Maui Real Estate Blog

Maui Market Musings Volume V

This week’s edition of the musings dives into recent numbers from the Maui Luxury Home and Luxury Condo market. There is also an update on the end of the State of Hawaii’s Safe Travels Program and Mask Mandates, a look at the national real estate market and a little bit of Maui beauty to brighten your day.

Maui Luxury Market Update

As we approach the end of the first quarter of the year, it is worth taking a moment to check into see how the luxury property market is fairing on Maui. For the sake of this article, luxury is defined as homes priced for $2,000,000 and above and condos priced $1,500,000 and above. The numbers below are based on sales numbers between January 1st and March 21st. Here are the numbers followed by a few thoughts on the luxury home and condo market.

Maui Luxury Home Market 2022 Sales Numbers

  • Thus far, 47 homes sold over $2,000,000 as of March 21st. That is down 13% from the 54 sold during the same period last year.
  • Six homes sold for more than $5,000,000 this year. That is down from 13 during the same period of 2021.
  • When you look at sales over $10,000,000, activity is up just a little bit. Realtors reported 4 sales over $10,000,000 compared to 3 last year.
  • A number of the stronger luxury home markets in early 2021 saw activity decrease in early 2022 as shown by the chart below. West Maui saw some of the more pronounced decreases with bigger drops in Lahaina and Ka’anapali.
A comparison of luxury home sales by district in Maui County in early 2021 and early 2022
A comparison of luxury home sales by market in early 2021 and early 2022.
  • A number of communities that did not see sales in 2021 experienced activity in 2022. Notably, there were 5 sales in Haiku and 3 in Makawao this year.
  • Days on Market decreased substantially on homes sold over $2,000,000. This year, the average sale is closing in 127 days. That is 29% less time on market than last year’s 179 days.
  • Competition in this market place is up significantly. Of the homes that sold for $2,000,000 or above, 57.44% closed for asking price or higher. That is well above the 16.67% that sold for asking price or above during the same period of 2021.
  • It is notable that the three highest priced home sales all closed for their full asking price.

Maui Luxury Condo Market 2022 Sales Numbers

  • Maui Realtors reported 71 condos sold for $1,500,000 or higher as of March 21st. That is up almost 34% from the 53 sold during the same period of 2021.
  • Of the 71 sales, 7 sold for $5,000,000 or more as of Match 21st. That is up slightly from the 6 that sold during the same period last year.
  • The Ka’anapali Condo market stands out for the significant increase in sales activity compared to other Maui markets. The Napili and Kahana market also experienced a notable increase.
This chart compares luxury condo sales on Maui by districts and communities during the beginning of  2022 and 2021.
A comparison of luxury condo sales by market in early 2021 and early 2022.
  • Other markets saw less drastic annual changes with Lahaina and Kapalua repeating last year’s numbers and Wailea and Makena down slightly.
  • A big reason for Ka’anapali’s increased activity is due to activity at Honua Kai. Honua Kai saw 12 sales after just 4 last year.
  • Days on market decreased quite a bit for high end condos. The average of 67 days on market is 54% lower than the average of 145 days on market in early 2021. It is worth noting, that long term new developer sales are excluded from calculations for both years. These are contracts signed pre-construction, but do not close until 2-3 years later when construction is completed.
  • Competition for luxury condos also increased. Of the 71 condos sold, 63.4% sold for asking price or above. That compares to 39.6% last year.

Some Takeaway from the Luxury Home and Condo Numbers

Volume may be down for homes, but that is more a function of reduced supply vs. decreased demand. The lower days on market and number of homes selling for at or above listing price support the notion of sustained demand and a more competitive market.

The impact of decreased inventory is also evident at the community level where places like Wailea and Makena are seeing lower sales volume due to decreased inventory. The Ka’anapali market and to an extent the Lahaina market are seeing lower sales for a few reasons. 1. Inventory is down at the lower price points of the luxury home market. 2. Some of the homes going under contract are “spec” houses with completion dates later in the year. Finally, some of the sellers are pushing the envelope on pricing. I mentioned the Lanikeha subdivision in Ka’anapali specifically in volume I of the market musings. The bulk of the inventory in that neighborhood is priced well above previous neighborhood high sales. To be fair, a couple of the higher priced homes have gone under contract since my post. That said, there are still quite a few homes available.

