Maui Real Estate Blog
908 Ho’omalolo Haiku
We just brought another great Haiku property to market. The two bedroom, two bathroom home is less than five years old and extremely well built. Situated on an acre of land, the home offers privacy in a lush, tropical setting.
Highlights of the home include the following:
- Teak flooring in the kitchen, living room and bedrooms.
- Nine foot ceilings throughout the house.
- An oversized walk in closet for the master bedroom.
- A well appointed kitchen with granite counters, custom cabinets and stainless steel appliances.
- A large covered lanai for outdoor living.
- Sliding glass doors out to the lanai from both bedrooms and the living room.
The floor plan for the home is extremely thoughtful. There is no wasted space in the 997 square feet of living space. The large lanai space helps the home to live larger than its interior square footage. The master suite is separated from the second bedroom and the kitchen via the living room.
The land is fully fenced and gated. The property is well landscaped with hibiscus, bamboo, Ti plants, hibiscus, ginger, areca palms and more. Edibles include banana, Hawaiian Chili Peppers, papaya and citrus. The various plantings on the property provide good privacy from neighbors. A gulch on one side of the lot creates additional privacy. This property is the one acre portion of a CPR property. It is the cottage portion of the agricultural property. The other half of the property, owned separately and not for sale, is 2.21 acres with a primary residence. Confused by the last few sentences? Contact us to discuss the ins and outs of condominium homes.
This property is offered for $828,000. Take a 3D tour to see more of the home and the floor plan. Check out the 908 Ho’omalolo listing page for more photos of the property. Contact the Maui Real Estate Team with questions or to arrange a showing.
Maui Real Estate Blog
Haiku Waterfall Home
Haiku Waterfall Home
We are excited to bring a special property back to market. This Haiku property includes a well built and expansive home, a one bedroom cottage and 3.38 special acres with a stream and waterfall.
When talking about this property, it is hard not to start with the land itself. There is an impressive array of botanicals on the property. They include Arabica coffee plants too numerous to count, loads of banana, passion fruit and over 30 coconut trees. Bountiful hibiscus, torch ginger and Ti make the terraced land to feel like your own tropical garden. A series of small waterfalls cascade down the side of the hill below the home. The sound of the waterfall is sure to soothe.
The first word that comes to mind when describing the home is expansive. The vaulted open beam ceilings provide a tremendous sense of space and roominess. Plentiful and large windows allow you to take in the views of the ocean, pastureland and Haleakala. All of the rooms in the house are good sized. The great room is well suited to entertainment. The fireplace in the center of the room is a nice option to burn off the chill of a cool upper Haiku night. The master bedroom suite is massive. The second bedroom is quite large as well. There is an enclosed lanai with its own separate entrance. There is ample covered parking with adjacent substantial enclosed storage areas.
In addition to the main house there is a spacious 1 bed, 1 bath cottage complete with covered lanais. The cottage also boasts beautiful ocean and pasture views.
The property is located in the small Hibiscus Acres subdivision at the bottom of Awalau Road. The area is close to Makawao, Haiku Town and right around 20 minutes from Paia Town.
Find Out More About the Haiku Waterfall House
This special property is offered for $1,495,000. Check out the51 Awalau Road listing page for additional details and photos.
You can take a 3D tour of the main home to see more of the interior and to get a better sense of the floor plan. Contact The Maui Real Estate Team to arrange a showing or if you have questions on the property.
Maui Real Estate Blog
Haiku 2013 Midyear Real Estate Market Update
While we have taken a look at the overall Maui Midyear Maui Real Estate Statistics, I wanted to hone in on some of the individual communities across the island. We are going to start with the North Shore community of Haiku. Haiku encompasses a broad geographic area along the Northern slope of Haleakala Volcano. It ranges in elevation from a few dozen feet above sea level all the way to almost 1,400 feet above the Pacific. While known to receive more rainfall than most parts of the island, there are a pretty wide variety of micro climates. Some areas receive approximately 40 inches of rain a year and while other areas of true rainforest receive over 100 inches of rain a year. The area’s agricultural roots still have an impact on local real estate. Many of the properties are agriculturally zoned meaning they are on lots of two acres or greater. The community is popular with residents due to a variety of factors including the sense of community, natural beauty, tropical climate, bohemian vibe and access to wind and water sports. Those same reasons also attract some second home owners.
