Hoku’ula, the newest subdivision in Upcountry Maui, will be conducting its first lottery for market priced housing this month. Registrations for the first phase lottery are due by 5:00 PM on Thursday, February 17th. The developer conducts the actual lottery the following day on the 18th. That means late registrations will not be considered. Those interested in the lottery need to fill out a registration form for the development, and provide a pre-qualification letter from a lender or proof of cash funds for cash purchases. Contact The Maui Real Estate Team for buyer representation and assistance with submitting the lottery registration form.
Here are a few more things to note about the first phase lottery:
- The price of homes in the first phase range between $1,285,000 and $1,650,000.
- The lottery itself is not a public event.
- A list will be created based on the order in which lottery numbers are drawn.
- Those that remain on the list will not need to apply for future lotteries.
- Lottery positions may not be transferred to another buyer.
- At this time, I have yet to see any concrete numbers for the number of houses being released in the first phase.
If a lottery participant’s number comes up high enough to be part of the first phase, the developer sales team will be contacting buyers and their representatives for contract signing and lot selection on Saturday the 19th. The buyer will need to make a $10,000 initial deposit due upon contract signing. The buyer has a 30 day contingency/review period from the contract signing. At the end of the 30 day period, the buyer owes a second deposit of 15% of the purchase, minus their $10,000 initial deposit.
Check out our Hoku’ula Subdivision page for more information on the development and a handful of listings representative of what is available in the development. Contact The Maui Real Estate Team for buyer representation for the Hoku’ula lottery. We are happy to assist in helping you with registration forms. If you haven’t been pre-qualified to date, we will also be happy to help you find a lender.