The increase in activity in new markets is also due to a combination of factors. We are seeing some homes selling above $2,000,000 due in part to appreciation. With price increases year over year ranging between 10 and 20 percent, some of last year’s below $2,000,000 sales are going for more money. Another factor is just plain old variability. Places like Haiku and Makawao both saw an increase in $2,000,000 sales over the last 4 years. It’s just that early 2021 was quieter in those communities. We are also seeing some luxury buyers expand their search outside the resort markets due to the lack of inventory.

The increase in activity in the condo market is largely due to better inventory selection compared to the luxury single family home market. That said, not all markets have an abundance of inventory. The Wailea and Makena area have lower inventory and it is reflected in the lower sales volume. We can see the impact of decreased inventory in some area of the luxury condo market in both the decreased days on market and the higher percentage of condos selling at or above asking price.

End of Safe Travels and the Mask Mandate

March 25th was the last day of the Hawaii Safe Travels program. Travelers coming to Hawaii will no longer need proof of vaccination or a negative covid test prior to arrival. It is also the last day of the indoor mask mandate in Hawaii. There are still requirements to wear masks on planes, buses, public schools and the airport.

Interest Rate Increases Don’t Seem to be Slowing the Market Around the Country

While keeping tabs on the local market, it’s also worth keeping an eye on national trends. This is particularly the case in the current market as interest rates hit heights we haven’t seen over the last few years. The folks over at Altos Research have good access to pending sales data around the country. That gives you a little better sense of current market conditions than what you would get by just looking at sales data. Here is their video overview of the most recent data and it’s worth a watch.

If you don’t have the time to watch, here are a few quick notes. Inventory ticked up again although pending sales and pricing both appear to be strong. They are watching closely to see if the recent rates are impacting buyers. While they aren’t seeing any data to really suggest a change in market conditions, they spoke to a few things they are looking for that might indicate a potential slow down from the current frenzy. They mentioned listening for anecdotal signs of less active bidding wars. Altos suggested keeping an eye out for an increase on cancelled transactions and an increase in cancelled new developer contracts. Again, they haven’t seen that in the national data yet.

For what it’s worth, they aren’t expecting any seismic shifts in the market other than moderation of the current activity. The caveat being that a more significant shift could occur if interest rates were to settle over 5%.

Interestingly, there were a few more cancelled contracts on the Maui MLS last week. I am hesitant to read too much into the cancellations at this point. While it might be related to the rise in rates, it could also be a coincidence. It is something to watch a little more closely going forward.

A Little Bit of Maui Beauty

It was another beautiful morning on Maui today. I thought it was worth sharing this photo from Baldwin Beach with the West Maui Mountains in all of their glory.

Contact The Maui Real Estate Team

Have questions on anything in this post? Need assistance buying or selling property on island? Just want to talk about a specific part of the market? Contact The Maui Real Estate Team. We look forward to being of assistance.

Pete Jalbert

Maui Real Estate Blog

Maui Market Musings Volume III

Welcome to the third edition of Maui Market Musings. It’s our almost weekly take on a variety of Maui Real Estate topics. This week I wanted to take a look at competition in the market. We know first hand that quite a few listings are seeing bidding wars, but I wanted to look at some of the sales numbers to gauge where competition is most intense. We also take at some of the notable numbers from our condo listing at Sugar Cove. Last but not least, I offer a few closing thoughts on the state of the world and the state of the market. Without further ado, here is musings volume III.

Maui’s Most Competitive Markets

It is safe to say that buyers shopping for property on Maui are experiencing some of the most competitive conditions in the history of our local market. I took a look at recent sales data to try to get a sense of where the competition for properties is the most intense. I focused on two primary metrics. Properties selling for above asking price and properties selling for asking price or above. When comparisons were relatively close, I also looked at the number of cash transactions.