The first half of 2013 proved to be strong for Haiku Property Sales. There were both increases in the number of homes sold and land sold when compared to the first half of 2012. That being said, there are some interesting dynamics when you drill down into various price points of the Haiku Real Estate Market. In this update, I will provide specific numbers on median and sales volumes, point at a few additional numbers that I thought were noteworthy, give my take on the numbers and the state of the Haiku Real Estate market and give some additional thoughts on what we may expect to see in the second half of 2013.
During the first six months of 2013, there were 44 homes sold in Haiku with a median sales price of $588,975. During the first half of 2012, there were 33 homes sold with a median price of $620,000. That calculates to a 33% increase in sales activity this year with median prices dipping approximately 5%.
There were 14 land sales reported during the first half of 2013 in Haiku with a median sales price of $454,500. During the first six months of 2012, there were 12 land sales in Haiku with a median price of $393,750. That is approximately a 17% bump in activity and approximately a 15% bump in median price.
Here were a few other numbers that were noteworthy from the first six months of Haiku Real Estate Sales:
- The high sale for a home was $1,600,000 for a 4,259 square foot home on approximately two acres of land. This house is situated on the ocean side of Hana Highway.
- That was one of 7 sales over $1,000,000 in Haiku during the first six months of the year. That is a modest increase in sales activity over last year when there were 5 sales over $1,000,000.
- The lowest sales price for a home was $150,000 for a serious fixer upper out in the Huelo area of Haiku.
- The highest priced land sale for the first six months of the year was $1,000,000 for 2 acres on the ocean in Western Haiku.
- There were 6 bank owned or REO sales that closed in the first six months of 2013. There were 3 REO that closed in the first six months of 2012. This makes Haiku something of an anomaly as most areas of the island showed a sharp drop in foreclosure transactions. I would not take this as a harbinger of things to come in the second half of 2013.
- There were four short sales that closed in the first six months of 2013.
The Haiku market saw some clear signs of improvement during the first six months of 2013. The 33% increase in home sales was strong. While median price decreased, that is a reflection of the distribution of sales rather than a decrease in values. Homes priced below $1,000,000 generally saw pretty clear appreciation. The increase in land sales volume was not quite as robust, but I think some of that may stem from a lack of inventory that fit buyer demand. I will delve into my thoughts on that a little later in the blog post. While there was improvement in the market, it would be a stretch to say all elements of the Haiku market improved. The chart below shows the distribution of sales by price point.
The biggest bump in sales activity occurred at or near the median price points of the market. The lower price ranges saw a little bit of improvement. If there were more inventory at the low end of the Haiku market, I think it is safe to say it would have sold. The high end of the Haiku market is another story altogether. There was a modest increase in sales over $1,000,000 with seven sales reported vs. the five last year. That being said, there is lots of inventory that has yet to be absorbed on the high end.
This chart gives a sense of the abundance of high end inventory on the market in Haiku. Once you get above $1,000,000, there is lots of red representing active listings. There are a handful of blue bars representing sales in the first half of the year and there is just one green bar representing the lone pending sale. This should limit the potential for any appreciation in the near future at the high end of the market. The middle of the market has fairly limited inventory between $500,000-$1,000,000. Most price points are under six months of inventory. This has led to modest appreciation in values in these price ranges. When you get below $500,000, the pickings are particularly slim. There are properties under contract, but nothing active. When properties do come on the market, they tend to go very quickly if they are priced well. This is the segment of the market that has seen the most appreciation. I will provides some thoughts on the outlook for the rest of the year a little later in our video portion of the blog.
