyle, the easy days for sellers are coming to an end. In this market, sellers need top quality representation. The Maui Real Estate Team uses high quality photography, videography and creative marketing like the broker’s event highlighted here to help properties stand out. Contact The Maui Real Estate Team if you are considering listing your home. We look forward to a no obligation sit down to discuss your needs and our services.
Maui Real Estate Blog
September 2022 Ka’anapali Market Update
Post Updated September 29, 2022
It’s time for an excursion to West Maui as we continue our series of posts on market conditions in different communities around the island. The focus of today’s post is Ka’anapali. This resort community experienced a boom in activity during 2021 with rising prices and a high volume of sales. How has the market been in 2022? Find out more below as we look at year to date numbers for 2022 with numbers from 2021 and 2019 provided for comparison. There are also a few thoughts on the outlook for the rest of the year and early 2023.
Ka’anapali Home Market Numbers
- Maui Realtors reported 20 homes sold for the year to date as of September 23. That is 59.2% less than the 49 sales reported over the same period of 2021. It is 11.11% higher than the 18 reported in 2019.
- The median price of homes sold in 2022 is $2,650,000. That is 11% higher than $2,387,000, last year’s median over the same period. It is 77.91% higher than $1,489,500, the median during the same period of 2019.
- The average price of the homes sold in Ka’anapali during 2022 is $2,855,552. That compares to an average of $3,017,891 and $1,994,037 during the same periods of 2021 and 2019 respectively. This year’s average is 5.38% lower than last year and 43.2% higher than 2019.
- 20% of this year’s buyers paid over asking price for their home and 45% paid asking price or above. In 2021, 12.24% of buyers paid over asking price and 28.57% paid asking price or above. In 2019, no buyers paid over asking price and 11.11% paid full price.
- Realtors reported 30% of sales were cash transactions.
- The highest priced transaction this year closed for $5,295,000. The property in the Lanikeha subdivision included a 3 bedroom, 3.5 bathroom home with 3,086 square feet of living space and a 1 bedroom, 1 bathroom, 508 square foot cottage on a .485 acre lot.
- The lowest priced sale for the year to date closed for $1,681,050. The bank owned property in Ka’anapali Hillside actually sold via online auction for 46.17% over asking price. The home needed serious repair and renovation.
- The Ka’anapali Hillside subdivision had the most sales activity with 6 closes. Lanikeha and the Summit were the next busiest with 5 transactions each.
Thoughts on the Home Numbers and the Outlook for the Rest of the Year and Early 2023
After a rip roaring 2021 for sales, transaction activity decreased sharply this year in Ka’anapali coming in just above the pre-pandemic levels of activity during 2019. That said, decreased volume is just one part of the story. There was enough demand that 45% of all home sales closed for asking price or above. That’s even more than last year. When compared to 2019 numbers, that 45% is particularly striking. Back before the boom of the last couple years, above asking price offers were exceptionally rare and just over 10% of the buyers paid full price.
Some of the decreased sales volume can be attributed to a scarcity of listings at lower price points and within a couple of higher priced Ka’anapali neighborhoods. There were no transactions or even inventory in the Pinnacle this year, and just two listing and no transactions in Ka’anapali Coffee Farms. At this time, there is no active inventory for less than $3,000,000, with the only 2 listings below that price under contract.
Inventory isn’t as big of an issue as you move up in price range in Ka’anapali. Fifty percent of all the active inventory is priced between $5,000,000 and $7,000,000. Thus far one home sold in that price range with one additional home listed above $5,000,000 under contract.
It is worth comparing the homes that sold for between $5,000,000 and $7,000,000 last year with the current inventory in this price range. Last year’s sales included two large homes on acreage in Ka’anapali Coffee Farms and a 6,575 square foot home in the Pinnacle. While size isn’t everything when it comes to value, this year’s $5,000,000 and up listings tend to be smaller homes on smaller lots than last year’s sales. The active inventory includes four homes in Lanikeha with the largest home coming in at 4,557 square feet and a home in Kaanapali Coffee Farms substantially smaller than both of last year’s highest priced sales in that neighborhood.
It is also worth noting that all of the active listings in this range appear to be spec builds. There are two more spec builds in Lanikeha priced between $4,000,000 and $5,000,000. This volume of spec building is almost unheard of in the Maui Luxury home market. It will be interesting to watch the sellers of these spec builds through the rest of the year, especially if we see additional shifts in the market and or the economy. I surmise that it may take some pencil sharpening for some of those properties to go under contract.