I used sales that closed between February 1st and March 9th. Keep in mind that this is something of a lagging indicator. Sales closed during this period mostly likely came from contracts agreed upon sometime between December and early February. Anecdotally, it felt like there were a large number of bidding wars in the second half of February. Most of those transactions are yet to close. By the same token, the war in Ukraine and its impacts on the economy are largely unknown. Depending on the direction of the economy, competition could ease. That will be something to watch over the coming weeks and months.

Most Competitive Property Type

The condo market is the most competitive market segment based on the sales data. A whopping 42.86% of the condos sold over that period closed above asking. The total for those at asking price or above comes in at 73.73%. If you were shopping for a condo over the last few months, you needed to be at or above asking price with your offers on the majority of the sales to ensure your chances for success.

Honorable mention goes to the single family home market. A total of 30.19% of home sales came in above asking price with an equal number coming in at full price. That means a grand total of 60.38% of homes sold went for asking price or higher. Needless to say, competition is strong for homes too!

Most Competitive Condo Market by Location

If you bought a condo in Kihei over the last six weeks, chances are that you had a lot of competition. A total of 85.72% of Kihei condos sold for at or above asking including 54.55% over asking price.

Lahaina earns honorable mention with 83.3% at or above asking price. It is worth noting that this skews towards asking price sales with 50% selling at asking price.

Most Competitive Condo Market by Price Point

This was a tough one to call as there were two price points with really similar levels of activity. In the below, $500,000 market, 34.21% sold above asking with a grand total of 81.58% at or above asking. It is worth noting that 42% of all transactions in this price range were cash purchases. In the $500,000 to $999,999 price range, 77.39% sold for at or above asking price. That said, 52.17% ended up selling for above asking price. Realtors reported cash transactions for 38.2% of sales in this price range. The lower price range had a slightly higher level of cash and at or above asking sales prices. The $500,000 to just under a million range came in with a much higher percentage of above asking price sales.

Most Competitive Home Market by Location

Competition for homes in Wailea was pretty tight as of late albeit on a limited number of sales. Three homes sold with two going for full price and one going over asking price. All three sales were cash.

Of the markets that had higher sales volumes, Haiku experienced the most competition. 77.78% of the homes sold for at or above asking price. Of all the sales, 44.44% closed above asking price.

Most Competitive Home Market by Price Point

The lower the price, the higher the competition. There was no category for sales under $500,000 as there were no sales in this range. In the below $1,000,000 range, 77.27% of all transactions closed for at or above asking price. That includes 31.82% closing for more than asking price.

Honorable mention goes to homes listed in the $1,500,000 to $1,750,000 price range. I didn’t set out to make this a specific price point for comparison, but the activity in this price range jumped out in the sales data. Nine of eleven listings closed for at or above asking with 72.7% closing for above asking price.

A Few Other Thoughts Looking at The Numbers

  • This is a really challenging time for entry level buyers on Maui. Let’s be honest, it’s been really tough for quite some time. However, the threat of rising rates seems to have enhanced the urgency of some buyers. Investors with cash are lurking in this part of the market making for tough competition.
  • The West Maui resort markets experienced some of the most competition in late 2020 and throughout out 2021. It seems as if relocations played an important part. This year, those markets cooled a little. Kapalua has the lowest percentage of condos closing for at or above asking with 25%. The one Ka’anapali home sold for below asking and quite a few homes are sitting. Some of that stems from sellers really pushing the envelope on pricing.
  • While I found that competition was indeed stronger in some places than others, well priced properties were likely to draw competition regardless of price point or location.

Sugar Cove Building 6 Behind the Numbers

Our office listed a condominium in Sugar Cove in Spreckelsville for the jaw dropping number of $17,000,000. That is a pretty extraordinary asking price. That said, it is a truly unprecedented condo offering both for the North Shore of Maui and the island as a whole. These are some of the notable numbers that justify what would be one of the highest sales prices on record for a Maui Condo.