Shifting to the Haiku land market, the chart below shows a comparison of the distribution of sales by price point between the first half of 2012 and 2013.
This chart didn’t provide me with any great revelations. The pool of land for sale in Haiku is pretty heterogeneous. Value is driven by acreage, views, location, the presence or absence of infrastructure and utilities, micro-climates and exposure to the elements. Due to those factors, the shift in distribution of sales can be just as much a factor of the variability of properties sold as it is a shift in market dynamics. That being said, I can say I have seen anecdotal signs of a market shift. Land sales in Haiku started to pick up in the second half of 2012. Buyers were drawn to the land market as home inventory started to shrink. Two acre lots with infrastructure and ocean views have been in particular demand. As supplies shrink, we have seen some price increases. At this time last year, a two acre lot with water and ocean views started around the low to mid $300,000s. Most of these properties are now starting in the $400,000s.
While the chart with the comparison of 2012 and 2013 sales didn’t show much, the chart below offers a little more insight into the current market. This chart compares the active inventory, the properties that are pending and the properties that sold in the first six months of 2013.
There are two things that stand out in this chart. The first is the big number of pending sales in the $300,000-$400,000 range. Almost all of these are from the Peahi Hui subdivision. This is a new agricultural subdivision boasting views and all utilities. It never officially went on the MLS and sold out within a couple of weeks of being announced in the real estate community. The lots were priced at or below recent comparable sales and buyer demand was strong. The second thing that stands out in the chart is the abundance of active inventory above $1,000,000 with only one recent sale in that range and no pending properties. It is setting up as a tale of two markets with upward price pressure near the top of the market and downward price pressure on many of these higher end Haiku land listings.
Now that you have a little better sense of what happened in the first half of the year and how things look currently, I wanted to give a few thoughts on what we may see the rest of the year in the Haiku Real Estate market via this video commentary.
Just a quick note on the video above, there was one home listing below $500,000 that came back on the market after I completed filming. If you have any questions about Haiku property, don’t hesitate to contact the Maui Real Estate Team. We would welcome the opportunity to discuss the market and your real estate needs. You can also search the current inventory of Haiku Real Estate listings on MauiRealEstate.com.
Maui Real Estate Blog
Haiku Real Estate 2012 Year End Market Report
This is the second installment of our look at how the real estate market performed in individual communities around Maui during 2012. Today, we are taking a glance at the Haiku Real Estate Market. Haiku is a rural community on the North Shore of Maui. The area draws residents and visitors for its tropical beauty, access to great wind and water sports and country charm. Real estate in the area ranges from residences on small lots to sprawling country estates. Many of the homes in the community are on larger agricultural lots of two or more acres. During 2012, the Haiku market continued to improve over the doldrums of the down market. Sales volumes increased by a healthy margin for home and land transactions. Here are the statistics I pulled together on the market followed by a few thoughts on their meaning and the outlook for the market in 2013.
There were 72 homes sold in Haiku in 2012 with a median sales price of $635,000. In 2011, the sales figures were 58 sales at a median price of $637,000. That calculates to a 24% increases in activity and less than half of a percent drop in median price.
There were 29 land sales in Haiku during 2012 with a median sales price of $387,500. This is a significant boost over the 2011 numbers of 10 sales at a median price of $450,000. This calculates to 290% increase in sales activity and a 14% drop in median price.
Here are a few other numbers that I dug up while researching Haiku Sales volumes and medians.
- There were seven bank owned sales in Haiku in 2012. There were 11 bank owned sales in 2011. That is a 36% reduction in bank owned sales.
- There were seven successful short sales in Haiku for 2012. In 2011, there were three short sales. That is 233% increase in short sale activity. That percentage increase is more a reflection of the small sample than a dramatic shift in the market.
