The recovery of the Maui Real Estate market since the last downturn has been uneven. Some communities and some price points have seen a strong recovery, while other places and price points have languished. The community of Haiku on Maui’s North Shore has seen reasonably strong demand for homes under $1,000,000. Well priced properties in that price range can sell very quickly. Once you got over $1,000,000, the demand has been more limited. Or I should say, it has been more limited prior to the start of this year. It appears as if the higher price points of the Haiku market are starting to come to life.
The chart above shows the volume of home sales over $1,000,000 in Haiku in six month intervals starting all the way back in the first half of 2008. The Maui Real Estate market remained a little more resilient than some other parts of the country during the last boom cycle. That is reflected in a pretty strong six months of sales in the first half of 2008. As the overall economic picture deteriorated in the second half of 2008, the Haiku high end market couldn’t avoid the impacts of the real estate and overall real estate crash.
After the market tumble in the second half of 2008, the Haiku high end market remained stuck in the doldrums for the better part of six years. There were no more than 5 sales every six months with the exception of the first half of 2013 when there were 7 sales. Throughout this period, there was typically 20-30 homes listed in Haiku for more than $1,000,000. That means we have gone through periods where there has been 3 or more years of inventory on the market.
While the Haiku high end market floundered, we saw a strengthening high end market in other parts of the island. This wasn’t just limited to the resort communities. Spreckelsville and Paia are just 10-15 minutes West of Haiku, but the gulf in market performance couldn’t have been greater. The Paia area has seen the three highest sales prices ever for the community since 2010. In Spreckelsville, a significant number of the homes went under contract before ever making it on to the MLS. It was this growing gap in value between Haiku and Paia that made The Maui Real Estate Team think that Haiku would eventually see a recovery. When the gulf grew too wide, the comparative values of the Haiku market were going to become appealing.
The first half of 2015 appears to be the tipping point where the value of the Haiku listings over $1,000,000 became more desirable to the market. We have seen 10 sales through almost six months of the year with an additional four homes that are currently pending. The 10 sales included the two highest priced residential sales in Haiku history.
- 355 Haiku Road also known as “The Baldwin Estate” sold for $9,750,000. This estate property included two parcels, 39 total acres of land and a 10 bedroom, 10.5 bath home with 8,716 square feet of living space. It also includes a pool area and a number of outbuildings.
- 2651 Kalanikahua also known as the “Haiku Farm” sold for $5,650,000. This property is located right across the street from 355 Haiku Road. This property consists of 26.8 acres with 7 dwellings and 6 water meters. The Haiku Farm offered subdivision potential or the opportunity to create a stunning estate property.
Despite these recent sales, there is still quite a bit of quality inventory and a number of good values listed for over $1,000,000 in Haiku. The Maui Real Estate Team has some listings that are great options for potential Haiku Buyers.
The Mea Makamae Ranch is a stunning property with almost 39 acres of land, a beautiful home, a deluxe cottage and lots of equestrian infrastructure.
The properties above are just some of the current inventory on the market in Haiku. You can see the full inventory of Haiku Homes for Sale at MauiRealEstate.com. Contact The Maui Real Estate Team if you would like to talk to someone about the current inventory in the Haiku market.