As for overall Ka’anapali luxury home market activity in late 22 early 23, inventory constraints at lower price points will impact sales volume. Any additional sales beyond the current pendings will mostly come via new inventory or price adjustments. Rising borrower costs may also curtail activity. While there is a fair amount of cash in the market, rate increases will impact affordability for some buyers. Negative economic news and declines in the equity markets could also cause some buyers to put second home purchases on hold.
Ka’anapali Condo Market Numbers
- As of September 23rd, Maui Realtors reported 123 condos sold in Ka’anapali for the year to date. That is 37% fewer than the 194 that closed over the same period of 2021. It is 14.95% more than the 107 that sold during the same period of 2019.
- The Median price of the condos sold for the year to date is $1,450,000. This is 52.63% higher than the median of $950,000 from last year over this same span. It is 63.66% higher than the median for the same period of 2019.
- The average price of the condos sold for the year to date is $1,724,465. That is a 31.67% increase over last year’s average through September 23rd. It is 54.15% above the 2019 average during the same time span.
- 23.58% of all of the condos sold thus far this year sold for over asking price, and 47.15% sold for asking price or above. That’s well above last year’s numbers of 8.76% over asking and 44.33% for asking price or above. Just to give some context as to what is was like pre-Covid, in 2019 only 2.8% of sales sold for over asking and 16.82% sold for asking price or above.
- Maui Realtors reported that 51.21% of all sales were cash transactions. That’s up a little over the 50% reported last year. Cash purchases were actually higher at 59.81% in 2019.
- The lowest priced condo to sell in Ka’anapali is a leasehold studio unit in Ka’anapali Shores that closed for $325,000.
- The highest priced condo to sell closed for $5,899,000. The 3 bedroom, 3 bath unit in the Konea Tower at Honua Kai has 2,280 square feet of living space.
- Honua Kai is the busiest condo development thus far this year with 37 closed transactions. Ka’anapali Shoes is second busiest with 20 sales for the year to date. The Masters had the third most inventory with 15 sales.
Ka’anapali Year to Date Review and Late 2022 Early 2023 Market Outlook
While the Ka’anapali Condo market for the year to date did not see a repeat a the astounding sales volume of 2021, it remained a busy market well above the levels seen in 2019. If anything, constrained inventory and continued demand made for a more competitive market than last year with more properties closing for over asking price. The market conditions meant continued upward pressure on prices.
As it stands, the vacation rental and second home condo market continues to be resilient as some other types of property on island start to feel a market shift. As of the 26th of September, there are only 17 active condo listings on the market in all of Ka’anapali. Limited inventory improves the position of sellers and continues to exert at least some upward pressure on pricing. It will be interesting to see how the limited supply balances out against demand. Again, the cash in this market makes it a little less interest rate sensitive, but there is still some impact. As of right now, a 30 year fixed on a vacation rental condo is being quoted as high as 8.5%. Needless to say, a lot of borrowers are opting for ARM products. Even those are a lot more expensive.
The chart above shows pending condo sales by month in Ka’anapali over the last five years. A few things worth noting when looking at the chart. The first things is that 2021 and 2020 are anomalies with 2019 and 2018 more normal markets. If you are wondering about the April 2018 spike in pending sales, the market got a boost from a new development, Honua Kai Luana Gardens Villas. It’s also worth noting that while 2022 pending sales started stronger than 2019 and 2018, monthly pendings for 2022 are running behind both 2019 and 2018 since May. The last thing is that while there is a little more activity in the first half of most years, the second half of the year sees steady activity. I would suspect that we will see “below normal” market activity through the rest of the year.
Based on inventory and seasonality, I would anticipate relatively limited sales volume to close out the year. With the amount of inventory available, the economy in flux and borrowing costs the highest since 2002, it looks like a quieter start to 2023 could be in order. We shall see what happens going forward.
Contact The Maui Real Estate Team
Contact The Maui Real Estate Team if you have questions about this post or if you need assistance buying or selling property in the Ka’anapali area. You can find all of the current active Ka’anapali Homes for Sale, Ka’anapali Condos for Sale and Ka’anapali Land for Sale on MauiRealEstate.com.