Sugar Cove Hits New Heights

The Maui Real Estate market is seeing price decreases across many different segments of the market. That being said, unique high end properties are still getting premium prices. Sugar Cove Condominiums on Maui’s North Shore recorded its highest priced closing ever last month. A three bedroom/ three and a half bathroom condo in the complex closed at $2,800,000. That exceeds the previous high price in the complex by $500,000. How did this condo buck the trend? It is hard to say definitively, but I imagine that the unique nature of the listing played a part. Sugar Cove is a small complex with only 18 units. It is the only beachfront condo complex on the North Shore, and it is a great complex for windsurfers as they can rig and launch from the beach in back. If you combine those attributes with relatively low turnover, you can see how demand can be pretty high. Thus far that demand has allowed prices to increase in the complex in what is overall a flat to decreasing market.