Tag: Alaeloa
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
Alaeloa is offered for $1,700,000. Check out the MLS page for Alaeloa 41 for more photos and details. This is a leasehold condominium with the current lease running until 2059.
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As we hit the midpoint of May, I wanted to give an update on the April Maui Real Estate Statistics. April is the last month of Maui’s “peak” home buying season. Once we get past April 15th, visitor numbers typically dip reducing the number of potential buyers. That said, the bulk of the sales that we see in April are from contracts written earlier in the buyer season. These stats take a look at the number of properties sold, median prices, properties that went under contract in April and notable numbers from the April sales activity. I also give a few thoughts on the state of the market and the numbers that stood out to me in April. Without further ado, here are the April numbers.
April Maui Real Estate Sals Volumes
There were 99 home sales reported in Maui County during April with a median sales price of $680,000. In April of 2015, there were 87 homes sold with a median price of $581,000. That calculates to roughly a 14% increase in sales activity and a 17% increase in median price.
There were 125 condo sales reported in Maui during April with a median price of $445,000. Last April there were 105 condos sold with a median price of $410,000. That is a 19% increase in sales volume and roughly a 9% increase in median price.
There were 10 land sales reported in Maui County for the month of April with a median sales price of $453,500. In April 2015, there were 12 sales with a median price of $417,500. That calculates to a 17% decrease in sales and an 8% increase in median price.
While compiling the median sales prices and sales volumes, I came up with some numbers that I thought were worth sharing from the April numbers.
Notable Numbers from the April Maui Real Estate Sales
- The highest priced home sale in April closed for $6,550,000. This Kula Estate included a 4 bed, 4 bath home with 7,809 square feet of living space, 2 cottages, a 9 car garage building and a lot more on 23 acres.
- It was a busy month for luxury home sales with 13 closes more than $2,000,000. In addition to the big Kula sale, there was one additional Kula sale, 3 sales in Wailea, 3 sales in the Launiupoko area of Lahaina and one sale each in Paia, Haiku, Kapalua, Kihei, and Ka’anapali.
- The highest priced condo sale in April closed for $5,490,309. This Honua Kai Condo has 3 beds, 3.5 baths with 2,770 sq feet of living space and a 2,200 square foot lanai.
- The big Honua Kai close was one of 13 condo sales over $1,500,000. Other sales included 4 more closes at Honua Kai, 2 Wailea Point Condos, a Montage Kapalua Bay, a Polo Beach, an Alaeloa, Mahana, Kaanapali Shores and a Masters Ka’anapali Unit.
- The highest priced land sale in April closed for $850,000. The 1.45 acre condominiumized agricultural lot in Launiupoko has the entitlements to build the main house for the condo.
- There were 11 bank owned transactions that closed in April. That is up slightly from the 9 bank owned sales in April of 2015. There were 4 successful short sales that closed in April 2016. That is the same total as April 2015.
Pending Real Estate Sales in April
Sales are a lagging indicator. They do not show current buyer demand. That is why our stats posts include the number of properties that go pending in that particular month.
The number of properties that went pending in April was lower compared to April of 2015. New contracts for homes and lots were down while condos were up. I am not sure that is indicative of any sort of trend. As a whole it is something of a reversal of what we saw during the first quarter of the year where home sales were up significantly, land was up slightly and condo sales were down. One month of varied market activity is one thing. If we were to string a few months together, we might be seeing a trend.
Thoughts on the April Sales Number and The Maui Real Estate Market
Of all of the sales figures from April, the luxury property sales stood out the most to me. There were more homes sold over $2,000,000 in April than the previous three months of the year combined. The 13 condo sales over $1,500,000 wasn’t too far behind the 17 total sales during the first quarter of 2016. After a slower start to the year, there appears to be a little bit of a bump in high end sales activity. It makes some sense as the stock market has seen a recovery from the doldrums of earlier this year. It will be interesting to see if that was just one month or if this increased activity will sustain itself.
The high median sales price for homes was noteworthy. This was the second highest median sales price since the recovery of the real estate market. The high median is related to the high number of higher priced sales. It is also due in part to a shrinking inventory of lower priced homes. Rising values and just a tight overall market have resulted in a shrinking pool of homes available for sale for less than $500,000.
The condo market numbers were also somewhat notable in that sales were up and pending sales were up compared to April 2015. The condo market was slower during the first quarter of 2016 when compared to 2015. This may be a blip or it may be the start of an uptick in activity in the condo market. It will be interesting to see the numbers in the next couple of months.
While the April condo market bucked the first quarter trends, the home market continued the momentum of the first quarter. April home sales were well above the totals for April 2015. That made it something of a surprise to see April pending home sales were well below April 2015. As mentioned above, one month may just be due to variability in the market. We will see what unfolds in the coming months.
If you are a buyer or a seller thinking of entering the Maui Real Estate market, you will find that market conditions are not monolithic. While this blog post discusses the generalities of the Maui market, market demand and inventory varies by geography and price point. Contact The Maui Real Estate Team to discuss market conditions specific to your real estate needs. We look forward to being of service.