Sugar Cove Building 6 from Above
An aerial perspective of Sugar Cove Building 6
  • 5,950:The interior living space of this listing. That is 23% larger than any previous condo sold on the island. It is the 3rd largest interior living space of any oceanfront condo or home actively listed for sale. The list prices for the larger properties are $22,900,000 and $59,500,000 respectively.
  • 1: This listings is for 1 whole building at Sugar Cove. There are no shared walls with any neighbors.
  • 3: Originally 3 units, the owners combined 2 of the units for a truly luxurious primary living space. The 3rd unit is used as a 4 bedroom, 3.5 bathroom guest space.
  • 8: The total number of bedrooms. This is the first condo listing on Maui with 8 or more bedrooms.
  • 4: The number of bedrooms with direct ocean views. There are a lot of beautiful condos on island where the bedrooms lack ocean views. This offering has four direct oceanfront, big view bedrooms. No more fighting over the bedroom with the best view.
  • 70: There are over 70 feet of windows and glass doors overlooking the beach and ocean from the living/kitchen/dining area of the primary living space.
  • 15.6: The total number of kilowatts generated by the 50 solar panels
  • 28: The total number of racks for surfboards, windsurf boards or stand up paddle boards located on Sugar Cove Building 6. There is plenty of room for friends and family to store their gear after taking advantage of the world class combination of wind and waves located right offshore.

The numbers add up to a truly impressive property. Not a numbers person? Enjoy this short video to get a better feel for Sugar Cove Building 6.

Check out the listing page for more photos and details.

Ukraine

It’s been heartbreaking to watch the last two weeks of violence since Russia invaded Ukraine. Our thoughts go out to the Ukrainian people.

In light of the human tragedy, it feels difficult to talk about how the war could impact the real estate market. That said, some clients reached out to us over the last week asking about the potential impact of the war on the market. I thought it would be worth sharing a few thoughts. The reality is that this is a question that economists and people a whole lot smarter than us are still trying to answer. At this point, this looks like it will be a drawn out war, and it is becoming increasingly clear that it will have significant impacts on the global economy.

The upward pressure on gas and utility prices is well known. Air travel to and from the islands is going to become a lot more expensive and local utility rates are forecast to rise 20%. Russia is also a major exporter of raw materials above and beyond petroleum. The end of raw material exports out of Russia through the end of the year is likely to put upward pressure on all sorts of goods and commodities. The tweet below shows the global supply of certain raw materials coming out of Russia.

Ukraine is also an important raw material provider. It provides as much as 50% of the neon supply in the world. Neon shortages would impact a lot more than beer signs. It is an important component in the lasers used to etch semiconductors. The semiconductor and microchip shortages of the last couple of years are unlikely to go away anytime soon.

While inventory remains near record lows, inflation pressures could further push interest rates and/or take the steam out of parts of the economy. Thus far, the local market is more than weathering increased rates from before the start of the war. It remains to be seen if these additional challenges will cool off demand.

Contact The Maui Real Estate Team

Limited supply and increasing global uncertainty call for quality representation. Contact The Maui Real Estate Team if you are interested in buying or selling the current market. We welcome the chance to discuss your current needs.

Pete Jalbert

Maui Real Estate Blog

Kapalua February 2022 Market Update

If there is any one community within Maui that epitomizes the Covid era real estate boom, it is Kapalua. This resort community on Maui’s Northwest coastline was always an appealing locale for a segment of Maui’s luxury property buyers. That said, inventory tended to be higher and days on market tended to be longer than other resort areas like Wailea and to a lesser extent Ka’anapali. With that context, the recent surge in activity in Kapalua is that much more astounding. In this post, we take a look at some of the numbers from the last 18 plus months of sales. We also give a few thoughts towards the end of the post on the market outlook for 2022.

Kapalua Homes

Kapalua was one of the first luxury home markets on the island to show signs of life in the second half of 2020. The strong performance continued into 2021. The numbers below represent highlights from the 2021 market activity.

Kapalua 2021 Home Sale Notable Numbers

  • Maui Realtors reported 29 homes sold within the Kapalua Resort during 2021. That is a 70% increase over 2020.
  • The 29 sales is the highest ever number for a single year in Kapalua. It is worth noting that 2020 was the second strongest year ever for home sales in Kapalua.
  • The median price of homes sold during 2021 is $4,135,000. The average price is $4,972,327.
  • The highest priced transaction closed for $15,000,000. That was for 9 Kapalua Place. This beachfront home includes over 7,000 square feet of living space on a .7 acre parcel of land.
  • That was one of three closes over $10,000,000. The other two sales included another beachfront home in the Kapalua Place subdivision and a home in Kapalua Plantation Estates.
  • Pineapple Hill was the busiest subdivision for transactions with 15 closes. Plantation Estates saw the next most activity with 6 sales. They were followed by Honolua Ridge with 4 sales, the aforementioned Kapalua Place’s 2 closes and a single home sale in Mahana Estates.