- The high sale in Haiku last year was $1,900,000 for a luxury home with cottage and pool on 2.12 acres.
- The luxury market as a whole was a little quieter in Haiku than last year. There were seven homes sold over $1,000,000 in 2012 verses 9 sold over $1,000,000 in 2011. Three of those 2011 sales were priced over $2,000,000. There were of course no $2,000,000 sales this year.
Overall, this was a year where the Haiku market began to get its legs back after feeling the influence of the real estate downturn for the previous four years. The land market made strides in particular. Land sales have been languishing since 2007 on island and this was part of a broader upswing in the Maui land market.
Residential homes also saw an upswing in activity over what we experienced the year before. The one thing that is interesting to note is that the upswing was not universal. The graph below compares the distribution of home sales by price in Haiku during 2011 and 2012
As shown above, some segments saw big gains while other parts of the market performed below 2011 levels. Some of that may just be a case of variability. We are dealing with small enough samples that there is some danger of over-interpreting some of these annual differences. That being said, the decrease in activity at the high end of the market follows trends that we saw across the island. While we saw many parts of the market increase in activity, luxury home sales were down island wide during 2012. The decrease in activity at the low end may well be a function of decreasing inventory. There are fewer bank owned properties coming on the market at these lower price ranges and there is not a big pool of conventional priced properties below $300,000 in Haiku. This is again a mirror of market trends around the island. With limited inventory and substantial demand for lower priced properties, we are also seeing some price increases in the low to middle end of the market.
When you look at the changes in medians for homes and land, it would appear that prices may have decreased. That being said, changes in medians aren’t always based on changes in property values. Part of the change stems from a shift in the distribution of sales in the market. As you can see in the chart below, the drop in median price for Haiku may well stem from an increase in sales of lower priced lots. It is not necessarily due to any decrease in value.
Changes in the value of homes can be tough to quantify in communities like Haiku. The homes and lots in the area are tremendously diverse in size, location, quality of construction, orientation to the elements and view. I would suggest that we are starting to see some price increases on properties at or below the median price for homes and land. However, it is hard to provide solid data as evidence or to apply a percentage increase in values due to the unique nature of many of the properties that have been sold.
What will 2013 bring for the Haiku Real Estate market? That is tough to say. Inventory levels will play a major role in future market performance. There is still strong interest from buyers looking for properties, but inventory levels are very low, particularly below the median price. The chart below highlights the issue at hand. It compares the the price range of the current listings on the market that are active and compares them to sales in the last year. Pending sales are not included in the chart.
The chart points out the tremendous scarcity of inventory in the lower price ranges. As evidenced by the sales, this is an area with higher buyer demand. Conversely, the higher priced luxury market has a fairly deep pool of inventory. Looking at the sales numbers for 2012, this is an area that has seen limited sales activity. For buyers shopping in parts of the market where inventory is scarce and demand is high, they should expect a lot of competition on well priced properties. Multiple offers and sales prices over asking won’t be uncommon. The conditions are in place for price increases in this segment of the market. Haiku luxury buyers may find that the depth of inventory could provide some opportunity for comparative values. Sellers should carefully evaluate where there home fits in this complex market. Well priced, well cared for homes near or below the median sales price will be well received in the market. While inventory is needed, overpriced properties will still languish in this market. Sellers may also find that appraisal is challenging with financed buyers if the contract price is too far above recently closed comparable transactions. Luxury sellers who want to sell quickly may will need to position themselves well against the rest of the inventory to stand out.
We hope this report helps you better understand the conditions in the Haiku Real Estate market. If you would like a free analysis of the value of your home or land, tell us a little more about your property and we’ll happily provide this service. We would welcome the opportunity to discuss how we may service your real estate needs. If you are looking to buy property in Haiku or anywhere else on Maui and require thoughtful, professional representation and service contact the Maui Real Estate Team today.You can see all of the current Haiku Real Estate listings on MauiRealEstate.com.