Behind the Numbers

As mentioned above, Kapalua’s market surge started in the second half of 2020. Specifically, it was the last quarter of 2020 when transaction volume picked up. Nine of seventeen sales for the year closed in November and December. The upturn in market activity happened earlier than the Wailea Market, a larger resort community with typically much higher sales volumes. What was it that drove earlier buyer interest in Kapalua? Well it wasn’t any new resort amenities. The biggest driver was the proximity to one of the island’s better private schools.

Early in the pandemic, Kapalua became a Zoom town. A large number of Silicon Valley employees moved to Maui to work remotely. Initially, they came as renters. Those with families had their kids learning remotely for the last couple of months of the 19/20 school year. At the start of the 2020/21 school year, the enrollment of Maui Prep ballooned by 100 students. All of the new students came from Silicon Valley families. The school, located minutes from Kapalua, offered a draw to remote workers that a place like Wailea did not. Many of the families that started as renters began to purchase property in the fall of 2020 and that momentum continued into 2021.

It’s worth looking at the 2021 sales more closely as market conditions were not uniform throughout the year. Twenty of the twenty-nine sales in Kapalua occurred in the first six months of the year. During the first part of the year, there was still a decent supply of homes for sale. The decreased sales volume during the second half of the year can be attributed to a combination of reduced inventory, seasonality and perhaps slightly lesser demand. Though, I would put inventory at the top of that list by a good margin. Scarcity remains a driving factor going into 2022. I will comment more on that in the market outlook below.

Kapalua Condos

The Kapalua Resort set a new record for condo sales in 2022. The dynamics driving the market were a little different than the home market. It was less of a case of remote workers and more a case of the Covid second home boom. The numbers below show some of the 2021 market activity followed by a few more thoughts on what drove the numbers.

Kapalua 2021 Condo Market Numbers

  • Maui Realtors reported 145 sales in the Kapalua Resort during 2021. That is a 363% increase in activity over 2020.
  • For additional context, the next closest year for condo sales in Kapalua is 2004. There were 87 closed transactions that year.
  • The median price of the condos sold in 2021 is $1,220,000. The average price is $2,060,805.
  • The highest priced transaction closed for $13,295,000. That type of cash buys you a 4,050 square foot, four bedroom, four and a half bathroom unit at the Montage Residences Kapalua Bay with stunning views. This is the highest ever sales price for a condo in Kapalua.
  • The lowest priced condo sold in 2021 closed for $600,000. That sale was a 1 bedroom, 1.5 bath unit at Kapalua Golf Villas.
  • Golf Villas experienced the most sales activity in the resort with 44 closes in 2021. Kapalua Bay Villas came next with 30 closed transactions followed by Kapalua Ridge with 28 closed sales and Montage with 27. On the quieter end of the spectrum, 6 sales closed in Coconut Grove, 5 closed in the Ironwoods and 5 closed at the Ritz Carlton Residences.
  • 2021 was the busiest year for transaction volume on MLS records for the Ridge, Bay Villas, Golf Villas and Montage. It was the busiest year since 2003 at Coconut Grove and the busiest since 2004 at the Ironwoods.

Digging into the Condo Numbers

The Kapalua Condo market didn’t fully kick into gear until early 2021. Market activity more closely resembled the activity in other condo markets around the island. A modest uptick in activity in late 2020 followed by frenzied activity after the new year. While activity slowed a little in the second half of the year, sales volumes for Kapalua condos did not dip to the same extent as the home market. Forty-six percent of all condo sales occurred in the second half of 2021 compared to only 31% of home sales. While supply shrank as the year went on, there was still enough supply available to meet the considerable demand.

Kapalua Land

I usually don’t spend too much time discussing land sales when I provide these community level market updates. That said, the 2021 Kapalua land market can’t be ignored. The increase in transaction volume compared to 2020 was bigger than any other segment of the Kapalua market.

Notable Land Sale Numbers

  • There were 60 lots sold in Kapalua during 2021. That calculates to a 750% increase in transaction volume compared to 2020!
  • The 60 sales is almost 1/4 of the 247 all time sales in Kapalua reported on the MLS.
  • Mahana Estates led the way with 42 closed transactions. These were new developer sales.
  • Honolua Ridge saw the second most sales activity with 11 sales. Realtors reported 5 sales in Plantation Estates and 2 sales in Pineapple Hill Estates.
  • The median price of lots sold is $995,000. The average price is $1,156,000.
  • The highest priced sale closed for $2,600,000. The 2.7 acre lot in Plantation Estates offers beautiful views towards Honolua Bay.
  • The lowest priced lot closed for $700,000 in Mahana Estates.

Looking Behind the Land Numbers

This was the year of the great Mahana Estates land rush. At the start of the pandemic, I don’t think anyone would have predicted this development would sell out by the end of 2021. Market response for was tepid the first few years the development was on the market. One lot sold in 2019 and two in 2020. There were a couple of different days in February where 3 lots closed in a day. It will be interesting to watch this development evolve and build out. There were a fair share of bulk purchases among this year’s Mahana Estates Sales. Were those land speculators, spec builders or long term holds?

The 18 non-Mahana Ridge sales are nothing to sneeze at. Those 18 sales alone are more than any one year since 2005. The lack of inventory in the home market during parts of 2021 definitely pushed some buyers to build.

2022 Market Outlook

Inventory, or lack thereof, appears to be the biggest market driver to start 2022. At the time of this post, there are only 6 active Kapalua Homes for Sale. Three additional homes are under contract. As of right now, there are only 12 active Kapalua Condo listings. It is worth noting that only 2 of the active condo listings are priced for less than $2,000,000. An additional 12 condos are currently under contract. Land is even more scarce. There is only one lot for sale in Kapalua. An additional 9 lots are under contract.

It’s safe to say that 2022 shouldn’t threaten the record sales volumes of 2021. The question is whether we will see any inventory relief during the year. Will some of the people remote working list their homes if they go back to the mainland? Will the high prices entice any sellers to come to market?

What about demand? As of right now, demand appears to be pretty strong for the limited inventory available. That is putting upward pressure on pricing. Looking forward, are there any other threats to demand looming on the horizon? There is a lot of discussion about rising interest rates and their impact on the national real estate market. There are arguments on both sides, but a lot of economists seem to be downplaying the potential impact on buyer demand due to the acute supply issues. That said, you would think the impact might be even less in Kapalua where 62% of last year’s sales were cash.

I would argue that state of the overall economy and the trajectory of the stock market are likely to have a bigger impact. Over the years, we’ve noted something of a correlation between sales volume in the resort communities and the stock market. Good years for the Dow means more financial power for discretionary purchases like second homes.

The last question is whether we might see any buyer resistance on pricing. In particular, I wonder about the impact in the vacation rental condo market. Maui has always been a place where more people bought for love than rental returns. That said, the recent price increases resulted in even smaller cap rates. Will the combination of limited returns on higher purchase prices shrink the buyer pool at all? Thus far, that doesn’t seem to be the case.

Contact The Maui Real Estate Team

Contact The Maui Real Estate team if you are considering buying or selling property in Kapalua. We would welcome the chance to discuss market conditions specific to your interests.

Pete Jalbert

Maui Real Estate Blog

Sugar Cove Building 6, The Guest Suite

Last month, our broker Billy Jalbert and agent Martin Lenny listed a truly extraordinary property. This is the first time a whole building at Sugar Cove on Maui’s North Shore came to market. The owners combined two of the three units into a truly luxurious primary living space. The sellers opted to keep the third unit separate as its own guest living space. Today’s blog focuses specifically at the guest unit and its many amenities that make it a condo of distinction and luxury in its own right.

The living room in the guest suite
Looking into the living room of the guest area of Building 6. A dramatic staircase leads to the 4 upstairs bedrooms.

The guest suite or unit C offers four bedrooms. Two of the bedrooms include en suite baths, Two 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.

Granite counters, custom cabinets and gourmet appliances in the kitchen.
Looking into the kitchen in the guest area of Sugar Cove Building 6.
Views from the kitchen of the guest area
The view from the kitchen. Not a bad place to chop vegetables for the family meal.

The kitchen includes Hans Grohe Fixtures, imported granite counters, custom maple cabinetry and gourmet appliances. The views from the kitcken over the living room aren’t too shabby either.

One of the ocean view bedrooms
Two of the four bedrooms in building 6 at Sugar Cove offer stunning ocean views.
Another ocean view bedroom
The other ocean view bedroom

Two of the four bedrooms offer stunning ocean views. The ocean view bedrooms also have ensuite bathrooms and access to the second story lanai. The two non-ocean view bedrooms are spacious and comfortable. They share a bathroom. Vaulted ceilings, recessed lighting and a bamboo ceiling treatment enhance the vibe of all four guest bedrooms. While there may be a few arguments about who gets the rooms with ocean views, even the most finicky of house guests will be hard pressed to complain about any of these bedrooms.

Bathroom views
Ocean views from a bathroom

The bathrooms include custom maple cabinets, imported granite and Hansgrohe fixtures.

Custom glass tile work in one of the bathrooms
Custom glass tile work in a shower in the guest space

The beautiful wood work throughout the home is apparent from the moment you walk up to the custom Koa front door. The flooring in the living room kitchen and bedrooms are Cumaru wood. As mentioned above, the custom cabinetry and shelves throughout the home are Cumaru and Maple. A stunning custom, hand made Cumaru staircase leads to the second floor. The lanai area decks are beautiful and durable Ipe.

Beautiful woodwork in the custom shelves leading to the office
Beautiful built in book shelves at the entry to the office are just a small sample of the custom and high quality wood work found throughout the unit.

In addition to the visually compelling features of the home, there are a number of features that keep guests comfortable throughout their stay.

  • Triple glazed low-E windows for storm integrity, soundproofing, and energy efficiency
  • Walls and attics insulated for comfort and energy efficiency
  • Central Air Upstairs keeps the bedrooms cool and comfortable
  • Programmable water recirculation systems for instant hot water
  • Energy efficient & programmable water heaters
  • Water filtration & RO systems
  • High speed wi-fi and smart-house systems throughout; Lutron lighting; Sonos audio
  • 2 large screen TVs

These are just some of the high quality upgrades made by the owners.

If guests enjoy ocean sports, there is plenty of space to keep all of their toys. There is storage for 18 surfboards & windsurfboards and 10 rigged windsurf sails. With the wind and waves of Sugar Cove right out the back door, there is ample opportunity for fun.

The whole building 6 of Sugar Cove is offered for sale for $17,000,000. Take a 3D tour of the guest quarters and the rest of the building here. Check out the Sugar Cove Building 6 listing page for additional photos and details. Contact The Maui Real Estate Team to discuss the property with one of our agents.

Pete Jalbert

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.
Aerial view of Building 6 at Sugar Cove
Sugar Cove Building 6 from Above

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.

The stunning kitchen area of the primary living space
The oversized kitchen area of the primary living space at Sugar Cove.
The ocean views from one of the bedrooms in the primary living suite.
Oh those blues! The ocean shows off some stunning hues from one of the ocean view bedrooms in the primary living suite.
Big ocean views from a primary living space bedroom
Another angle of the ocean views from the primary bedroom
A portion of the living room in the primary living space of Sugar Cove Building 6
A portion of the living room in the primary living space

Unit 6C

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.

A portion of the living room in the guest space of Building 6.
A portion of the living room in the guest space of Building 6.
The guest space kitchen
The guest space kitchen in Building 6
One of the two ocean view bedrooms in the guest space of Building 6.
One of the two ocean view bedrooms in the guest space of building 6

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.

Twilight at Sugar Cove
Building 6 of Sugar Cove at Twilight

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.

Pete Jalbert

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